According to Moody’s, global green Sukuk issuance rose by 40 per cent to $47.2 billion in Q1 2019, backed by strong corporate issuers.
Tuesday 17, September 2019 BY KUDAKWASHE MUZORIWA
Dubai Islamic Economy Development Centre (DIEDC) has partnered with Dubai International Financial Centre (DIFC), the Dubai Financial Market (DFM) and Climate Bonds Initiative (CBI) to collaborate on boosting the green Sukuk sector as well as stepping up the exchange of knowledge and expertise in the field.
DIEEDC stated that the partnership aims to promote the issuance of green Sukuk in the UAE and across the world, in addition to developing the standards of certification for green Sukuk along the lines of the Climate Bonds Standard and Certification Scheme.
Abdulla Mohammed Al Awar, the CEO of DIEDC, said, “The demand for green Sukuk is steadily growing and requires an appropriate certification scheme that allows the segment to flourish.”
CBI developed the Climate Bonds Standard—a set of eligibility criteria to determine whether a relevant bond can be categorised as ‘green’—to enable investors to make informed decisions about the bond’s environmental credentials.
Similarly, CBI’s Climate Bond Certification Scheme is the only accreditation mechanism for green bonds that is globally accepted and serve as a benchmark for all such green certifications and comprise a robust pre- and post-issuance assurance framework.
“The Green Sukuk Initiative is a significant step in the joint efforts to create favourable standards and regulations that support the development of the Islamic economy,” said, Hassan Al Serkal, the COO and Head of Operations Division of DFM.
TAGS : Dubai Islamic Economy Development Centre, Dubai Financial Market , Dubai International Financial Centre, Climate Bonds Initiative, Climate Bonds Standard and Certification Scheme, Sukuk, Green Sukuk