From green to blue: a consideration on blue sukuk for the protection of ocean in the Southeast Asia

Mohd. Zain, Nor Razinah and Su, Wai Mon and Ariffin, Noor Azlinah (2022) From green to blue: a consideration on blue sukuk for the protection of ocean in the Southeast Asia. In: 10th ASEAN International Conference on Islamic Finance 2022 (AICIF-10): The Role of Islamic Banking and Islamic Social Finance for Economic Sustainability, 6th to 8th December 2022, Double Tree by Hilton, Kuala Lumpur, Malaysia. (Unpublished)

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Abstract

Impacted from the aspiration from Sustainable Development Goals (SDGs) as issued by the United Nations, many industries are progressively moving forwards in adapting their businesses and investments to reach such ends. While the economic sustainability is arguably possible to be achieved within the current landscape of Islamic social finance practices, the feasibility of sukuk issuances as a financing mode for project developments is undeniable. By detecting the increase of green sukuk issuances in the global financial market, it is timely to consider the application of blue sukuk for project developments, especially in relation to the protection of ocean in the Southeast Asia. This research focuses (i) to discover the pathway for having blue sukuk issuances in the Southeast Asia, (ii) to investigate the relevant international regulations which need to be considered for project developments relating to ocean; and (iii) to evaluate the sustainable development projects suitable for the protection of ocean in the region. By applying qualitative based research and doctrinal legal approaches, this research traces the latest development from a practical sense as can be observed from the current scenario. As a part of the findings, it is possible to have issuances of blue sukuk as an Islamic social finance instrument for sustainable development projects relating to the protection of ocean in the Southeast Asia. The international regulations are obviously clear on the responsibility of the countries towards protecting the area of the sea that closed to their shores. However, in order to ensure that the blue sukuk issuances for the protection of the ocean and their related sustainable development projects are viable, it is recommended for the countries in the Southeast Asia to consider a strong cooperation through ASEAN.

Item Type:	Conference or Workshop Item (Plenary Papers)
Uncontrolled Keywords:	Sustainable Development Goals, Islamic Social Finance, Blue Sukuk, Ocean, ASEAN.
Subjects:	BPH Islamic Economics BPH Islamic Economics > BPH437 Sukuk - Islamic Bond K Law > K3581 Environmental Law
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Asst. Prof Nor Razinah Mohd. Zain
Date Deposited:	12 Jan 2023 11:40
Last Modified:	12 Jan 2023 11:40
URI:	http://irep.iium.edu.my/id/eprint/102963

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