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The Role of Islamic Financial Instruments in the Development of the Green Economy

Field of Science:Arts and HumanitiesHistorySocial SciencesPolitical Science and International Relations
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ARTICLE ANNOTATION

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This article analyzes the role of Islamic financial instruments, particularly green sukuk, in the development of a green economy. Leading global practices in green sukuk issuance are reviewed, and their economic and environmental effectiveness is substantiated. Furthermore, the prospects of introducing green sukuk for financing the green economy in Uzbekistan are discussed, including existing challenges and recommendations for overcoming them.

AUTHORS

R.Abdullayev

"O`ZBEKISTON XALQARO ISLOM AKADEMIYASI" DAVLAT MUASSASASI

G.Qodirova

"O`ZBEKISTON XALQARO ISLOM AKADEMIYASI" DAVLAT MUASSASASI

Tags

# green economy# sustainable development# renewable energy# Islamic finance# green sukuk

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References

Financing for Sustainable Development Report (FSDR 2024) // https://desapublications.un.org/publications/financing-sustainable-development-report-2024

International Islamic Financial Market Sukuk Report 2024 // https://iifm.net/frontend/general-documents/61b62b8779cbce687eac670ce915a3b31732169124.pdf

Green and Sustainability Sukuk Report 2024 // https://www.globalethicalfinance.org/2024/11/28/green-and-sustainability-sukuk-report-2024-crossing-borders/

International Islamic Financial Market Sukuk Report 2024 // https://iifm.net/frontend/general-documents/61b62b8779cbce687eac670ce915a3b31732169124.pdf

United Nations Development Programme (UNDP). (2023, October 9). Uzbekistan Issues First Ever Green Sovereign Eurobonds Worth 4.25 Trillion UZS on the London Stock Exchange.

ПРООН. Предварительное технико-экономическое обоснование выпуска «зеленого» сукук в Республике Узбекистан. – Ташкент: ПРООН. 2021. – 105 с. (Pre-Feasibility Study for Green Sukuk Issuance in Uzbekistan).

Asadov A. Empirical Analysis of Demand for Sukuk in Uzbekistan // Economies – 2024. – Vol. 12, No. 8. – P. 220. DOI: 10.3390/economies12080220.

Securities Commission Malaysia; World Bank. Islamic Green Finance: Development, Ecosystem and Prospects. – Kuala Lumpur/Washington DC: World Bank Group, 2019. – 69 p. (Исламское «зеленое» финансирование – развитие, экосистема и перспективы).

OECD. Financing Uzbekistan’s Green Transition: Capital Market Development and Opportunities for Green Bond Issuance. – Paris: OECD Publishing, 2023. – 79 p.

Climate Bonds Initiative. Green Infrastructure Investment Opportunities: Central Asia 2019. – London: CBI, 2019. – 44 p. (Инвестиционные возможности в зеленую инфраструктуру Центральной Азии).