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# ICMA, Islamic Development Bank and LSEG publish guidance on green, social and sustainability sukuk
- URL: https://www.theglobalbanker.com/icma-islamic-development-bank-and-lseg-publish-guidance-on-green-social-and-sustainability/
- Published: 2024-04-29T14:00:00.000Z
- Updated: 2026-10-22T14:45:17.000Z
- Description: The guidance shows how sukuk can be labelled green, social or sustainability and aligned with the ICMA Principles, and includes LSEG data showing more than $47 billion of sustainable sukuk issued since 2017.
- Author: TGB Editorial Team
- Tags: ESG, MENA, Global, #archive

The International Capital Market Association (ICMA), the Islamic Development Bank (IsDB) and London Stock Exchange Group (LSEG) published guidance on the issuance of green, social and sustainability sukuk in Riyadh on 29 April 2024.

The Guidance on Green, Social and Sustainability Sukuk aims to give issuers and other market participants practical information on how sukuk may be labelled as green, social or sustainability instruments and aligned with the ICMA Principles, using examples, case studies and best practices. It is the result of a collaboration between the three organisations, which convened at the COP28 climate conference in December 2023.

The guidance includes LSEG data showing that the sustainable sukuk market has seen more than $47 billion of issuance since 2017, including $13.4 billion issued in 2023, a 42% increase on the previous year.

#### ALIGNMENT WITH ICMA PRINCIPLES

“Today’s launch marks a critical step in establishing and maintaining internationally consistent standards in the key growth segments of sustainable finance and Islamic finance,” said Bryan Pascoe, chief executive of ICMA.

Muhammad Al Jasser, president of the IsDB, said the initiative “demystifies the Sukuk asset class, defines sustainable sukuk and demonstrates their alignment with the ICMA Principles”. Julia Hoggett, chief executive of the London Stock Exchange, said the guidance “confirms the wide applicability of the ICMA Principles and that all project categories and themes for use-of-proceeds bonds, such as gender, blue and transition, are consistent with Shar’iah investing”.

The three organisations said they intend to engage with a broader group of stakeholders in the coming months, including Shari'ah boards, regulators, rating agencies and non-profit organisations, to ensure the guidance is embedded across markets, and that further updates to the guidance may follow.