The Islamic finance industry’s expectations for COP28 were also high; many were hopeful that the fact it was hosted by an Islamic finance giant, it would mean some meaningful deals incorporating Shariah compliant instruments, or initiatives that would have lend more credibility to Islamic finance as a sustainable finance solution at an international stage.
REPORT'S CONTENT
The UAE has succeeded where other COP hosts has failed: to rally over 190 nations to agree on a deal to “transition away” from fossil fuels. It has only taken 30 years, and an oil producer to seal the deal.
The Islamic sustainable finance space has seen tremendous growth over the past year albeit from a low base. Sustainable finance issuances in core Islamic finance countries alone have more than double in the first nine months of 2023 to reach US$22.1 billion, with Islamic issuances significantly contributing to the growth, according to S&P Global Ratings (S&P).
Environmental considerations and concern for the future are prevalent among consumers, with ONS figures revealing that three quarters (75%) of UK adults are worried about climate change.1 These concerns are spurring...
reNIKOLA Solar II, a financing vehicle for Malaysian pure-play renewable energy power producer and developer reNIKOLA, issued the world’s first Climate Bonds Initiative (CBI)-certified Sukuk worth RM390 million...
GLOBAL: To build a sustainable financial ecosystem, the finance industry needs to explore SME-focused financing models and separate itself from a debt-based system, says a global finance...
The IsDB has issued its second public Sukuk issuance of 2023, raising US$1.75 billion to fund sustainable development projects in its member...
DP World Crescent, an SPV of Dubai-based logistics company DP World, issued a 10-year green Sukuk facility worth US$1.5 billion on the 6th September this year. Based on the Wakalah concept, DP World’s inaugural green Sukuk will...