Deloitte’s Islamic Finance Knowledge Center in the Middle East, in collaboration with the International Shariah Research Academy (ISRA), launched a new industry report, “Sustainable Finance: Can Sukuk become a driver of solar and green energy growth?”, providing an analysis of the driving factors and future potential for Sukuk to finance the development of renewable energy projects. The report examines the value proposition provided by Islamic finance, as well as presenting anchor transactions and structures currently used in the market place.
This is Deloitte’s second renewable energy paper analyzing industry investment trends, regulatory frameworks, stakeholders, financing strategies and success stories that help drive the value proposition for Islamic finance alternatives.
“The majority of the ‘ten’,[1] Organisation of Islamic Cooperation (OIC) countries researched in the Deloitte report have seen a rising trend in investments through both conventional and Islamic Finance arrangements primarily driven by international developers and strategic national investors,” explains Joe El Fadl, Financial Services Industry Leader. “This has also encouraged many other investors to engage in scale solar and green energy projects, thereby enjoying incentives offered by their respective governments.
“The drive to promote green energy in many countries, along with optimization of solar solution costs, will continue to attract strategic investors into the sector primarily driven by promising returns and sustainable capital flow. Owing to such factors, a number of regional countries and globally are either increasing the capacity of their current solar sit ups or installing new plants to achieve optimization of efficiency.”
“Looking at the growing interest in Islamic finance, we have observed various efforts being devoted to come up with solutions related to sustainable development of solar energy projects. This will be a future driver of focus for Shariah scholars and practitioners alike,” said Professor Mohamad Akram Laldin, Executive Director, International Shariah Research Academy for Islamic Finance.
“As solar energy continues to become a key renewable source in many OIC markets, and the need for capital funding, Sukuk can play a key role in bridging the gap in funding requirements and offer viable investment projects to local and international investors,” explains Dr Hatim El Tahir, Director of the Deloitte Islamic Finance Knowledge Center.
“There is a healthy pipeline of solar and other alternative energy projects being developed in the Middle East region and Islamic finance can play a significant role in the financing of these projects” concluded Vishal Rander, Director, Project & Infrastructure Finance, Deloitte Middle East.
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DME provides audit and assurance, tax, consulting, financial advisory and risk advisory services through 25 offices in 14 countries with more than 3,300 partners, directors and staff. It has also received numerous awards in the last few years which include, Middle East Best Continuity and Resilience provider (2016), World Tax Awards (2017), Best Advisory and Consultancy Firm (2016), the Middle East Training & Development Excellence Award by the Institute of Chartered Accountants in England and Wales (ICAEW), as well as the best CSR integrated organization.
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