Ecologies of green finance: Green sukuk and development of green Islamic finance in Malaysia

In this paper, we analyse the recent development of green sukuk (often referred to as an Islamic green bond) since its issuance in Malaysia in 2017, and critically evaluate whether it addresses some of the existing contradictions of green finance. Using a financial ecologies approach, we examine Malaysia's configuration of green sukuk as drawing from the existing international green bond regime, partnership with the World Bank, and Malaysia's own experience and expertise in Islamic finance, with the objective of building Kuala Lumpur's competitiveness as a global Islamic financial centre. Through documents analysis and interviews with key market actors in Kuala Lumpur and other financial centres, our findings point to the emergent international adoption of green sukuk. While this achieves Malaysia's state-building objectives, specifically through expanding Malaysia's sukuk market and advancing its status as a frontier of Islamic financial innovations, the potential for improving the current green bond regime has been more doubtful. A key limitation is the incorporation of existing Green Bond Principles, which enables not only green sukuk's international acceptance but also renders it susceptible to greenwashing. By examining the intersection of different ecologies of green and Islamic finance, we reveal the contradictions and limitations of green sukuk in contributing to Malaysian state-building and climate action.

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The need for Islamic banking services in commercial banks of Uzbekistan and its positive impact on economic growth

Middle European Scientific Bulletin ◽

10.47494/mesb.2020.5.84 ◽

2020 ◽

Vol 1 ◽

pp. 43-46

Author(s):

Tursunov Anvar Sultanovich

Keyword(s):

World Bank ◽

Commercial Banks ◽

Positive Impact ◽

Islamic Finance ◽

Islamic Banking ◽

Islamic Banks ◽

Banking Services ◽

The World Bank ◽

Factors Influencing ◽

The World

This article presents the development of Islamic banking services, development trends in the World Bank financial system and the factors influencing the growth of the country’s economy. Today, two-thirds of Islamic finance is concentrated in Islamic banks. The urgency of establishing Islamic banking services in commercial banks is highlighted. There are practical suggestions and recommendations for the development of this area.

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Decentralization Reborn

Sorting Out the Mixed Economy ◽

10.23943/princeton/9780691190938.003.0009 ◽

2019 ◽

pp. 249-274

Author(s):

Amy C. Offner

Keyword(s):

Latin America ◽

World Bank ◽

International Monetary Fund ◽

Structural Adjustment ◽

Developmental State ◽

State Building ◽

Developmental States ◽

Structural Adjustment Programs ◽

The World Bank ◽

The World

This chapter describes Eduardo Wiesner as an International Monetary Fund and World Bank economist of the 1980s and 1990s. During those years, he acquired a notorious reputation for negotiating structural adjustment programs across Latin America, and he championed new forms of decentralization that took apart developmental states. Wiesner was no dissident outsider to developmental state-building; he was a product of it. Wiesner's career in Washington grew from his work in Colombia, and nothing makes that fact clearer than his decades of writing on state decentralization. During the 1990s, Wiesner distinguished himself as an authority on decentralization, and he and his colleagues at the World Bank presented it as an adjunct to structural adjustment.

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Speculating on the World Bank’s Involvement in Post-Conflict Reconstruction Operations and Activities

International Organizations Law Review ◽

10.1163/15723747-20181126 ◽

2019 ◽

Vol 16 (1) ◽

pp. 192-228

Author(s):

Francesco Seatzu

Keyword(s):

World Bank ◽

State Building ◽

Political Processes ◽

Post Conflict ◽

The World Bank ◽

Wide Range ◽

The World ◽

Operational Management ◽

Wide Experience ◽

Definition Of

Over the last few decades, the World Bank (‘WB’) has gained wide experience in post-conflict peacebuilding by experimenting new approaches to peace-and state-building in a wide range of difficult, fragile and conflict-affected countries such as Burundi, Liberia, and Nepal, all of which were undergoing significant political processes in the area of post-conflict reconstruction and democratic consolidation. The WB is the principal organization of the UN system providing low-interest loans for improvements in countries in difficulties. This paper explores the extent to which the WB can assert a role in the operational management of post-conflict reconstruction and argues that the WB’s increasing engagement with post-reconstruction issues is proper and permissible according both to its Establishing Agreement and its Relationship Agreement with the UN. But this is only provided it is balanced against a recognition of its intrinsic and operational limitations: namely and in particular the limitations that arise, respectively, from the UN Security Council’s competing competence in the same sector and the enduring existence of political prohibition clauses in the WB’s and IDA’s Establishing Agreements. If the WB’s post-conflict activities continue, it will turn out to be a player of great significance and actuality in developing and applying international post-conflict reconstruction norms and principles. Ultimately, given the inextricable link between development and conflict, the WB’s competence over post-conflict reconstruction issues is functional to its legitimacy. Support for the WB’s evolving role in post-conflict reconstruction scenarios will be highest if the WB enacts measures to promote its substantive and procedural legitimacy among member countries. This paper therefore collocates its analysis within the framework of democratic decision-making and argues for a clearer definition of responsibilities among the WB financial institutions and other organizations and organs belonging to the same UN family, such the UN Security Council, ECOSOC and the UN Peacebuilding Commission.

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