UNDP Facilitates Consultations on “Development of Green Sukuk Framework” and Organizes a Professional Training on “Islamic Finance and Green Sukuk” in Uzbekistan
On 16-18 October 2024, United Nations Development Programme (UNDP) Uzbekistan and UNDP’s Istanbul International Center for Private Sector in Development (ICPSD) in collaboration with Islamic Development Bank (IsDB) and the National Agency of Prospective Projects under the President’s Administration Office of Uzbekistan (NAAP), organized the workshop “Development of the National Green Sukuk Framework for Uzbekistan” followed by a two-day “Islamic Finance and Sukuk/Green Sukuk Training Programme”.
On 16 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 at building capacity and fostering dialogue on the opportunities and challenges of adopting green Sukuk in Uzbekistan, drawing on best practices from different jurisdictions. The 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. It concluded with a set of actionable recommendations, aiming to create a robust and transparent Green Sukuk Framework.
On 17 and 18 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 fifty in person and online participants consisting of different stakeholders in Uzbekistan. The programme’s comprehensive approach provided participants with the skills and understanding to develop Islamic finance solutions and implement them within their institutions. This training was organized jointly by the UNDP Uzbekistan and Global Islamic Finance and Impact Investing Platform (GIFIIP), which was established by UNDP Istanbul International Center for Private Sector in Development (ICPSD) and Islamic Development Bank Institute (IsDBI).
