• ICMA releases new guidance to ensure green assets are not double-counted, but in doing so hits upon a point of ambiguity relating to green sukuk
  • Depending on how the guidance is applied, it could substantially increase the review process for labelled sukuk compared to similar labelled bonds
  • For green, asset-light issuers, sustainability-linked instruments can complement labelled GSS bonds to create additional green assets and benefit from regulatory frameworks such as the one recently issued by Malaysia’s Securities Commission
  1. The principal criteria are that:assets should not be counted twice by multiple different instruments in a single transaction, and
  2. all use of proceeds follow the Green, Social or Sustainability Framework established by the issuer.



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Blake Goud

Blake Goud


Promoting adoption of responsible finance in Islamic markets & Islamic finance. CEO @RFIFoundation.