{"disclaimer":"Transcripts available through this tool are created by using automatic speech recognition and are not official records nor official documents of the United Nations. Official records and official documents are available on the Official Document System of the United Nations.","url":"https://transcripts.un.org/en/asset/k13/k13y5dpz02","llms":{"note":"Plain-text sibling of this page, compact for LLM context. For the full API guide (search, listing, URL grammar) see /llms.txt.","textUrl":"/en/asset/k13/k13y5dpz02.txt","guide":"/llms.txt"},"video":{"id":"k13/k13y5dpz02","kaltura_id":"1_3y5dpz02","title":"Leveraging Islamic Finance to Combat Desertification - UNCCD COP16","clean_title":"Leveraging Islamic Finance to Combat Desertification - UNCCD COP16","url":"https://webtv.un.org/en/asset/k13/k13y5dpz02","date":"2024-12-03T00:00:00.000Z","scheduled_time":"2024-12-03T10:00:00.000Z","status":"finished","duration":"01:39:00","category":"Conferences","body":null,"event_code":null,"event_type":null,"session_number":null,"pv_symbol":null,"pv_part":null,"slug":"asset/k13/k13y5dpz02"},"metadata":{"summary":"This session explores the challenges and opportunities for mobilizing Islamic finance to support UNCCD-aligned goals – strengthening drought resilience and tackling land degradation and desertification.","description":"The sixteenth session of the Conference of the Parties (COP16) of the United Nations Convention to Combat Desertification (UNCCD) takes place in Riyadh, Saudi Arabia, from 2 to 13 December 2024.","categories":[],"geographic_subject":["SAUDI ARABIA"],"subject_topical":["ENVIRONMENT","SUSTAINABLE DEVELOPMENT","DESERTIFICATION"],"corporate_name":["UNITED NATIONS CONVENTION TO COMBAT DESERTIFICATION - UNCCD"],"speaker_affiliation":["UNITED NATIONS CONVENTION TO COMBAT DESERTIFICATION - UNCCD"],"related_documents":[{"title":"Website","url":"https://www.unccd.int/"},{"title":"Programme","url":"https://www.unccd.int/official-documents/cop-16-riyadh-saudi-arabia-2024/agenda?date=2024-12-02"}]},"transcript":{"transcript_id":"assemblyai-universal-3-5-pro-52349ee9-02e7-46cd-b334-23ef20cd567d","language":"en","data":[{"statement_number":1,"start":3.5,"pageUrl":"/en/asset/k13/k13y5dpz02?t=4","paragraphs":[{"sentences":[{"text":"Greetings, everybody.","start":3.5,"end":5.374,"topics":[],"words":[{"text":"Greetings,","start":3.5,"end":4.07},{"text":"everybody.","start":4.771,"end":5.374}]},{"text":"Welcome to this session.","start":5.57,"end":6.532,"topics":[],"words":[{"text":"Welcome","start":5.57,"end":5.863},{"text":"to","start":5.896,"end":6.043},{"text":"this","start":6.043,"end":6.173},{"text":"session.","start":6.222,"end":6.532}]},{"text":"If you would like to take your seats, please.","start":7.037,"end":8.684,"topics":[],"words":[{"text":"If","start":7.037,"end":7.184},{"text":"you","start":7.184,"end":7.363},{"text":"would","start":7.363,"end":7.494},{"text":"like","start":7.592,"end":7.755},{"text":"to","start":7.755,"end":7.852},{"text":"take","start":7.852,"end":8.081},{"text":"your","start":8.081,"end":8.162},{"text":"seats,","start":8.162,"end":8.439},{"text":"please.","start":8.488,"end":8.684}]},{"text":"Thank you so much.","start":15.428,"end":16.042,"topics":[],"words":[{"text":"Thank","start":15.428,"end":15.589},{"text":"you","start":15.589,"end":15.654},{"text":"so","start":15.654,"end":15.832},{"text":"much.","start":15.832,"end":16.042}]},{"text":"Welcome to this session, which is called Leveraging Islamic Finance to Combat Desertification.","start":16.802,"end":21.539,"topics":[{"key":"desertification-resilience","label":"Desertification and Climate Resilience","description":"Speakers focused on using finance to address desertification, land degradation, drought, and broader climate vulnerability. 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welcome you here and we trust that this will be, inshallah, a stimulating and rich session with an assembly of esteemed Islamic finance 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allow me just to briefly set the scene for this session today.","start":121.556,"end":125.53,"topics":[],"words":[{"text":"Please","start":121.556,"end":121.783},{"text":"allow","start":121.815,"end":121.993},{"text":"me","start":122.073,"end":122.3},{"text":"just","start":122.3,"end":122.493},{"text":"to","start":122.542,"end":122.655},{"text":"briefly","start":122.93,"end":123.398},{"text":"set","start":123.77,"end":124.076},{"text":"the","start":124.076,"end":124.173},{"text":"scene","start":124.173,"end":124.448},{"text":"for","start":124.626,"end":124.803},{"text":"this","start":124.803,"end":124.916},{"text":"session","start":124.965,"end":125.256},{"text":"today.","start":125.288,"end":125.53}]},{"text":"We heard in many of the sessions and here and there that the financing gap to reach the UNCCD goals is about maybe more than $278 billion annually to the year 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this huge financial gap will require both the optimization of existing forms of financing and also enhancement of less conventional forms of financing.","start":145.409,"end":159.419,"topics":[],"words":[{"text":"Bridging","start":145.409,"end":145.794},{"text":"this","start":145.826,"end":146.002},{"text":"huge","start":146.291,"end":146.723},{"text":"financial","start":146.788,"end":147.477},{"text":"gap","start":147.99,"end":148.407},{"text":"will","start":148.711,"end":148.855},{"text":"require","start":148.855,"end":149.272},{"text":"both","start":149.272,"end":149.529},{"text":"the","start":149.593,"end":149.673},{"text":"optimization","start":149.673,"end":150.491},{"text":"of","start":151.613,"end":151.725},{"text":"existing","start":151.837,"end":152.35},{"text":"forms","start":152.462,"end":152.943},{"text":"of","start":152.959,"end":153.087},{"text":"financing","start":153.28,"end":153.809},{"text":"and","start":153.857,"end":154.001},{"text":"also","start":154.065,"end":154.466},{"text":"enhancement","start":154.883,"end":155.845},{"text":"of","start":156.069,"end":156.165},{"text":"less","start":156.245,"end":156.374},{"text":"conventional","start":157.127,"end":157.977},{"text":"forms","start":158.474,"end":158.906},{"text":"of","start":158.906,"end":158.971},{"text":"financing.","start":158.971,"end":159.419}]},{"text":"In the again, as we move along.","start":160.337,"end":162.893,"topics":[],"words":[{"text":"In","start":160.337,"end":160.401},{"text":"the","start":160.497,"end":160.69},{"text":"again,","start":160.819,"end":161.205},{"text":"as","start":162.346,"end":162.41},{"text":"we","start":162.426,"end":162.507},{"text":"move","start":162.507,"end":162.651},{"text":"along.","start":162.7,"end":162.893}]},{"text":"In this regard, Islamic finance holds great potential to support both the optimization and enhancement of financing for drought resilience and again sustainable land 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to popular beliefs and also maybe kind of like it's been said here and there that Islamic 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this is one of the main features, it's about, you know, ethical or humane, and again the issue of solidarity when it comes to about Islamic 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again, I wish