Emirates Islamic announces Dh250 mln ESG-linked facility structure with Brands for Less Group

15/05/2026 03:05 AST

Emirates Islamic on Thursday announced the successful structuring of an Dh250 million sustainability-linked financing facility for Brands For Less (BFL) Group.

The newly-structured facility is tied to Environmental, Social and Governance (ESG) Key Performance Indicators (KPIs). The facility is complemented by additional revolving working capital lines, structured to support BFL Group's daily operations and trading volumes.

Mohammed Kamran Wajid, deputy chief executive officer of Emirates Islamic, commented: "The recent Dh250 million sustainability-linked facility underscores our commitment to providing tailored, innovative Shariah-compliant financing solutions that integrate ESG principles. This validation demonstrates how Islamic banking can be a catalyst for building world-class enterprises."

Toufic Kreidieh, co-founder and executive chairman of BFL Group, said: "This new sustainability-linked facility is a natural progression of our shared commitment to responsible business practices and further solidifies our partnership as we pursue our next phase of growth and strengthen our position in the global retail landscape."

Emirates Islamic and BFL Group share a strategic partnership that spans more than 10 years. This partnership reached a significant milestone in 2024, when The TJX Companies, a global leader in off-price retail, acquired a 35 per cent in BFL at a valuation of $1.2 billion, providing global validation for the group and showcasing the potential of homegrown businesses in the UAE.

The announcement highlights the crucial role of Islamic banking in enabling globally investable businesses and firmly positions the UAE as a hub for scalable business platforms.

Khaleej Times