Significant Opportunity Available to Develop More Blue Sukuk in Asia: Ramesh Kana

Ramesh Kana, Chairperson of UN Global Compact Network Malaysia & Brunei (UNGCMYB), has said that there is a big opportunity to develop more blue Sukuk in Asia to support the growth of the blue economy.

Why it Matters?

According to Kana, the development of blue Sukuk, which includes finance initiatives that conserve ocean resources and facilitate sustainable development in coastal regions, will in addition to helping ensure the protection and sustainable use of oceans via investment in the blue economy, also assist to build ocean resilience. Kana made these comments during the World Islamic Economic Forum (WIEF) Powertalk 2021, titled “Diving into the deep blue: Possibilities for Islamic Fintech” held on the 1st of December 2021. The lack of research and development on the technical assistance needed to create blue Sukuk were identified as challenges.

Speaking at the same event, Angelique Pouponneau, Chief Executive Officer at Seychelles Conservation and Climate Adaptation Trust (SeyCCAT), noted that the blue economy contributes to ocean conservation and sustainable use, which can assist in achieving the United Nations Sustainable Development Goals (UNSDGs).

Details

  • The potential for blue Sukuk is similar to that of green Sukuk in terms of strength and volume.
  • According to Kemal Rizadi, Capital Market Authority advisor in Oman, in line with Oman’s vision 2040 to promote sustainable development and financial inclusion, the country is looking at further enhancing the blue Sukuk sector with fisheries being the main focus of the blue economy in Oman.