LocationsUNDP facilitates consultations on “Development of Green Sukuk Framework” and Professional Training on “Islamic Finance and Green Sukuk” in Uzbekistan
October 25, 2024
On 16-18 October 2024, UNDP Uzbekistan and UNDP’s Istanbul International Center for Private Sector in Development (UNDP ICPSD) in collaboration with Islamic Development Bank (IsDB) and the National Agency of Prospective Projects under the President’s Administration Office of Uzbekistan (NAPP), organized a workshop on “Development of the National Green Sukuk Framework for Uzbekistan” followed by a two-days “Islamic Finance and Sukuk/Green Sukuk Training Programme”
On 16th October, the senior level meeting was organized and hosted by the NAPP in their headquarter and brought together officials of regulatory bodies including the NAPP, Ministry of Economy and Finance of Uzbekistan, the Central bank of Uzbekistan, leading industry practitioners, experts and the business community to discuss green sukuk as an innovative and sustainable finance tool. The workshop aimed to build capacity and foster dialogue on the opportunities and challenges of adopting green sukuk in Uzbekistan, drawing on best practices from different jurisdictions. Sessions included practical discussions on legal and regulatory needs, the identification of potential green projects for sukuk financing, and the importance of aligning Uzbekistan’s framework with international standards. The workshop concluded with a set of actionable recommendations, aiming to create a robust and transparent Green Sukuk Framework.
On 17th and 18th of October “Islamic Finance and Sukuk/Green Sukuk Training Programme”, was conducted to strengthen and promote Islamic Finance and Sukuk as an alternative source of financing for sustainable development. It covered green Sukuk and its potential, offering recommendations for establishing a national legislative and regulatory framework for Sukuk and Green Sukuk issuance in Uzbekistan. The sessions included topics related to key concepts of Islamic finance, green Sukuk fundamentals, and practical exercises on structuring Sukuk, helping stakeholders recognize new opportunities in sustainable finance.
The training was welcomed by 50 in person and online participants from different stakeholders in Uzbekistan. The programme’s comprehensive approach provided participants with the skills and capacity to develop Islamic finance solutions and implement them within their institutions.
This training was organized jointly by UNDP Uzbekistan and Global Islamic Finance and Impact Investing Platform (GIFIIP), which was established by UNDP Istanbul International Center for Private Sector in Development (IICPSD) and Islamic Development Bank (IsDB) Institute.
Since 2021 UNDP jointly with the Islamic Development Bank (IsDB), has been implementing a Technical Assistance project to assist the Government of Uzbekistan in establishing a proper enabling environment for green sukuk in Uzbekistan. The goal is to develop the relevant legislative, institutional and regulatory framework as well as strengthening the government capacities in this area. One of the main project activities are related to awareness rising and capacity building of the government officials, academia, private sector and civil society on Islamic Finance and sukuk/green sukuk.