RIYADH, Saudi Arabia, April 29. During two and a half years, the sustainable sukuk market saw a remarkable growth, and nearly tripled in size since 2017, said Julia Hoggett, CEO of London Stock Exchange plc addressing the panel discussions on Accelerating Climate Finance through Green and Sustainability Sukuk, held as part of the Islamic Development Bank Group (IsDB) annual meetings in Riyadh, Trend reports.
“But sustainable sukuk is still a small part of the overall stock market, and an even smaller part of the sustainable bond market. This tells us that the guidance for sustainable sukuk published today is more important than ever. It follows an announcement at COP28 in Dubai last December, and it has been developed in consultation with key stakeholders to ensure the widest applicability of the International Capital Market Association (ICMA) principles,” she said.
Hoggett pointed out that this practical guide aims to provide market participants with much needed guidance on how to label sukuk as green, social or sustainable as aligned with the ICMA principles and increase global investor awareness of sukuk.
“As one journey ends, another begins and then next stage for us and our partners is to engage with stakeholders like standard setters, Sharia regulators, rating agencies among the participants to ensure that the guidance be published today is embedded across various markets,” she added.
The Islamic Development Bank Group (IsDB) is holding its 2024 Annual 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 of “Cherishing our Past, Charting our Future: Originality, Solidarity and Prosperity”, which marks IsDB’s 50 years of fostering socio-economic development in its member countries.
Among other topics, the meetings also featured roundtable on COP29 with participation of Azerbaijani government representatives.
As the premier South-South multilateral development Bank, the 2024 IsDB Group Annual Meetings and Golden Jubilee attracts international and regional attention.
The Annual Meetings feature a series of side events with top-level panelists from government, international and regional organizations, the private sector, academia, and civil society.
Ministers of Economy, Planning, and Finance from IsDB's 57 member countries are participating in the event, along with representatives of international and regional financial institutions, Islamic banks, private sector companies, national and international development finance institutions, international and regional organizations, NGOs, chambers of commerce & Industry, and business councils.