Islamic finance: "Green Sukuk" for green projects
Representative of the Islamic Development Bank Group Ibrahim Ali Shukri spoke about the investment insurance solutions of the bank, speaking at the session "The role of financial institutions in supporting sustainable energy" of the international forum OGT-2022.
Recognizing the need to strike a critical balance between a rapid transition to a low-carbon economy and maintaining economic prosperity, the Islamic Private Sector Development Corporation (ICIEC) continues to provide insurance for fossil fuel transactions, given the fact that fossil fuels are central to the economy of member countries.
The Islamic Private Sector Development Corporation is a multilateral development financial institution and is part of the Islamic Development Bank Group. The Corporation also plays a large role in facilitating strategic projects that support action to combat climate change.
ICIEC supports investment by helping to import technology and use it in national projects, including solar power systems and wind farms, solar and green building development, and support for sustainable waste management solutions.
The corporation has also introduced a Green Sukuk insurance policy to allow it to raise capital for green projects.
In addition, ICIEC provides technical assistance and advisory services to member countries and their public and private enterprises to improve the environment for private investment, help identify and promote investment opportunities, privatize state-owned enterprises, and develop Islamic capital markets.
Ibrahim Ali Shukri called on the financial institutions of Turkmenistan to actively cooperate on topical areas of the economic agenda.
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