Tashkent, Uzbekistan (UzDaily.com) — A meeting was held at the National Agency for Prospective Projects to discuss the development of a national framework for green sukuk in Uzbekistan, organized in collaboration with UNDP.

The meeting included representatives from the Ministry of Economy and Finance, the Central Bank of Uzbekistan, the Republican Stock Exchange "Tashkent," and international experts from the Istanbul International Center for Private Sector Development (ICPSD) and the Islamic Business and Finance Department.

This event served as a platform for practitioners and industry leaders to learn about green sukuk and their potential, as well as a forum for direct discussions focused on understanding the practical challenges and opportunities specific to Uzbekistan.

Presentations covered topics such as practical issues and opportunities for implementing green sukuk in Eurasia and the Middle East, best practices from OIC countries, identification of potential green projects for sukuk financing in Uzbekistan, relevant legislation and regulatory requirements, and future directions and collaboration in the green sukuk industry.

Participants shared views on creating a legal framework for Islamic finance and sukuk in Uzbekistan, discussing specific opportunities and challenges arising from the adoption, operation, and regulation of sukuk/green sukuk in Uzbekistan and their potential solutions.

As a result of the meeting, recommendations were made for developing a green sukuk structure that aligns with international principles and standards, focusing on key components such as external reviews, impact measurement, and reporting processes.

Islamic financial instruments, including sukuk, have emerged as promising tools for attracting development financing. Sukuk instruments are gaining recognition not only in Muslim countries but worldwide. According to Fitch Ratings, the total amount of sukuk issued globally reached $252 billion in 2021, with the total sukuk outstanding in the market exceeding $711 billion.

Green sukuk are a new type of sukuk used to finance environmentally sustainable projects, such as renewable energy development, implementation of energy-efficient and resource-saving technologies, and solid waste management.