The Saudi British Bank (SABB) said it has launched a new Shariah-compliant green deposit product, the first in the kingdom that will allow clients to deposit their money towards green financing initiatives.

Clients will have access to a quarterly review of the industries that their funds support. The sustainability themes that the funds may support include renewable energy, clean transportation, sustainable water management, and climate change adaptation, the Riyadh-listed bank said in a statement on Wednesday. 

Last week, Saudi Arabia's largest banking group, Saudi National Bank, teamed up with HSBC to create a sustainable finance framework. 

(Writing by Brinda Darasha; editing by Daniel Luiz)

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