Islamic Finance and Green Economy

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TN Note: There is a distinct link between Sustainable Development and Islamic doctrine, as evidenced by this statement below: “The principles of Islamic finance share substantial synergies with the concept of environment-friendly and sustainable development.” In fact, almost 12% of the Koran’s verses deal with some aspect of care for the earth and environment.

Growing global concerns for achieving sustainable and environment-friendly development has led to a sharp uptake in green projects. Along these growth lines, Islamic finance has a tremendous opportunity to develop instruments that can support the global surge in green projects. The principles of Islamic finance share substantial synergies with the concept of environment-friendly and sustainable development.

In this regard, on 28 September 2015, MIFC Promotions Unit (MPU) hosted its inaugural webinar session entitled “Islamic Finance: Ready to Finance a Greener World.” The webinar session featured Hussam Sultan, Senior Product Manager, HSBC Amanah Malaysia and Tuan Syed Ahmad Syed Mustafa, Vice President of Green Growth, Malaysia Green Technology Corporation as panellists and was moderated by En. Shazmeer Mokhtar, Acting Deputy Director of MPU.

Highlighting the opportunities of using Islamic finance as an intermediary in supporting the green initiatives, the webinar was broadcasted worldwide and attracted global audience from all parts of the world including North America, Hong Kong and Africa.

Hussam focused on how green financing resonated with Islamic finance and outlined Islamic finance potentials in championing green initiatives going forward whilst Tuan Syed discussed Malaysian government’s initiatives and policies in supporting the green projects and financing.

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There are already banks in the UK offering Sharia loan faclities to customers.

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