Qatar Financial Centre (QFC) has developed a Sustainable Sukuk and Bonds Framework, the first in the GCC region, which is based on the latest International Capital Markets Association (ICMA)’s Green Bond Principles (GBP), Social Bond Principles (SBP), and Sustainable Bond Guidelines (SBG).
QFC’s Sustainable Sukuk and Bonds Framework integrates local requirements and features with ICMA’s globally accepted principles to create a harmonised financial market ecosystem locally, based on international standards. It will promote appropriate disclosures, the flow of relevant information, reporting, and transparency and ensure that these instruments meet their objectives and minimise risks of greenwashing.
Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, said: “In keeping with the country’s efforts towards the fulfilment of Qatar’s National Vision 2030 and Qatar Central Bank’s strategic goal of ‘Developing Financial Markets and Fostering Financial Innovation’, this framework offers best in class practices and is a step in the right direction; thereby creating a sustainable economy through streamlined labelled capital market instruments.
“We aim for this framework to encourage the further development of the local debt capital market by diversifying options for borrowers and investors and by laying a strong foundation for building trust between these stakeholders.”