you all an enjoyable session and thank you all for your kind attention.","start":411.911,"end":417.034,"topics":[],"words":[{"text":"So,","start":411.911,"end":412.169},{"text":"again,","start":412.54,"end":412.928},{"text":"I","start":413.04,"end":413.153},{"text":"wish","start":413.17,"end":413.219},{"text":"you","start":413.268,"end":413.366},{"text":"all","start":413.366,"end":413.431},{"text":"an","start":413.841,"end":413.89},{"text":"enjoyable","start":413.939,"end":414.43},{"text":"session","start":414.447,"end":414.807},{"text":"and","start":415.315,"end":415.822},{"text":"thank","start":415.822,"end":416.002},{"text":"you","start":416.002,"end":416.117},{"text":"all","start":416.15,"end":416.281},{"text":"for","start":416.297,"end":416.395},{"text":"your","start":416.395,"end":416.543},{"text":"kind","start":416.543,"end":416.723},{"text":"attention.","start":416.723,"end":417.034}]}]}],"speaker":{"name":"Mohammad Jamal 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all the distinguished guests, speakers, and panelists, I'm really honored to be invited by IDB to present the role Islamic finance is playing and it will be further enhancing that to achieve the UNCCD-aligned goals in terms of desertification, land degradation, and also looking at drought resilience.","start":446.62,"end":476.426,"topics":[{"key":"desertification-resilience","label":"Desertification and Climate Resilience","description":"Speakers focused on using finance to address desertification, land degradation, drought, and broader climate vulnerability. 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these are sort of themes which are sort of common in terms of what we have seen.","start":476.764,"end":483.729,"topics":[],"words":[{"text":"So","start":476.764,"end":476.908},{"text":"these","start":476.908,"end":477.117},{"text":"are","start":477.471,"end":477.808},{"text":"sort","start":478.21,"end":478.515},{"text":"of","start":478.515,"end":478.708},{"text":"themes","start":478.756,"end":479.206},{"text":"which","start":479.383,"end":479.624},{"text":"are","start":479.624,"end":480.01},{"text":"sort","start":480.01,"end":480.138},{"text":"of","start":480.138,"end":480.219},{"text":"common","start":480.589,"end":480.976},{"text":"in","start":482.119,"end":482.264},{"text":"terms","start":482.28,"end":482.538},{"text":"of","start":482.602,"end":482.683},{"text":"what","start":482.683,"end":482.924},{"text":"we","start":482.924,"end":483.021},{"text":"have","start":483.021,"end":483.23},{"text":"seen.","start":483.407,"end":483.729}]},{"text":"I will just sort of, for benefit of 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is, of course, a requirement for assets availability.","start":546.671,"end":549.881,"topics":[],"words":[{"text":"There","start":546.671,"end":546.896},{"text":"is,","start":546.896,"end":546.96},{"text":"of","start":547.137,"end":547.281},{"text":"course,","start":547.297,"end":547.666},{"text":"a","start":547.875,"end":548.036},{"text":"requirement","start":548.036,"end":548.661},{"text":"for","start":548.661,"end":548.902},{"text":"assets","start":548.902,"end":549.271},{"text":"availability.","start":549.464,"end":549.881}]},{"text":"Which is essential, whether you have tangible assets, whether you have intangible assets.","start":550.764,"end":556.709,"topics":[],"words":[{"text":"Which","start":550.764,"end":550.989},{"text":"is","start":550.989,"end":551.086},{"text":"essential,","start":551.086,"end":551.632},{"text":"whether","start":551.648,"end":551.873},{"text":"you","start":551.889,"end":552.034},{"text":"have","start":552.034,"end":552.194},{"text":"tangible","start":552.355,"end":552.789},{"text":"assets,","start":552.837,"end":553.335},{"text":"whether","start":553.48,"end":553.721},{"text":"you","start":553.737,"end":553.865},{"text":"have","start":553.881,"end":554.749},{"text":"intangible","start":555.568,"end":556.083},{"text":"assets.","start":556.211,"end":556.709}]},{"text":"You have now services which can be used in Islamic finance and other sort of ethical investments which can be looked into.","start":557.095,"end":565.521,"topics":[],"words":[{"text":"You","start":557.095,"end":557.207},{"text":"have","start":557.255,"end":557.48},{"text":"now","start":557.593,"end":557.705},{"text":"services","start":557.85,"end":558.444},{"text":"which","start":558.798,"end":558.926},{"text":"can","start":559.023,"end":559.087},{"text":"be","start":559.2,"end":559.344},{"text":"used","start":559.344,"end":559.65},{"text":"in","start":559.682,"end":559.73},{"text":"Islamic","start":559.779,"end":560.232},{"text":"finance","start":560.232,"end":560.685},{"text":"and","start":561.445,"end":561.687},{"text":"other","start":561.687,"end":562.027},{"text":"sort","start":562.043,"end":562.254},{"text":"of","start":562.254,"end":562.302},{"text":"ethical","start":563.143,"end":563.434},{"text":"investments","start":563.483,"end":564.065},{"text":"which","start":564.356,"end":564.502},{"text":"can","start":564.534,"end":564.76},{"text":"be","start":564.76,"end":564.971},{"text":"looked","start":565.084,"end":565.278},{"text":"into.","start":565.278,"end":565.521}]},{"text":"So this is broadly, when looking at Islamic finance, that's what you require.","start":565.585,"end":569.482,"topics":[],"words":[{"text":"So","start":565.585,"end":565.747},{"text":"this","start":565.812,"end":565.99},{"text":"is","start":565.99,"end":566.038},{"text":"broadly,","start":566.135,"end":566.523},{"text":"when","start":567.122,"end":567.251},{"text":"looking","start":567.381,"end":567.656},{"text":"at","start":567.672,"end":567.704},{"text":"Islamic","start":567.704,"end":568.092},{"text":"finance,","start":568.092,"end":568.529},{"text":"that's","start":568.658,"end":568.885},{"text":"what","start":568.885,"end":568.95},{"text":"you","start":568.95,"end":569.063},{"text":"require.","start":569.063,"end":569.482}]},{"text":"You can't have, of course, what they call ring-fenced or asset-backed certain structures.","start":569.934,"end":576.619,"topics":[],"words":[{"text":"You","start":569.934,"end":570.08},{"text":"can't","start":570.096,"end":570.338},{"text":"have,","start":570.354,"end":570.645},{"text":"of","start":570.758,"end":570.903},{"text":"course,","start":570.903,"end":571.178},{"text":"what","start":573.26,"end":573.422},{"text":"they","start":573.422,"end":573.567},{"text":"call","start":573.567,"end":573.825},{"text":"ring-fenced","start":573.825,"end":574.552},{"text":"or","start":574.617,"end":574.73},{"text":"asset-backed","start":574.939,"end":575.601},{"text":"certain","start":575.601,"end":576.021},{"text":"structures.","start":576.07,"end":576.619}]},{"text":"What we have seen mostly, asset-based structures which are beneficial ownership.","start":577.135,"end":583.721,"topics":[],"words":[{"text":"What","start":577.135,"end":577.361},{"text":"we","start":577.361,"end":577.458},{"text":"have","start":577.458,"end":577.555},{"text":"seen","start":577.555,"end":577.83},{"text":"mostly,","start":577.83,"end":578.245},{"text":"asset-based","start":579.026,"end":579.607},{"text":"structures","start":579.607,"end":579.89},{"text":"which","start":579.89,"end":579.94},{"text":"are","start":579.94,"end":580.056},{"text":"beneficial","start":582.022,"end":583.16},{"text":"ownership.","start":583.368,"end":583.721}]},{"text":"So