Saudi Awwal Financial institution (SAB), one of many main banks within the Kingdom of Saudi Arabia, has obtained ISO 20400 for sustainable procurement, changing into the primary financial institution within the Center East and Africa (MEA) area and the 42nd entity globally to obtain this worldwide recognition from BSI. Encompassing each stage from strategic imaginative and prescient to operational supply, this achievement displays SAB’s alignment with worldwide requirements in integrating sustainability into its procurement practices.
Developed by the Worldwide Group for Standardization (ISO), ISO 20400 supplies a globally acknowledged framework for integrating sustainability throughout procurement features. This commonplace focuses on governance, labor practices, human rights, environmental impression and moral enterprise conduct all through the provision chain.
The alignment evaluation was performed in collaboration with BSI (British Requirements Establishment), the enterprise enchancment and requirements firm, and a founding member of ISO. This course of concerned a complete overview of SAB’s procurement frameworks, methods, and implementation mechanisms to guage the combination of sustainability into the financial institution’s operations.
Because of this evaluation, SAB has strengthened its sustainability integration in procurement decision-making. The financial institution has enhanced provider engagement practices and carried out extra strong approaches to moral sourcing, making certain consistency with its broader environmental, social, and governance (ESG) goals. These enhancements help the development of SAB’s long-term ESG agenda via accountable operations and clear provide chain administration.
Ghada Al Jarbou, Chief Working Officer at SAB, stated: “The adoption of ISO 20400 represents a major milestone in institutionalizing sustainability throughout our procurement actions. It displays our dedication to accountable sourcing and enhances our potential to have interaction suppliers in keeping with SAB’s ESG priorities and Imaginative and prescient 2030.”
Ilias Karampoikis, META Gross sales and Business Director at BSI, stated: “There’s a vital alternative for banks and different monetary organizations to affect sustainability via their lending, funding, and governance practices. It’s nice to see Saudi Awwal Financial institution main the way in which with this achievement to the sustainable procurement commonplace (ISO 20400), which demonstrates that the group is making aware decisions round its environmental, social, and financial impression, serving to to speed up progress in direction of a sustainable world. Congratulations to the staff for this achievement.”
It’s noteworthy that Saudi Awwal Financial institution (SAB) is likely one of the largest banks within the Kingdom, with a historical past in Saudi Arabia spanning over 90 years. Over the previous 9 many years, it has been an energetic associate in supporting the Kingdom’s financial development and social growth.
SAB is a number one company and institutional worldwide financial institution within the Kingdom with a prime Wealth & Private Banking proposition. SAB can also be a pacesetter in commerce finance, international trade, debt wholesale banking, digital service innovation, and ESG, in Saudi Arabia and the broader area.
SAB gives built-in monetary and banking providers, together with company banking, funding, non-public banking, and treasury. The financial institution’s paid-up capital is SR 20.5 billion, following its authorized merger with Alawwal Financial institution on 14th March 2021, when it was previously referred to as the Saudi British Financial institution (SABB). SAB operates beneath the supervision and regulation of the Saudi Central Financial institution and is a associate of the HSBC Group.
