Qatar Islamic Bank (QIB) has launched a carbon emission tracker feature within its mobile app. The initiative results from QIB’s collaboration with Visa and sustainability service solution provider, ecolytiq.
QIB said that the launch reinforces its commitment to reshape digital banking with a focus on sustainability and environmental awareness.
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The aim is to instil environment-friendly card spend behaviour among its customers. It also represents a first-of-its-kind initiative within the card sector in Qatar.
Informing customers of carbon emissions associated with every card transaction
Specifically, the feature aims to enlighten customers about the carbon emissions associated with every card transaction. QIB said it will encourage customers to embrace more eco-friendly financial activities. Users can now track their transactions and receive guidance on cultivating more responsible spending habits. QIB will be able to calculate and account for its carbon footprint originating from its retail banking customer card spends.
Some of the key features include environment friendly card spending tips and tracking of users’ cumulative monthly carbon footprint. It will also compare customers’ behaviour with previous months carbon emission values. And it offers the option to refine specific transactions as well as refine customer profile based on individual lifestyle. All of these features will, said QIB, help towards identifying a more accurate carbon footprint impact.
D Anand, QIB GM, Personal Banking, said: “The QIB mobile app stands as the preferred banking channel for our customers. It exemplifies our commitment to leading in digital banking through Environmental, Social, and Governance (ESG) principles. We consistently investigate our customers’ daily banking needs and proactively integrate features that align with ESG standards. Our dedication goes beyond addressing current needs. We are steadfast in our investment in technology and innovation to elevate the overall customer experience while working towards a greener, more sustainable environment.”
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By GlobalDataMonumental shift in the market
David Lais, ecolytiq co-founder and MD added: “This partnership marks a monumental shift in the market. Climate engagement in banking is coming to Qatar. Our innovative work with QIB and Visa is giving banking customers in Qatar more transparency and choice to live sustainably. We are proud to have been chosen to help QIB guide their customers through the complexity of the environmental crisis by making this a fundamental part of QIB’s banking experience. QIB has decided to embrace the future of banking by being a part of it.”
Ecolytiq teamed up with Visa and Mashreq in a similar launch in the UAE. The Mashreq carbon emission tracker launch represented a first of its kind product in the UAE.
Shashank Singh, Visa Country Manager, Qatar and Kuwait, said: “We are delighted to acknowledge the groundbreaking achievement by QIB with the launch of the carbon emission tracker feature developed in partnership with ecolytiq. This pioneering initiative highlights QIB’s dedication to transforming digital banking, placing a significant emphasis on sustainability and environmental consciousness.”
QIB: only local bank to adopt Equator Principles
Earlier in 2023, the bank unveiled the third edition of its sustainability report, spotlighting significant advancements in its sustainability initiatives. This encompasses proactive steps taken to manage climate-related risks and capitalise on opportunities. It also aligns with the recommendations set forth by the Task Force on Climate-related Financial Disclosures. In June 2023, QIB became the first and only bank in Qatar to adopt the Equator Principles. This integrates environmental, social, and governance-based risks in its risk management process.
