Amman, Jordan

In a move reflecting its commitment to supporting sustainable development goals and fostering responsible practices, the Association of Banks in Jordan (ABJ) announced on Monday, November 18, 2024, its official membership in the United Nations Global Compact, the world’s largest voluntary initiative aimed at encouraging companies and organizations to adopt principles of sustainability and social responsibility as integral elements of their operations and strategies.

Through this initiative, the ABJ has expressed its full commitment to the Ten Principles of the UN Global Compact, which encompass key areas such as human rights, labor standards, environmental sustainability, and anti-corruption. This commitment will be realized through the launch of initiatives and programs aimed at promoting transparency and sustainable governance, as well as supporting national efforts to achieve sustainable economic growth.

The Association emphasized that these principles will serve as the foundation for its future strategies, aiming to raise awareness of the banking sector’s role in addressing both global and local issues.

This initiative comes at a time when the Jordanian banking sector is increasingly focused on implementing responsible and sustainable practices aligned with global trends. ABJ stated that joining the Compact will enhance the sector’s performance in Environmental, Social, and Governance (ESG) standards, thereby increasing its appeal to foreign investments and strengthening trust among clients and local communities.

Chairman of the Association of Banks in Jordan, Mr. Bassem Khalil Al-Salem, remarked, “The Association’s membership in the UN Global Compact signifies our strong commitment to supporting Jordan’s vision for sustainable development. This aligns with national strategies, the Economic Modernization Vision, and the 2030 Sustainable Development Goals.”

He added, “We recognize the critical role the banking sector can play in advancing a green economy and supporting projects with positive social impacts.”

 Al-Salem further highlighted that this step will enable the ABJ to leverage the Global Compact’s network, which includes over 20,000 organizations worldwide, providing opportunities for collaboration and the exchange of expertise in sustainability.

Dr. Maher Al-Mahrouq, Director General of the Association of Banks in Jordan, noted that the ABJ’s membership in the Global Compact is expected to enhance the regional and global standing of the Jordanian banking sector. It will encourage local banks to adopt improved practices aligned with international standards and support their efforts to develop sustainable financial products and services, thereby contributing to inclusive economic growth.

Dr. Al-Mahrouq stated, “With this step, the Association reaffirms its leadership in promoting sustainability and supporting economic and social development. This aligns with its vision of positioning the banking sector as a driver of national development.” He also mentioned that the ABJ is working on launching impactful initiatives and programs to strengthen partnerships between Jordanian banks and local communities, contributing to the Global Compact’s objectives and ensuring continued success.

It is noteworthy that the United Nations Global Compact, launched in 2000, is the world’s leading initiative for promoting corporate social responsibility. The Compact seeks to engage the private sector in addressing global challenges such as climate change, poverty, and gender equality by encouraging the adoption of responsible and sustainable policies and practices.

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