Monday, January 18, 2021
GMO test
  • Politics
    • American Politics
    • Canadian Politics
    • International Politics
  • Investing
  • Business
    • Corporate Culture
    • Leadership
    • Marketing
    • Supply Chains
  • Economy
    • Jobs
    • The Green Economy
    • GDP
  • Energy
    • Solar
    • Wind
    • Fossil Fuels
    • Renewables
  • Environment
    • Emissions
    • Wildfires
    • Biodiversity
    • Extreme Weather
  • Technology
    • Food
    • Health
    • Buildings
    • Renewables
    • Carbon Capture
    • Transportation
    • Climate Change
  • Social Change
    • Activism
    • Education
    • Psychology
No Result
View All Result
  • Politics
    • American Politics
    • Canadian Politics
    • International Politics
  • Investing
  • Business
    • Corporate Culture
    • Leadership
    • Marketing
    • Supply Chains
  • Economy
    • Jobs
    • The Green Economy
    • GDP
  • Energy
    • Solar
    • Wind
    • Fossil Fuels
    • Renewables
  • Environment
    • Emissions
    • Wildfires
    • Biodiversity
    • Extreme Weather
  • Technology
    • Food
    • Health
    • Buildings
    • Renewables
    • Carbon Capture
    • Transportation
    • Climate Change
  • Social Change
    • Activism
    • Education
    • Psychology
No Result
View All Result
GMO test
No Result
View All Result
Home Uncategorized

Islamic Banks and Renewable Energy in MENA

by Richard Matthews
July 23, 2012
in Uncategorized
0

Islamic banking involves activity that is consistent with the principles of sharia law. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees for loans of money. It is also prohibited to invest in businesses that provide goods or services considered contrary to Islamic principles. Many Islamic banks were formed in the late 20th century. Now Islamic banks are are increasingly looking to support renewable energy including
hydropower, solar and wind energy. Finance is a crucially important
component of building a green infrastructure and this is especially true
in the context of economic difficulty and political volatility we are seeing in the Middle East and North Africa (MENA).

As reported in an article titled “Tapping the Renewable Energy Market,” Islamic lending institutions that create financial mechanisms will benefit the growth of renewable energy. In the Middle East and North Africa (MENA) solar power projects are driving major new investment. With projects like Abu Dhabi’s Masdar City and the German-led Desertec Industrial Initiative (DII) it is expected that the region will be able to export energy throughout the region and into Europe. The Shams Power Co. alone is partnering in a $600 million investment to build one of the world’s largest concentrated solar power (CSP) projects.

Sustainable water projects are also garnering interest from Islamic banks. One bank in particular diverted part of its real estate holdings into trade finance which led to the first Shari’ah-compliant water-focused investment strategy.

Through the UK-based Islamic investment bank Gatehouse Bank Plc people can now invest in sustainable-oriented companies that offer technology, products and services throughout the water industry. Ocean water desalination is another area which offers tremendous potential for growth. Saudi Arabia is planning to convert all of its seawater desalination plants to renewable energy by 2019. This could attract more than half a trillion dollars in private sector investment over the next five years.

Recently, Islamic banking saw the release of a green financial certificates for the financing of climate change investments and renewable energy projects. The Climate Bonds Initiative, the Clean Energy Business Council of MENA, and the Gulf Bond and Sukuk Association launched the Green Sukuk Working Group to help market and develop the best practices to promote the issuance of green financial certificates.

There is good evidence to indicate that renewable energy investments are successful ventures for Islamic banks. Between 2004 and 2007, Islamic Financier, Bahrain-based Arcapita Bank made significant gains by investing in wind power, reportedly making it one of the most profitable investments in the firms history.

Islamic banking focused on cleantech like renewable energy could significantly contribute to regional sustainability and help to generate significant returns for investors.

© 2012, Richard Matthews. All rights reserved.

Related Posts
Global Green Investors Guide
Pakistan’s Sustainable Development Strategy
Africa a Renewable Energy Superpower?
Africa Industrialization Day: Leapfrogging with Sustainable Energy
WWF is Conserving Nature and Combating Poverty in Namibia
East Africa Can Learn from Iceland’s Geothermal Energy Industry
South Africa and the Rise of Renewable Energy on the Continent
Lesotho’s Renewable Energy Projects One of the Largest in Africa
Arab Spring Fueling the World’s Most Ambitious Solar Project in North Africa
Arab Spring and the Environment in North Africa
Norway a Model of Sustainability for the Arab World
House Made of Plastic Bottles in Nigeria
Sun Powered Entrepreneurship in Ghana

ShareTweetShare
Previous Post

Geothermal Power Economics 101: Resources, Technologies & Economics (Course)

Next Post

Pakistan’s Sustainable Development Strategy

Related Posts

Unprecedented Wildfires in 2020 are Connected to Climate Change

by Richard Matthews
December 29, 2020
0

The intense wildfires that raged across the Western U.S., South America, and Australia in 2020 are being attributed to climate change. What makes these fires unprecedented is their size and...

American Courts are Defending Democracy and the Environment

by Richard Matthews
December 14, 2020
0

Despite unprecedented challenges, America's legal system has held. In recent weeks the courts have repeatedly defended democracy and in the last four years they have overturned a wide range of environmental...

Boycott Culture and Brand Influence During Trump’s Presidency and Beyond

by Richard Matthews
December 8, 2020
0

Brands wield enormous influence over popular culture and whether they are pursuing core social values or trying to preempt boycotts, brands are finding it harder to ignore social, environmental and political...

Next Post

Pakistan's Sustainable Development Strategy

Leave a Reply Cancel reply

Follow Us

  • Facebook
  • Twitter
  • Email
  • LinkedIn
  • Reddit
  • SoundCloud

Subscribe to the Blog

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Business

Corporate America’s Break Up with Trump & the GOP

by Richard Matthews
January 15, 2021
0

Resistance to Donald Trump started shortly after he announced his intention to run for public office, but it was not...

Read more

Climate Change is Fueling Deadly Extreme Weather and Costly Climate Disasters

January 13, 2021
protected areas and new species on the map of the world

Summary of Positive Biodiversity Stories

January 11, 2021
images of extreme weather events

Long Term Warming Trends Tell Us What We Need to Know

January 9, 2021

Trump Leads an Insurrection after He and the GOP are Rejected in a Historic Election

January 7, 2021
  • Business
  • Economy
  • Energy
  • Environment
  • Investing
  • Politics
  • Technology
  • Social Change

© 2021 Copyright The Green Market Oracle.

No Result
View All Result
  • Business
    • Corporate Culture
    • Leadership
    • Marketing
    • Supply Chains
  • Economy
    • GDP
    • Jobs
    • The Green Economy
  • Energy
    • Fossil Fuels
    • Renewables
    • Solar
    • Wind
  • Environment
    • Emissions
    • Biodiversity
    • Extreme Weather
    • Wildfires
  • Investing
  • Politics
    • American Politics
    • Canadian Politics
    • International Politics
  • Technology
    • Buildings
    • Carbon Capture
    • Climate Change
    • Food
    • Transportation
    • Health
    • Renewables
  • Social Change
    • Education
    • Activism
    • Psychology
    • Marches

© 2021 Copyright The Green Market Oracle.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In