Qatar Islamic Bank (QIB), Qatar’s leading digital bank, in partnership with Visa and ecolytiq (Visa partner and a global company providing sustainability service solutions) announced an innovative feature to its Mobile App with the introduction of the Carbon Emission Tracker Feature.
This innovative move sets a new standard in Qatar and the broader region, reinforcing QIB's commitment to reshaping the digital banking landscape with a focus on sustainability and environmental awareness.
In an initiative to combat climate change, QIB has integrated the Carbon Emission Tracker feature, a first-of-its-kind in Qatar, to instill environment-friendly card spend behavior among its customers. This cutting-edge feature aims to enlighten customers about the carbon emissions associated with every card transaction, encouraging them to embrace more eco-friendly financial activities. By fostering awareness and promoting sustainable consumption habits through integrated climate insights, the Carbon Emission Tracker Feature aligns with QIB's commitment to its collective responsibility to safeguard the planet for future generations. Users can now track their transactions and receive guidance on cultivating more responsible spending habits. With the introduction of this new feature, 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, tracking of cumulative monthly carbon footprint, comparing with the previous month's carbon emission values, the option to refine specific transactions as well as refine customer profiles based on individual lifestyle, which will help to see a more accurate carbon footprint impact.
The Carbon Emission Tracker feature underscores QIB's leadership in digital banking, setting a precedent for financial institutions to integrate environmental awareness into their services. As QIB forges ahead in its sustainability journey, the new feature represents a significant step towards creating a more eco-conscious banking experience for its customers.
Mr. D. Anand, QIB's General Manager - Personal Banking Group, underscored the importance of this milestone, expressing "The QIB Mobile App stands as the preferred banking channel for our customers, exemplifying 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."
David Lais, ecolytiq Co-founder and Managing Director recognized the significance of this announcement, saying: “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.”
Shashank Singh, Visa’ Country Manager in Qatar and Kuwait: "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 the digital banking sector, placing a significant emphasis on sustainability and environmental consciousness."
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 capitalize on opportunities, aligning with the recommendations set forth by the Task Force on Climate-related Financial Disclosures (TCFD). In June 2023, QIB became the first and only bank in Qatar to adopt the Equator Principles, integrating environmental, social and governance-based risks in its risk management process.
Available on the App Store, Google Play, and Huawei AppGallery, customers can download the QIB Mobile App and easily self-register using their active ATM/Debit Card number and PIN. The App offers customers the ability to have full control of their accounts, cards, and transactions and to fulfill all their banking requirements remotely. In addition, QIB customers can open a new account, apply for personal financing, a credit card, or open additional accounts instantly via the QIB Mobile App.