Akin Gump Corporate Lawyers Author Article on ESG Transactions in the Middle East Sukuk Market
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ZAWYA.com has published the article, “ESG Sukuk: The role of the sovereign in the evolution of the Middle East sukuk market,” written by Akin Gump corporate partner Rizwan Kanji, counsel Hamed Afzal and associate Sahar Abas.
In the article, the authors discuss Environmental Social and Governance (ESG) transactions, and the potential for ESG implications, as ESG principles increase in relevance for Shariah-compliant investors in the Middle East.
Additionally, they note that “the sovereign may have a pivotal role to play in paving the way for ESG and Islamic-compliant financing instruments in the Middle East.”
The authors also elaborate on ambitious energy targets set by Middle East governments, including Saudi Vision 2030 and the UAE’s historic Net Zero 2050 Strategic Initiative. With awareness and understanding of ESG growing in the region, “there is increased interest in the role ESG can play in Islamic finance transactions.”
“The successful coalescence of ESG principles and principles of Shariah in green or sustainable Sukuk can offer unique opportunities and rewards for sovereign entities, corporates and financial institutions in the Middle East.”
ZAWYA.com, a part of Refinitiv Middle East and Thomson Reuters, is a leading source of regional news and intelligence, serving millions of professionals from the UAE, Saudi Arabia, Egypt and the rest of the Middle East and North Africa (MENA).
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