that is something which is— we see how the Islamic industry is evolving.","start":583.961,"end":588.722,"topics":[],"words":[{"text":"So","start":583.961,"end":584.234},{"text":"that","start":584.25,"end":584.378},{"text":"is","start":584.426,"end":584.474},{"text":"something","start":584.522,"end":584.875},{"text":"which","start":585.067,"end":585.388},{"text":"is—","start":585.388,"end":585.548},{"text":"we","start":586.35,"end":586.446},{"text":"see","start":586.446,"end":586.767},{"text":"how","start":586.815,"end":586.927},{"text":"the","start":586.991,"end":587.087},{"text":"Islamic","start":587.215,"end":587.472},{"text":"industry","start":587.472,"end":588.001},{"text":"is","start":588.193,"end":588.241},{"text":"evolving.","start":588.289,"end":588.722}]},{"text":"Of course, money cannot be sort of used to cause harm, which is very important from Islamic financial services' point of view, and the investment in areas like, or activities like alcohol, tobacco, or looking at gambling and arms in 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these are not something which Islamic finance get involved in.","start":609.289,"end":612.88,"topics":[],"words":[{"text":"So","start":609.289,"end":609.513},{"text":"these","start":609.513,"end":609.722},{"text":"are","start":609.754,"end":609.834},{"text":"not","start":609.834,"end":610.074},{"text":"something","start":610.074,"end":610.443},{"text":"which","start":610.555,"end":610.844},{"text":"Islamic","start":610.956,"end":611.758},{"text":"finance","start":611.758,"end":612.094},{"text":"get","start":612.158,"end":612.335},{"text":"involved","start":612.335,"end":612.784},{"text":"in.","start":612.784,"end":612.88}]},{"text":"Other factors which are not allowed to be taken care of or to be really worked on is removal of uncertainty, which is gharar.","start":613.665,"end":623.955,"topics":[],"words":[{"text":"Other","start":613.665,"end":613.89},{"text":"factors","start":613.826,"end":614.323},{"text":"which","start":614.403,"end":614.644},{"text":"are","start":614.644,"end":614.724},{"text":"not","start":614.724,"end":614.949},{"text":"allowed","start":614.949,"end":615.206},{"text":"to","start":615.206,"end":615.302},{"text":"be","start":615.302,"end":615.447},{"text":"taken","start":615.447,"end":615.736},{"text":"care","start":615.752,"end":616.121},{"text":"of","start":616.554,"end":616.94},{"text":"or","start":617.373,"end":618.128},{"text":"to","start":618.32,"end":618.481},{"text":"be","start":618.481,"end":618.577},{"text":"really","start":618.577,"end":618.866},{"text":"worked","start":619.123,"end":619.524},{"text":"on","start":619.524,"end":619.653},{"text":"is","start":620.006,"end":620.231},{"text":"removal","start":621.129,"end":621.563},{"text":"of","start":621.563,"end":621.675},{"text":"uncertainty,","start":621.868,"end":622.51},{"text":"which","start":623.297,"end":623.441},{"text":"is","start":623.489,"end":623.602},{"text":"gharar.","start":623.634,"end":623.955}]},{"text":"So that is also highly important for us to make a note.","start":624.051,"end":626.989,"topics":[],"words":[{"text":"So","start":624.051,"end":624.324},{"text":"that","start":624.34,"end":624.517},{"text":"is","start":624.517,"end":624.645},{"text":"also","start":624.741,"end":625.175},{"text":"highly","start":625.287,"end":625.496},{"text":"important","start":625.496,"end":625.961},{"text":"for","start":625.961,"end":626.122},{"text":"us","start":626.122,"end":626.298},{"text":"to","start":626.298,"end":626.443},{"text":"make","start":626.443,"end":626.668},{"text":"a","start":626.668,"end":626.684},{"text":"note.","start":626.684,"end":626.989}]},{"text":"Interest, riba, is very common.","start":627.406,"end":629.059,"topics":[],"words":[{"text":"Interest,","start":627.406,"end":627.711},{"text":"riba,","start":627.888,"end":628.128},{"text":"is","start":628.433,"end":628.498},{"text":"very","start":628.53,"end":628.738},{"text":"common.","start":628.771,"end":629.059}]},{"text":"So that is something is always there, which all of you I'm sure you're aware that, you know, we don't work on, you know, based on purely on 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there are different ways to basically achieve the return.","start":637.503,"end":641.147,"topics":[],"words":[{"text":"So","start":637.503,"end":637.567},{"text":"there","start":637.664,"end":637.824},{"text":"are","start":637.824,"end":638.017},{"text":"different","start":638.081,"end":638.482},{"text":"ways","start":638.482,"end":638.691},{"text":"to","start":639.429,"end":639.574},{"text":"basically","start":639.686,"end":640.136},{"text":"achieve","start":640.473,"end":640.746},{"text":"the","start":640.81,"end":640.89},{"text":"return.","start":640.89,"end":641.147}]},{"text":"In some cases.","start":642.174,"end":642.783,"topics":[],"words":[{"text":"In","start":642.174,"end":642.254},{"text":"some","start":642.254,"end":642.479},{"text":"cases.","start":642.479,"end":642.783}]},{"text":"We also have seen in terms of fairness to counterparties is highly important, so you cannot really be sort of one-sided, take advantage of others, and that's something which my sort of core work 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these are sort of doctrines which align with sustainable finance and integrate ESG factors into investment decisions in Islamic 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Islamic finance, we can say, started in the 1970s.","start":701.856,"end":705.124,"topics":[],"words":[{"text":"Modern","start":701.856,"end":702.132},{"text":"Islamic","start":702.132,"end":702.604},{"text":"finance,","start":702.604,"end":703.14},{"text":"we","start":703.238,"end":703.336},{"text":"can","start":703.336,"end":703.449},{"text":"say,","start":703.482,"end":703.661},{"text":"started","start":703.742,"end":704.246},{"text":"in","start":704.246,"end":704.311},{"text":"the","start":704.311,"end":704.376},{"text":"1970s.","start":704.376,"end":705.124}]},{"text":"Creation of IDB was around 1975-76.","start":705.53,"end":710.68,"topics":[],"words":[{"text":"Creation","start":705.53,"end":705.904},{"text":"of","start":706.002,"end":706.148},{"text":"IDB","start":706.23,"end":706.684},{"text":"was","start":707.626,"end":707.886},{"text":"around","start":707.886,"end":708.097},{"text":"1975-76.","start":708.211,"end":710.68}]},{"text":"We had several banks from GCC, in 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operations.","start":720.357,"end":722.091,"topics":[],"words":[{"text":"They","start":720.357,"end":720.471},{"text":"started","start":720.471,"end":721.038},{"text":"sort","start":721.249,"end":721.443},{"text":"of","start":721.443,"end":721.589},{"text":"operations.","start":721.589,"end":722.091}]},{"text":"So we can say It started around sort of in the '70s, evolving from the basic sort of banking, then moving towards what we have now, many sort of things which we sort of do in the financial world, which is allowed by