sukuk have been playing a growing role in this process, along with
waqf. But in the grip of the pandemic, different responsibilities and priorities have taken precedence. Of course, this has not brought an end to sustainability initiatives. On the contrary, the financial markets continue to expand their contribution in this sphere.
16. The concern is rather about the impact of the pandemic on the most vulnerable groups of the global community. Already marginalized sections of society face deepening poverty, because economic lockdowns have reduced employment and incomes in the sectors in which they predominate. The United Nations Development Programme has declared that Covid-19 is “ruthlessly exposing the gaps between the haves and the have-nots, both within and between countries”.
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KUALA LUMPUR (March 9): Islamic finance is well position to be an effective instrument to support global efforts to realise the United Nations’ Sustainable Development Goals (SDG) initiatives targeted to be achieved by 2030, The World Bank country manager Dr Firas Raad said.
That is because it has a direct link to the physical assets and the use of profit and loss sharing arrangement, which encourages the provision of financial support to productive enterprises that could increase output and generally, jobs.
“Its emphasis on tangible transactions, which ensure that the industry only support activities that serve a real purpose, increase chances of higher output at the country level.
KUALA LUMPUR (March 9): S&P Global Ratings expects the global sukuk issuance to increase to US$140 billion-US$155 billion (US$1=RM4.11) this year compared with US$139.8 billion in 2020.
Global head of Islamic finance Dr Mohamed Damak said the credit rating agency expected some sovereigns in the core Islamic finance countries to tap into the sukuk market more aggressively in 2021.
“Corporate activity was muted in 2020, as they deferred capital expenditure (capex) because of the pandemic.
“They are likely to execute some of this capex in 2021, thereby necessitating access to capital markets,” he said at the 16th Kuala Lumpur Islamic Finance Forum held virtually today.
KUALA LUMPUR, March 9 Malaysia took the lead as the largest Sukuk market globally in 2020, with most of the issuances tied to the principles of Sustainable and Responsible Investments (SRIs), Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said. Citing a report by the Malaysia.