Green Sukuk
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Definition of "Green Sukuk"
Green Sukuk are Shariah-compliant securities backed by a specific pool of assets that have purpose in protecting the environment through financing the renewable energy and other environmental assets such as solar energy plants; biogas plants; wind energy; renewable transmission and infrastructure; as well as electric vehicles and infrastructure.
The proceeds derived from the Green Sukuk can be used to finance construction and refinance construction debt; to finance the payment of a government-granted green subsidy; and to finance renewable energy for sustainable development.