Sharia.","start":722.14,"end":740.458,"topics":[],"words":[{"text":"So","start":722.14,"end":722.172},{"text":"we","start":722.172,"end":722.302},{"text":"can","start":722.302,"end":722.415},{"text":"say","start":722.464,"end":722.593},{"text":"It","start":723.197,"end":723.293},{"text":"started","start":723.293,"end":723.855},{"text":"around","start":723.855,"end":724.272},{"text":"sort","start":724.272,"end":724.496},{"text":"of","start":724.496,"end":724.625},{"text":"in","start":724.914,"end":725.074},{"text":"the","start":725.074,"end":725.218},{"text":"'70s,","start":725.299,"end":725.86},{"text":"evolving","start":726.566,"end":727.352},{"text":"from","start":727.929,"end":728.138},{"text":"the","start":728.266,"end":728.507},{"text":"basic","start":728.667,"end":729.084},{"text":"sort","start":729.084,"end":729.325},{"text":"of","start":729.325,"end":729.437},{"text":"banking,","start":729.79,"end":730.159},{"text":"then","start":731.154,"end":731.362},{"text":"moving","start":731.378,"end":731.603},{"text":"towards","start":731.651,"end":732.036},{"text":"what","start":732.036,"end":732.261},{"text":"we","start":732.261,"end":732.421},{"text":"have","start":732.421,"end":732.646},{"text":"now,","start":732.678,"end":732.758},{"text":"many","start":733.656,"end":733.929},{"text":"sort","start":733.961,"end":734.186},{"text":"of","start":734.186,"end":734.491},{"text":"things","start":734.747,"end":734.988},{"text":"which","start":735.004,"end":735.309},{"text":"we","start":736.031,"end":736.223},{"text":"sort","start":736.688,"end":736.929},{"text":"of","start":736.929,"end":737.009},{"text":"do","start":737.009,"end":737.17},{"text":"in","start":737.17,"end":737.218},{"text":"the","start":737.25,"end":737.346},{"text":"financial","start":737.346,"end":737.86},{"text":"world,","start":737.876,"end":738.196},{"text":"which","start":739.255,"end":739.496},{"text":"is","start":739.496,"end":739.656},{"text":"allowed","start":739.656,"end":739.977},{"text":"by","start":739.977,"end":740.057},{"text":"Sharia.","start":740.057,"end":740.458}]},{"text":"And it is practiced in around 80 countries.","start":741.004,"end":743.635,"topics":[],"words":[{"text":"And","start":741.004,"end":741.485},{"text":"it","start":741.485,"end":741.581},{"text":"is","start":741.581,"end":741.629},{"text":"practiced","start":741.822,"end":742.464},{"text":"in","start":742.464,"end":742.608},{"text":"around","start":742.608,"end":742.945},{"text":"80","start":742.945,"end":743.185},{"text":"countries.","start":743.25,"end":743.635}]},{"text":"52 are OIC countries.","start":744.469,"end":746.282,"topics":[],"words":[{"text":"52","start":744.469,"end":745.078},{"text":"are","start":745.175,"end":745.367},{"text":"OIC","start":745.367,"end":745.913},{"text":"countries.","start":745.913,"end":746.282}]},{"text":"Many OIC countries now we see, even from African region, are also looking at Islamic finance.","start":746.554,"end":753.019,"topics":[],"words":[{"text":"Many","start":746.554,"end":746.843},{"text":"OIC","start":746.939,"end":747.26},{"text":"countries","start":747.26,"end":747.645},{"text":"now","start":747.741,"end":747.854},{"text":"we","start":747.918,"end":748.078},{"text":"see,","start":748.078,"end":748.415},{"text":"even","start":749.281,"end":749.474},{"text":"from","start":749.522,"end":749.763},{"text":"African","start":749.763,"end":750.116},{"text":"region,","start":750.228,"end":750.533},{"text":"are","start":751.19,"end":751.287},{"text":"also","start":751.287,"end":751.688},{"text":"looking","start":752.073,"end":752.297},{"text":"at","start":752.329,"end":752.49},{"text":"Islamic","start":752.49,"end":752.795},{"text":"finance.","start":752.795,"end":753.019}]},{"text":"Capital overall size as per Islamic Financial Services Board of 2023 is supposed to be $3.38 trillion.","start":753.779,"end":762.384,"topics":[],"words":[{"text":"Capital","start":753.779,"end":754.327},{"text":"overall","start":754.424,"end":755.004},{"text":"size","start":755.004,"end":755.536},{"text":"as","start":755.713,"end":755.778},{"text":"per","start":755.891,"end":755.971},{"text":"Islamic","start":756.036,"end":756.439},{"text":"Financial","start":756.439,"end":756.777},{"text":"Services","start":756.777,"end":757.309},{"text":"Board","start":757.325,"end":757.712},{"text":"of","start":758.051,"end":758.196},{"text":"2023","start":758.309,"end":759.195},{"text":"is","start":759.824,"end":760.13},{"text":"supposed","start":760.662,"end":761.065},{"text":"to","start":761.065,"end":761.194},{"text":"be","start":761.194,"end":761.34},{"text":"$3.38","start":761.34,"end":762.03},{"text":"trillion.","start":762.03,"end":762.384}]},{"text":"So still, it is sort of growth, it is opportunities offered, so you don't really compare it with the conventional world, but it is something which has to be noted that it is growing in many cases around 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cases could be more.","start":775.784,"end":776.993,"topics":[],"words":[{"text":"Some","start":775.784,"end":776.01},{"text":"cases","start":776.074,"end":776.38},{"text":"could","start":776.412,"end":776.541},{"text":"be","start":776.574,"end":776.67},{"text":"more.","start":776.67,"end":776.993}]},{"text":"What we have seen in Saudi Arabia also is taking the lead in terms of Islamic finance and 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will sort of focus one particular, given the time allocated to me, is really sort of, you can say, exciting 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have, of course, different debt-type, equity-type contracts which are being used.","start":827.824,"end":833.963,"topics":[],"words":[{"text":"We","start":827.824,"end":827.968},{"text":"have,","start":827.968,"end":828.208},{"text":"of","start":828.369,"end":828.834},{"text":"course,","start":828.85,"end":829.058},{"text":"different","start":829.811,"end":830.549},{"text":"debt-type,","start":830.709,"end":831.366},{"text":"equity-type","start":831.591,"end":832.216},{"text":"contracts","start":832.216,"end":832.873},{"text":"which","start":833.098,"end":833.338},{"text":"are","start":833.338,"end":833.498},{"text":"being","start":833.498,"end":833.563},{"text":"used.","start":833.675,"end":833.963}]},{"text":"So these are sort of— one has to see ijara is leasing contract you can have, murabaha is sale-purchase agreement.","start":834.556,"end":841.225,"topics":[],"words":[{"text":"So","start":834.556,"end":834.685},{"text":"these","start":834.717,"end":834.925},{"text":"are","start":835.021,"end":835.294},{"text":"sort","start":835.294,"end":835.534},{"text":"of—","start":835.534,"end":835.678},{"text":"one","start":835.678,"end":835.791},{"text":"has","start":835.823,"end":835.967},{"text":"to","start":835.999,"end":836.031},{"text":"see","start":836.079,"end":836.336},{"text":"ijara","start":836.336,"end":836.672},{"text":"is","start":836.704,"end":836.801},{"text":"leasing","start":836.865,"end":837.169},{"text":"contract","start":837.442,"end":838.003},{"text":"you","start":838.003,"end":838.131},{"text":"can","start":838.147,"end":838.323},{"text":"have,","start":838.323,"end":838.612},{"text":"murabaha","start":839.189,"end":839.686},{"text":"is","start":839.686,"end":839.734},{"text":"sale-purchase","start":840.007,"end":840.712},{"text":"agreement.","start":840.712,"end":841.225}]},{"text":"You can have that also, which is more towards sort of purchase undertaking role and towards providing that guarantee which in some cases