(MENAFN- AzerNews) Scaling up the green sukuk will help plug the massive climatefunding gap, said Chief Executive of the International CapitalMarket Association (ICMA) Bryan Pascoe, addressing the paneldiscussions on Accelerating Climate Finance through Green andSustainability Sukuk, held as part of the Islamic Development BankGroup (IsDB) annual meetings in Riyadh, Azernews reports.
Sukuk (Islamic bond or“Sharia-compliant” bond) is an Islamicfinancial certificate that represents a portion of ownership in aportfolio of eligible existing or future assets.
“In recent years, sustainable bonds, mainly green bonds, haveemerged as one of the most important instruments to finance thegoals of the Paris Agreement. Scaling up green and sustainablesukuk will further help the private and public sectors raisefinance to plug the massive climate funding gap, support greenlocal capital market development, and target other environmentaland social issues,” he said.
Pascoe noted that today's launch of the guidance for sustainablesukuk is another critical step in establishing and maintaininginternationally consistent standards in the key growth segments ofsustainable finance and Islamic finance.
“We're very pleased to have been able to collaborate with theIslamic Development Bank and the London Stock Exchange group onthis important guidance. We look forward to further engaging withmarket participants and other stakeholders on sustainable sukuk andhope the new practical guide published today can be anothercatalyst to finance our journey to net zero,” he added.
The Islamic Development Bank Group (IsDB) is holding its 2024Annual Meetings and Golden Jubilee in Riyadh from April 27-30,under the Royal Patronage of the Custodian of Two Holy Mosques,King Salman Bin Abdulaziz Al-Saud.
The 2024 Annual Meetings are being held under the theme“Cherishing our Past, Charting our Future: Originality, Solidarity,and Prosperity”, which marks IsDB's 50 years of fosteringsocio-economic development in its member countries.
Among other topics, the meetings also featured a roundtable onCOP29 with the participation of Azerbaijani governmentrepresentatives.
As the premier South-South multilateral development bank, the2024 IsDB Group Annual Meetings and Golden Jubilee attractinternational and regional attention.
The annual meetings feature a series of side events withtop-level panellists from government, international and regionalorganisations, the private sector, academia, and civil society.
Ministers of Economy, Planning, and Finance from IsDB's 57member countries are participating in the event, along withrepresentatives of international and regional financialinstitutions, Islamic banks, private sector companies, national andinternational development finance institutions, international andregional organisations, NGOs, chambers of commerce & Industry, andbusiness councils.
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