Dar Al Takaful’s Commitment to the UAE Vision 2021 and the Sustainable Development Goals
Date: Sep 09, 2021
Dar Al Takaful published its 2020 Annual Sustainability Report, which highlights the company’s progress on environmental, social and governance (ESG) programs. The company is focused on the mission of providing protection and peace of mind. The report reflects the company’s vision and emphasizes the importance of integrating sustainability into business strategies to increase agility and resilience in the face of complex challenges. The report announced Dar Al Takaful’s (DAT) new sustainable development strategy and its approach to sustainability is that of relevance and comprehensiveness. DAT aspires to embrace sustainability and ESG as it relates specifically to the insurance industry while ensuring that it will cover all facets of the operation. This will result in Dar Takaful maximizing its impact on, and contribution to, a more sustainable UAE Economy.
“Protecting our planet, caring for its people, and seeking prosperity, are three interconnected factors that can only be achieved through collective action. Businesses can neither prosper in failed societies nor in a world where natural resources are being depleted.” said Dar Al Takaful’s PJSC Chief Executive Officer, Rajesh Sethi
Dar Al Takaful’s approach towards the UAE Vision 2021 and the SDGs (Sustainable Development Goals) is that of relevance. DAT has taken a focused approach to its alignment to ensure it will have the greatest impact. When selecting and referring to those SDGs that are relevant to the insurance industry (along with their key messages), Dar Al Takaful has relied on a study conducted by GIZ (Deutsche Gesellschaft fur Internationale Zusammenarbeit), a German development agency which published a special report aligning the insurance industry with the SDGs (“Inclusive insurance and the Sustainable Development Goals – How insurance contributes to the 2030 Agenda for Sustainable Development”).
Its consistency with these two initiatives in order of priority is shown below:
- Sustainability Oversight: As part of NTDAT Hive initiative, the Noor Care House, formed in 2020 and consisting of representatives from different departments, is responsible for creating and monitoring sustainability-related initiatives in the Company
- Sustainable Workplace: Companies must lead by example, which is a trait implanted in Dar Al Takaful’s values. The starting point should therefore include ensuring that the DAT workplace is sustainable.
- Shari’ah Investing with an ESG Lens: As an institutional investor, DAT must consider ESG factors when analysing and making investment decisions. Environmental, Social, and Governance factors are bringing about new risks as well as opportunities that are reshaping the investment world.
- Sustainable Insurance: Providing sustainable insurance is essential to remain competitive in order to maintain and grow the customer base and become the leading Takaful operation in the region.
Highlights from the 2020 report include:
- Sustainability management
- Fostering a great workplace
- Protecting the customers’ first
- Caring for the environment
- Ethical governance
Going forward, Dar Al Takaful will seek to further strengthen its sustainability efforts, by introducing a sustainability framework and the company-wide ESG will clearly guide its actions in this regard. Such framework will be implemented with strong support of the Company’s Board of directors and management.
To read the full report of Dar Al Takaful Sustainability 2020 please Visit: https://dat.ae/wp-content/themes/Avada/assets/pdf/news/DAT-Sustainability-Report-English.pdf