is required.","start":841.353,"end":850.286,"topics":[],"words":[{"text":"You","start":841.353,"end":841.449},{"text":"can","start":841.449,"end":841.594},{"text":"have","start":841.674,"end":841.93},{"text":"that","start":841.93,"end":842.155},{"text":"also,","start":842.155,"end":842.475},{"text":"which","start":842.571,"end":842.7},{"text":"is","start":842.748,"end":842.86},{"text":"more","start":842.892,"end":843.133},{"text":"towards","start":843.133,"end":844.11},{"text":"sort","start":844.11,"end":844.431},{"text":"of","start":844.431,"end":844.543},{"text":"purchase","start":845.056,"end":845.457},{"text":"undertaking","start":845.457,"end":845.954},{"text":"role","start":846.034,"end":846.355},{"text":"and","start":846.403,"end":846.563},{"text":"towards","start":846.563,"end":846.868},{"text":"providing","start":846.9,"end":847.348},{"text":"that","start":847.381,"end":847.557},{"text":"guarantee","start":847.621,"end":847.958},{"text":"which","start":848.75,"end":848.896},{"text":"in","start":848.912,"end":849.057},{"text":"some","start":849.057,"end":849.203},{"text":"cases","start":849.235,"end":849.639},{"text":"is","start":849.639,"end":849.801},{"text":"required.","start":849.801,"end":850.286}]},{"text":"Then you have other structures which work well, is the mudarba, which is there is no guarantee to either your principal or your profit rate, but there is sort of, you know, it works well.","start":850.754,"end":864.546,"topics":[],"words":[{"text":"Then","start":850.754,"end":850.916},{"text":"you","start":850.916,"end":851.062},{"text":"have","start":851.078,"end":851.385},{"text":"other","start":851.498,"end":851.838},{"text":"structures","start":852.08,"end":852.63},{"text":"which","start":852.63,"end":852.759},{"text":"work","start":852.856,"end":853.098},{"text":"well,","start":853.115,"end":853.373},{"text":"is","start":853.583,"end":853.648},{"text":"the","start":854.165,"end":854.23},{"text":"mudarba,","start":854.23,"end":854.747},{"text":"which","start":855.67,"end":855.766},{"text":"is","start":855.766,"end":855.831},{"text":"there","start":855.927,"end":856.201},{"text":"is","start":856.25,"end":856.314},{"text":"no","start":856.411,"end":856.556},{"text":"guarantee","start":857.232,"end":857.796},{"text":"to","start":859.472,"end":859.617},{"text":"either","start":859.714,"end":860.084},{"text":"your","start":860.439,"end":860.68},{"text":"principal","start":860.68,"end":861.325},{"text":"or","start":861.325,"end":861.502},{"text":"your","start":861.502,"end":861.808},{"text":"profit","start":861.808,"end":862.147},{"text":"rate,","start":862.147,"end":862.372},{"text":"but","start":862.388,"end":862.549},{"text":"there","start":862.549,"end":862.775},{"text":"is","start":862.775,"end":862.839},{"text":"sort","start":863.129,"end":863.371},{"text":"of,","start":863.371,"end":863.435},{"text":"you","start":863.581,"end":863.854},{"text":"know,","start":863.854,"end":863.983},{"text":"it","start":863.999,"end":864.144},{"text":"works","start":864.144,"end":864.321},{"text":"well.","start":864.321,"end":864.546}]},{"text":"Musharaka partnership is there.","start":865.126,"end":866.913,"topics":[],"words":[{"text":"Musharaka","start":865.126,"end":865.754},{"text":"partnership","start":865.754,"end":866.414},{"text":"is","start":866.43,"end":866.543},{"text":"there.","start":866.591,"end":866.913}]},{"text":"I will also encourage you to look at IFM standard on unrestricted wakala, where there is no sort of guarantee can be provided either to principal or expected profit.","start":867.847,"end":877.693,"topics":[],"words":[{"text":"I","start":867.847,"end":867.928},{"text":"will","start":867.928,"end":868.024},{"text":"also","start":868.024,"end":868.25},{"text":"encourage","start":868.25,"end":868.604},{"text":"you","start":868.604,"end":868.684},{"text":"to","start":868.894,"end":868.974},{"text":"look","start":868.974,"end":869.216},{"text":"at","start":869.216,"end":869.554},{"text":"IFM","start":869.699,"end":869.924},{"text":"standard","start":869.972,"end":870.536},{"text":"on","start":870.665,"end":870.81},{"text":"unrestricted","start":870.922,"end":871.502},{"text":"wakala,","start":871.55,"end":871.889},{"text":"where","start":872.855,"end":873.273},{"text":"there","start":873.499,"end":873.66},{"text":"is","start":873.66,"end":873.708},{"text":"no","start":873.822,"end":874.068},{"text":"sort","start":874.15,"end":874.396},{"text":"of","start":874.396,"end":874.527},{"text":"guarantee","start":875.036,"end":875.528},{"text":"can","start":875.528,"end":875.692},{"text":"be","start":875.708,"end":875.872},{"text":"provided","start":875.872,"end":876.61},{"text":"either","start":876.758,"end":877.02},{"text":"to","start":877.02,"end":877.102},{"text":"principal","start":877.102,"end":877.315},{"text":"or","start":877.315,"end":877.348},{"text":"expected","start":877.348,"end":877.561},{"text":"profit.","start":877.561,"end":877.693}]},{"text":"But still you can see how it is developed to create more responsibility of institution which is taking the fund, which is the agent or wakil, and use of its own balance 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these are sort of things which we have seen over the years in Islamic finance.","start":892.727,"end":897.71,"topics":[],"words":[{"text":"So","start":892.727,"end":892.808},{"text":"these","start":892.872,"end":893.097},{"text":"are","start":893.097,"end":893.258},{"text":"sort","start":893.258,"end":893.499},{"text":"of","start":893.499,"end":893.579},{"text":"things","start":893.579,"end":893.965},{"text":"which","start":893.981,"end":894.125},{"text":"we","start":894.222,"end":894.383},{"text":"have","start":894.383,"end":894.575},{"text":"seen","start":894.575,"end":894.929},{"text":"over","start":895.749,"end":896.247},{"text":"the","start":896.263,"end":896.407},{"text":"years","start":896.407,"end":896.809},{"text":"in","start":896.809,"end":896.857},{"text":"Islamic","start":896.986,"end":897.323},{"text":"finance.","start":897.34,"end":897.71}]},{"text":"The improvements have 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not as simple.","start":908.023,"end":908.706,"topics":[],"words":[{"text":"It's","start":908.023,"end":908.17},{"text":"not","start":908.17,"end":908.267},{"text":"as","start":908.267,"end":908.3},{"text":"simple.","start":908.365,"end":908.706}]},{"text":"So there are things which are there without sort of looking into actually providing the actual purchase and taking or actual guarantees because these are equity-type 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these are things which we have seen in Islamic finance moving on syndication, trade finance.","start":964.022,"end":970.111,"topics":[],"words":[{"text":"So","start":964.022,"end":964.118},{"text":"these","start":964.182,"end":964.39},{"text":"are","start":964.407,"end":964.503},{"text":"things","start":964.503,"end":964.871},{"text":"which","start":964.887,"end":965.208},{"text":"we","start":965.224,"end":965.384},{"text":"have","start":965.384,"end":965.608},{"text":"seen","start":965.624,"end":965.913},{"text":"in","start":966.906,"end":967.002},{"text":"Islamic","start":967.002,"end":967.387},{"text":"finance","start":967.387,"end":967.803},{"text":"moving","start":967.803,"end":968.076},{"text":"on","start":968.172,"end":968.316},{"text":"syndication,","start":968.364,"end":968.973},{"text":"trade","start":969.534,"end":969.71},{"text":"finance.","start":969.71,"end":970.111}]},{"text":"This