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Pioneering the Green Sukuk: Three Years On

October 6, 2020

Sustainable and Inclusive Finance Forum 2020

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  • July 27, 2020, marked the 3-year anniversary of the first green sukuk issuance, and there has been tremendous progress in the adoption of the green sukuk as a key capital market instrument to fund environmentally friendly projects. There is widespread awareness, greater technical capabilities in the markets that have embraced the green sukuk, and market-driven product innovation pushing the envelope. At its core, a green sukuk is financially the same as a “conventional” sukuk or Islamic bond. The one major difference lies in the usage of the sukuk proceeds. For a sukuk to be green, the proceeds can only be used to fund environmentally friendly projects. Standards such as the Green Bond Principles and the ASEAN Green Bond Standards serve to guide the issuance to meet key qualifying criteria. This session will review the performance of green sukuk issuances in the three years since the first issuance in 2017 and discuss challenges and opportunities for the financial instrument.

    Presentation Slides

    Opening Remarks: Firas Raad, Country Manager for Malaysia, World Bank Group

    Presenter: Marina Mardi, Independent Consultant & former Assistant Vice-President, Khazanah Nasional

    Panel Discussion:

    • Tengku Dato’ Ab Aziz Tengku Mahmud, CEO, PNB Merdeka Ventures
    • Yeo Teik Leng, Head, Capital Markets Group, AmInvestment Bank
    • Esther Teo, Head of Fixed Income, Affin Hwang Asset Management
    • Rozani Osman, Senior Financial Sector Specialist, World Bank Group
    • Moderator: Zalina Shamsudin, General Manager, Capital Markets Malaysia
  • Esther Teo brings with her more than 18 years investment experience in managing both institutional and unit trust funds. She joined Affin Hwang Asset Management Berhad in January 2004 as a portfolio manager responsible for managing the fixed income portfolios for the Malaysian institutional and unit trust funds. She is recognised by Asian financial markets specialist, The Asset, as one of the most astute investors in Malaysian Ringgit Bonds and most astute investor in Malaysia for the Asian G3 Currency Bonds categories respectively. The funds she and her team manage are constantly ranked amongst Malaysia’s top 5 and are well known for their consistent performance track record.

    Firas Raad, a Jordanian National, is the World Bank Country Manager in Malaysia. He was formerly the Country Manager for Kuwait. Raad joined the World Bank in 2002 as a Senior Health Policy Specialist. More recently, he was working in the Health, Nutrition and Population (HNP) Global Practice. He has extensive health policy experience in various countries in the Middle East and North Africa region. Prior to 2009, Raad focused on implementing health sector reforms in Lebanon, Palestine and Egypt. He also served as the World Bank Human Development Coordinator for the Gulf Cooperation Council (GCC) countries.

    Marina Mardi is an independent financial consultant with more than 8 years’ experience in Islamic debt capital markets, fund-raising structuring and origination. In 2017, she received the Cambridge Islamic Finance Leadership Award followed by recognition as one of the Top 50 Most Influential Women in Islamic Finance in 2018 and 2019 from Cambridge IFA. She was previously with Khazanah Nasional, Malaysia’s sovereign investment fund, and was instrumental in the setting up of Malaysia’s first sustainable and responsible investment (SRI) sukuk in 2015 and the retail SRI sukuk in 2017. She holds an accounting degree from MARA University of Technology and is a member of the Association of Chartered Certified Accountants (ACCA) from Dublin Business School. 

    Rozani Osman is presently a Senior Financial Sector Specialist with the Finance and Markets Global Practice of the World Bank, Kuala Lumpur. He works on several areas including climate finance, capital markets, financial sector development, and financial stability monitoring in the East Asia Pacific region. Prior to working with World Bank, he was the Head of Treasury and Liquidity Management at Khazanah Nasional Berhad for 10 years. He is experienced in climate finance, treasury, capital markets, and asset and investment management. He has an MBA from Cornell University and a Bachelor of Science in Electrical Engineering from the University of Virginia.

    Tengku Dato’ Ab. Aziz bin Tengku Mahmud is currently the CEO of PNB Merdeka Ventures Sdn. Berhad, a wholly-owned subsidiary of Permodalan Nasional Berhad.  He is responsible for the development of Merdeka 118 precinct project, comprising a 118-storey tower, observation deck, hotel, retail mall and residential towers. Prior to his appointment as the CEO of PNB Merdeka Ventures Sdn. Berhad on 1 April 2010, he was the Head, Property Development of Sime Darby Property Berhad from August 2008 to March 2010.  He was responsible for the Property Development Operations in addition to the Hospitality, Leisure and Asset Management of the Property Division.  He also served Kumpulan Guthrie Berhad as Head, Property and the CEO, Guthrie Property Development Holdings Berhad from 2005 to 2007.

    Yeo Teik Leng heads the Capital Markets Group at AmInvestment Bank Berhad and is responsible for the origination and execution of the full capital markets product suite. This includes Sukuk, Bonds, Loan Syndication, Asset Backed Securitisation, Bond Syndicate and the structuring of rates and currency swaps for new issuances. Teik has over 25 years of experience in the capital markets and has led numerous award winning and ground-breaking transactions. Prior to AmInvestment Bank, Teik previously headed the Debt Capital Markets teams at Standard Chartered Bank (Malaysia) Berhad and ABN AMRO Bank Berhad

DETAILS

  • WHEN: October 6 (Tuesday): 1:00 - 3:00pm (Kuala Lumpur)
  • WATCH: WATCH RECORDING
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