Status Audio Magazine

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ISSUE 7.1

Green Sukuk: The Future of Islamic Financing for Climate Change Adaptation

Aneil Tripathy, Bassam Haddad

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Photo: Gurun solar power plant in Malaysia (Scatec Solar)
Interviewed by Huma Gupta
{{langos=='en'?('19/04/2020' | todate):('19/04/2020' | artodate)}}
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The Environment in Context podcast discusses the role of Islamic Financing in the development of the global Green Bond industry, with Bassam Haddad as this episode's guest host. In June 2017, Malaysia was the first country in the world to issue a green sukuk in order to finance a solar power plant. Sukuk are asset-backed financial certificates that were developed over a millenia ago, which are compliant with the Islamic principle of Shari'ah.

[This interview is part of the new Environment Page launch. All accompanying launch posts can be found here.]

Further reading:

Sukuk is the plural of ‘Sakk,’ which represents a proportionate ownership in a pool of assets. However, in the contemporary world of climate finance, green sukuk have emerged as a new tool for investors to fund environmentally sustainable infrastructure projects, such as solar power plants. This green Islamic finance bond has now become a multi-billion dollar industry. This industry offers some hope for public and private enterprises to raise funds for green infrastructure, but it should be approached cautiously since it also offers opportunities of “green-washing” organizations that are otherwise heavily invested in fossil fuels.

https://anthrosource.onlinelibrary.wiley.com/doi/abs/10.1002/sea2.12091

https://www.press.uchicago.edu/ucp/books/book/chicago/B/bo29124010.html

https://www.sukuk.com/article/malaysia-launches-the-worlds-first-green-sukuk-6361/

https://eiuperspectives.economist.com/sustainability/new-shade-green-sukuk-sustainability

Spaceship in the Desert by Gökçe Günel and its New Texts Out Now (NEWTON) Review on Jadaliyya

Guests

Aneil Tripathy
Aneil Tripathy

Anthropologist researching climate finance

Aneil Tripathy is an anthropologist currently completing his PhD at Brandeis University. His research focuses on the development of climate finance and the dynamics of the green bond market. Aneil has been a visiting researcher at Cass Business School, University College London, and Lancaster University. He has worked in climate finance for five years and has training in environmental economics, ethnographic research, and systems thinking.

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Bassam Haddad
Bassam Haddad

Associate Professor at George Mason University

Bassam Haddad is Director of the Middle East and Islamic Studies Program and Associate Professor at the Schar School of Policy and Government at George Mason University. He is the author of Business Networks in Syria: The Political Economy of Authoritarian Resilience (Stanford University Press, 2011). Bassam serves as Founding Editor of the Arab Studies Journal and the Knowledge Production Project. He is co-producer/director of the award-winning documentary film, About Baghdad, and director of the series Arabs and Terrorism. Bassam is Co-Founder/Editor of Jadaliyya Ezine and Executive Director of the Arab Studies Institute. He serves on the Board of the Arab Council for the Social Sciences and is Executive Producer of Status Audio Magazine. Bassam is Co-Project Manager for the Salon Syria Project. Twitter: @4Bassam 

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