is a basic sort of a 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panelists, do come on board, and I'll be inviting you as— So, we have with us today a blessed elder brother from the bank, and now, of course, he is now the advisor at the Middle East Green Initiative at the Ministry of Environment, Water, and 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Mr. Ahmed Saleh Al-Hariri.","start":1447.036,"end":1448.502,"topics":[],"words":[{"text":"Minister,","start":1447.036,"end":1447.246},{"text":"Mr.","start":1447.262,"end":1447.487},{"text":"Ahmed","start":1447.552,"end":1447.793},{"text":"Saleh","start":1447.793,"end":1447.97},{"text":"Al-Hariri.","start":1447.97,"end":1448.502}]},{"text":"Also honored to have Ms. Dina Kasrawi from BNP Paribas, the Head of Company Engagement and Sustainability for Middle East and 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to her right, I would say, is James Carty.","start":1460.272,"end":1464.443,"topics":[],"words":[{"text":"And","start":1460.272,"end":1460.497},{"text":"to","start":1460.546,"end":1460.82},{"text":"her","start":1460.852,"end":1461.045},{"text":"right,","start":1461.56,"end":1461.898},{"text":"I","start":1462.124,"end":1462.221},{"text":"would","start":1462.221,"end":1462.301},{"text":"say,","start":1462.301,"end":1462.623},{"text":"is","start":1462.768,"end":1462.913},{"text":"James","start":1463.815,"end":1464.072},{"text":"Carty.","start":1464.137,"end":1464.443}]},{"text":"He's the Head of Middle East Asia with the Bill and Melinda Gates Foundation, and of course I think Engineer Sa'adi was mentioning about the LLF and maybe some of the topics he be coming up with as 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we will have a short short conversation and we would be able to sort of have some back and 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of you may also want to reflect on some of the presentation remarks that Professor Ijلال Ali was able to 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I'd like to begin to just to continue with some of the scene-setting items with you, Deena, with regards to the overall landscape of sukuk, Islamic finance, the regulatory environment and market potential.","start":1510.103,"end":1523.884,"topics":[{"key":"regulatory-frameworks","label":"Regulatory Frameworks and Market Standards","description":"Several speakers stressed that stronger regulation and common standards are necessary to grow Islamic sustainable finance. 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Africa"}},{"statement_number":12,"start":1528.47,"pageUrl":"/en/asset/k13/k13y5dpz02?t=1529","paragraphs":[{"sentences":[{"text":"You may want to just kick it off from there.","start":1528.47,"end":1530.157,"topics":[],"words":[{"text":"You","start":1528.47,"end":1528.55},{"text":"may","start":1528.55,"end":1528.711},{"text":"want","start":1528.711,"end":1528.823},{"text":"to","start":1528.855,"end":1528.952},{"text":"just","start":1528.952,"end":1529.145},{"text":"kick","start":1529.193,"end":1529.37},{"text":"it","start":1529.37,"end":1529.498},{"text":"off","start":1529.498,"end":1529.546},{"text":"from","start":1529.675,"end":1529.9},{"text":"there.","start":1529.916,"end":1530.157}]},{"text":"Thank you.","start":1530.237,"end":1530.51,"topics":[],"words":[{"text":"Thank","start":1530.237,"end":1530.462},{"text":"you.","start":1530.462,"end":1530.51}]}]}],"speaker":{"name":"Saeed Hussain Quadri","affiliation":"IsDB","affiliation_full":"IsDB","group":null,"function":"Director, Resilience and Climate Action"}},{"statement_number":13,"start":1530.558,"pageUrl":"/en/asset/k13/k13y5dpz02?t=1531","paragraphs":[{"sentences":[{"text":"Thank you.","start":1530.558,"end":1531.056,"topics":[],"words":[{"text":"Thank","start":1530.558,"end":1530.864},{"text":"you.","start":1530.864,"end":1531.056}]},{"text":"Islamic finance is— BNP Paribas has been doing Islamic finance for a very long time, and we've got a well-known department called Najma, and we do it transversely across countries and across 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our opinion, Islamic finance is just another lens.","start":1547.287,"end":1550.419,"topics":[],"words":[{"text":"In","start":1547.287,"end":1547.336},{"text":"our","start":1547.368,"end":1547.465},{"text":"opinion,","start":1547.465,"end":1547.868},{"text":"Islamic","start":1548.417,"end":1548.756},{"text":"finance","start":1548.756,"end":1549.257},{"text":"is","start":1549.257,"end":1549.37},{"text":"just","start":1549.402,"end":1549.709},{"text":"another","start":1549.709,"end":1550.112},{"text":"lens.","start":1550.128,"end":1550.419}]},{"text":"It's an ethical lens, and it's very similar to sustainable finance, so it's maybe somewhat misunderstood, but for us it's very well understood and very well appreciated, and we see it as a critical part of realizing the UN SDG, the UN Development 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just curious to know your thoughts on that.","start":1728.206,"end":1729.731,"topics":[],"words":[{"text":"So,","start":1728.206,"end":1728.35},{"text":"just","start":1728.414,"end":1728.655},{"text":"curious","start":1728.655,"end":1728.912},{"text":"to","start":1728.912,"end":1728.992},{"text":"know","start":1728.992,"end":1729.073},{"text":"your","start":1729.073,"end":1729.217},{"text":"thoughts","start":1729.217,"end":1729.474},{"text":"on","start":1729.474,"end":1729.554},{"text":"that.","start":1729.554,"end":1729.731}]}]}],"speaker":{"name":"Saeed Hussain Quadri","affiliation":"IsDB","affiliation_full":"IsDB","group":null,"function":"Director, Resilience and Climate Action"}},{"statement_number":17,"start":1730.1,"pageUrl":"/en/asset/k13/k13y5dpz02?t=1731","paragraphs":[{"sentences":[{"text":"Thank you, and thanks for inviting us to be part of the conversation.","start":1730.1,"end":1734.179,"topics":[],"words":[{"text":"Thank","start":1730.1,"end":1730.373},{"text":"you,","start":1730.421,"end":1730.566},{"text":"and","start":1730.742,"end":1731.144},{"text":"thanks","start":1731.144,"end":1731.465},{"text":"for","start":1731.465,"end":1731.658},{"text":"inviting","start":1732.188,"end":1732.653},{"text":"us","start":1732.75,"end":1732.846},{"text":"to","start":1732.846,"end":1732.958},{"text":"be","start":1732.99,"end":1733.087},{"text":"part","start":1733.087,"end":1733.408},{"text":"of","start":1733.408,"end":1733.472},{"text":"the","start":1733.472,"end":1733.552},{"text":"conversation.","start":1733.552,"end":1734.179}]},{"text":"Our perspectives really come from many years of leading on sustainable finance.","start":1735.479,"end":1740.055,"topics":[],"words":[{"text":"Our","start":1735.479,"end":1735.575},{"text":"perspectives","start":1735.575,"end":1736.186},{"text":"really","start":1736.218,"end":1736.426},{"text":"come","start":1736.459,"end":1736.587},{"text":"from","start":1736.764,"end":1737.005},{"text":"many","start":1737.005,"end":1737.245},{"text":"years","start":1737.326,"end":1737.631},{"text":"of","start":1737.727,"end":1737.952},{"text":"leading","start":1738.61,"end":1738.915},{"text":"on","start":1738.947,"end":1739.076},{"text":"sustainable","start":1739.108,"end":1739.67},{"text":"finance.","start":1739.67,"end":1740.055}]},{"text":"The London Stock Exchange Group is the venue of the London Stock Exchange, but also we are a very large data and financial market infrastructure company, so we work across the 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one of the things that we've been doing over the past 2 decades is to help to create the enabling environment, the market infrastructure to support finance to flow to sustainable opportunities, very much linked to the UN SDGs.","start":1752.474,"end":1768.118,"topics":[{"key":"implementation-capacity","label":"Implementation Capacity and Knowledge Sharing","description":"Participants noted that financing alone is not enough without strong project implementation, institutional coordination, and local capacity. Knowledge sharing, community engagement, and better project management were identified as necessary conditions for turning financing into real impact."}],"words":[{"text":"And","start":1752.474,"end":1752.73},{"text":"one","start":1752.73,"end":1752.858},{"text":"of","start":1752.906,"end":1752.971},{"text":"the","start":1752.971,"end":1753.115},{"text":"things","start":1753.115,"end":1753.419},{"text":"that","start":1753.451,"end":1753.563},{"text":"we've","start":1753.595,"end":1753.756},{"text":"been","start":1753.756,"end":1753.868},{"text":"doing","start":1753.868,"end":1754.06},{"text":"over","start":1754.092,"end":1754.252},{"text":"the","start":1754.252,"end":1754.333},{"text":"past","start":1754.333,"end":1754.829},{"text":"2","start":1755.134,"end":1755.294},{"text":"decades","start":1755.294,"end":1755.999},{"text":"is","start":1755.999,"end":1756.063},{"text":"to","start":1756.175,"end":1756.384},{"text":"help","start":1756.4,"end":1756.72},{"text":"to","start":1756.736,"end":1756.96},{"text":"create","start":1756.96,"end":1757.297},{"text":"the","start":1757.297,"end":1757.457},{"text":"enabling","start":1757.457,"end":1757.906},{"text":"environment,","start":1758.002,"end":1758.483},{"text":"the","start":1758.563,"end":1758.643},{"text":"market","start":1758.643,"end":1759.06},{"text":"infrastructure","start":1759.06,"end":1759.797},{"text":"to","start":1759.861,"end":1759.957},{"text":"support","start":1759.957,"end":1760.534},{"text":"finance","start":1761.127,"end":1761.623},{"text":"to","start":1761.623,"end":1761.72},{"text":"flow","start":1761.768,"end":1762.104},{"text":"to","start":1762.104,"end":1762.425},{"text":"sustainable","start":1762.425,"end":1763.033},{"text":"opportunities,","start":1763.771,"end":1765.036},{"text":"very","start":1765.87,"end":1766.03},{"text":"much","start":1766.046,"end":1766.238},{"text":"linked","start":1766.334,"end":1766.591},{"text":"to","start":1766.591,"end":1766.751},{"text":"the","start":1766.815,"end":1766.991},{"text":"UN","start":1767.12,"end":1767.281},{"text":"SDGs.","start":1767.474,"end":1768.118}]},{"text":"So when we think about Islamic finance and the role of Islamic finance to really help to finance and bridge the gap that we know exists in terms of financing SDGs, we look at our experience on sustainable finance.","start":1769.004,"end":1786.208,"topics":[{"key":"blended-finance","label":"Blended Finance and Capital Mobilization","description":"The panel repeatedly emphasized blending public, multilateral, philanthropic, and private finance to close SDG and land-restoration funding gaps. 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we know that sustainability is a global phenomenon.","start":1848.188,"end":1851.944,"topics":[],"words":[{"text":"And","start":1848.188,"end":1848.269},{"text":"we","start":1848.269,"end":1848.43},{"text":"know","start":1848.43,"end":1848.56},{"text":"that","start":1848.754,"end":1848.851},{"text":"sustainability","start":1848.851,"end":1849.774},{"text":"is","start":1850.762,"end":1850.924},{"text":"a","start":1850.924,"end":1850.94},{"text":"global","start":1850.94,"end":1851.474},{"text":"phenomenon.","start":1851.507,"end":1851.944}]},{"text":"This does not stop at a country's border.","start":1851.992,"end":1854.113,"topics":[],"words":[{"text":"This","start":1851.992,"end":1852.235},{"text":"does","start":1852.235,"end":1852.397},{"text":"not","start":1852.462,"end":1852.575},{"text":"stop","start":1852.624,"end":1852.98},{"text":"at","start":1852.98,"end":1853.109},{"text":"a","start":1853.109,"end":1853.126},{"text":"country's","start":1853.207,"end":1853.692},{"text":"border.","start":1853.692,"end":1854.113}]},{"text":"And so investors, when they're looking to invest in the industries of the future and the companies which are going to be part of the solution to sustainability challenges, they think so often 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we, of course, know that supply chains are very global and interconnected.","start":1869.075,"end":1873.189,"topics":[],"words":[{"text":"And","start":1869.075,"end":1869.382},{"text":"we,","start":1869.965,"end":1870.127},{"text":"of","start":1870.306,"end":1870.435},{"text":"course,","start":1870.451,"end":1870.662},{"text":"know","start":1870.727,"end":1870.872},{"text":"that","start":1870.872,"end":1870.986},{"text":"supply","start":1870.986,"end":1871.423},{"text":"chains","start":1871.423,"end":1871.812},{"text":"are","start":1871.828,"end":1871.925},{"text":"very","start":1871.925,"end":1872.217},{"text":"global","start":1872.395,"end":1872.751},{"text":"and","start":1872.8,"end":1872.897},{"text":"interconnected.","start":1872.897,"end":1873.189}]},{"text":"And therefore, to be able to have common ways to regulate and think about these products and solutions is very important.","start":1873.482,"end":1880.63,"topics":[{"key":"regulatory-frameworks","label":"Regulatory 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have consulted with all the MDBs, the UN agencies, to benchmark the initiative with the best international practices and we developed a regional governance which comprises a Ministerial Council, Executive Committee, and the Secretariat.","start":2025.528,"end":2058.265,"topics":[{"key":"implementation-capacity","label":"Implementation Capacity and Knowledge Sharing","description":"Participants noted that financing alone is not enough without strong project implementation, institutional coordination, and local capacity. 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when it comes to that.","start":2448.93,"end":2449.588,"topics":[],"words":[{"text":"finance","start":2448.93,"end":2449.186},{"text":"when","start":2449.186,"end":2449.267},{"text":"it","start":2449.267,"end":2449.299},{"text":"comes","start":2449.299,"end":2449.459},{"text":"to","start":2449.459,"end":2449.508},{"text":"that.","start":2449.508,"end":2449.588}]},{"text":"So I'm very happy to call upon Dr. El-Eriany to talk about the modalities, do you think, that can have the greatest potential when it comes to supporting some of the topics that we've been hearing about for the last couple of days, and I'm sure to the rest of COP16 as 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Hussain Quadri","affiliation":"IsDB","affiliation_full":"IsDB","group":null,"function":"Director, Resilience and Climate Action"}},{"statement_number":27,"start":2465.58,"pageUrl":"/en/asset/k13/k13y5dpz02?t=2466","paragraphs":[{"sentences":[{"text":"Thank you very much, Saeed, and I would like to take the opportunity actually to thank also Bradley for the great efforts behind this 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indeed, modalities of Islamic finance to support the mobilizing fund and also to support the sustainable land management, to combat desertification, and also to enhance the ecosystem of resilience.","start":2473.432,"end":2491.096,"topics":[{"key":"desertification-resilience","label":"Desertification and Climate Resilience","description":"Speakers focused on using finance to address desertification, land degradation, drought, and broader climate vulnerability. 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start with you, Ali Ami, on what enabling environment do you think needs to be enhanced for us to have more impact with 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the same question to all the panelists.","start":2641.666,"end":2643.289,"topics":[],"words":[{"text":"It's","start":2641.666,"end":2641.763},{"text":"the","start":2641.763,"end":2641.795},{"text":"same","start":2641.827,"end":2641.956},{"text":"question","start":2642.004,"end":2642.325},{"text":"to","start":2642.325,"end":2642.454},{"text":"all","start":2642.486,"end":2642.582},{"text":"the","start":2642.582,"end":2642.662},{"text":"panelists.","start":2642.662,"end":2643.289}]},{"text":"Just take a minute.","start":2643.594,"end":2644.429,"topics":[],"words":[{"text":"Just","start":2643.594,"end":2643.931},{"text":"take","start":2643.931,"end":2644.108},{"text":"a","start":2644.108,"end":2644.124},{"text":"minute.","start":2644.156,"end":2644.429}]}]}],"speaker":{"name":"Saeed Hussain Quadri","affiliation":"IsDB","affiliation_full":"IsDB","group":null,"function":"Director, Resilience and Climate 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So I'd heard about the 3 Ds since yesterday and now we're hearing about 4 Is.","start":2794.193,"end":2798.816,"topics":[],"words":[{"text":"Wonderful.","start":2794.193,"end":2794.611},{"text":"So","start":2794.755,"end":2794.98},{"text":"I'd","start":2795.237,"end":2795.381},{"text":"heard","start":2795.381,"end":2795.574},{"text":"about","start":2795.574,"end":2795.847},{"text":"the","start":2795.879,"end":2796.023},{"text":"3","start":2796.023,"end":2796.2},{"text":"Ds","start":2796.2,"end":2796.521},{"text":"since","start":2796.521,"end":2796.842},{"text":"yesterday","start":2796.842,"end":2797.147},{"text":"and","start":2797.163,"end":2797.307},{"text":"now","start":2797.307,"end":2797.355},{"text":"we're","start":2797.708,"end":2797.949},{"text":"hearing","start":2797.949,"end":2798.077},{"text":"about","start":2798.11,"end":2798.286},{"text":"4","start":2798.286,"end":2798.591},{"text":"Is.","start":2798.591,"end":2798.816}]},{"text":"Engineer Hariri, same question to you, enabling environment.","start":2799.971,"end":2802.234,"topics":[],"words":[{"text":"Engineer","start":2799.971,"end":2800.244},{"text":"Hariri,","start":2800.292,"end":2800.613},{"text":"same","start":2800.678,"end":2800.854},{"text":"question","start":2800.854,"end":2801.175},{"text":"to","start":2801.175,"end":2801.223},{"text":"you,","start":2801.239,"end":2801.352},{"text":"enabling","start":2801.496,"end":2801.817},{"text":"environment.","start":2801.817,"end":2802.234}]}]}],"speaker":{"name":"Saeed Hussain Quadri","affiliation":"IsDB","affiliation_full":"IsDB","group":null,"function":"Director, Resilience and Climate Action"}},{"statement_number":39,"start":2803.005,"pageUrl":"/en/asset/k13/k13y5dpz02?t=2804","paragraphs":[{"sentences":[{"text":"Well, the most critical factor or the enabling environment that is required, especially at the level of the member countries, is project management.","start":2803.005,"end":2811.864,"topics":[{"key":"implementation-capacity","label":"Implementation Capacity and Knowledge Sharing","description":"Participants noted that financing alone is not enough without strong project implementation, institutional coordination, and local capacity. 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are wonderful things to talk about— finance, finance, finance— but what is the impact over there, 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Hussain Quadri","affiliation":"IsDB","affiliation_full":"IsDB","group":null,"function":"Director, Resilience and Climate Action"}},{"statement_number":62,"start":3301.483,"pageUrl":"/en/asset/k13/k13y5dpz02?t=3302","paragraphs":[{"sentences":[{"text":"Thank you.","start":3301.483,"end":3303.335,"topics":[],"words":[{"text":"Thank","start":3301.483,"end":3303.238},{"text":"you.","start":3303.238,"end":3303.335}]},{"text":"Well, thanks to all of you, and thanks, Ijلال.","start":3305.107,"end":3308.328,"topics":[],"words":[{"text":"Well,","start":3305.107,"end":3305.59},{"text":"thanks","start":3306.057,"end":3306.379},{"text":"to","start":3306.379,"end":3306.476},{"text":"all","start":3306.54,"end":3306.653},{"text":"of","start":3306.653,"end":3306.798},{"text":"you,","start":3306.798,"end":3306.943},{"text":"and","start":3306.959,"end":3307.088},{"text":"thanks,","start":3307.185,"end":3307.41},{"text":"Ijلال.","start":3307.426,"end":3308.328}]},{"text":"Thanks to the panelists for 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there is the need for more innovation and diversity.","start":3332.911,"end":3335.769,"topics":[],"words":[{"text":"Hence,","start":3332.911,"end":3333.184},{"text":"there","start":3333.473,"end":3333.634},{"text":"is","start":3333.634,"end":3333.698},{"text":"the","start":3333.794,"end":3333.891},{"text":"need","start":3333.891,"end":3334.115},{"text":"for","start":3334.18,"end":3334.356},{"text":"more","start":3334.356,"end":3334.597},{"text":"innovation","start":3334.597,"end":3335.047},{"text":"and","start":3335.143,"end":3335.288},{"text":"diversity.","start":3335.32,"end":3335.769}]},{"text":"diversity, and as we have seen, Islamic finance with the different, I would say, modalities, again, the advantages, and I'm not saying that, again, it's nothing against 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done.","start":3570.152,"end":3573.933,"topics":[],"words":[{"text":"Sorry","start":3570.152,"end":3570.441},{"text":"to","start":3570.473,"end":3570.586},{"text":"the","start":3570.618,"end":3570.699},{"text":"next","start":3570.699,"end":3570.956},{"text":"panel,","start":3570.956,"end":3571.197},{"text":"we","start":3571.262,"end":3571.342},{"text":"took","start":3571.342,"end":3571.519},{"text":"120","start":3571.519,"end":3571.938},{"text":"seconds","start":3571.938,"end":3572.292},{"text":"longer","start":3572.324,"end":3572.629},{"text":"than","start":3572.629,"end":3572.774},{"text":"we","start":3572.806,"end":3572.871},{"text":"anticipated,","start":3572.887,"end":3573.45},{"text":"but","start":3573.514,"end":3573.611},{"text":"we're","start":3573.611,"end":3573.691},{"text":"done.","start":3573.691,"end":3573.933}]}]}],"speaker":{"name":"Saeed Hussain Quadri","affiliation":"IsDB","affiliation_full":"IsDB","group":null,"function":"Director, Resilience and Climate Action"}},{"statement_number":69,"start":3574.56,"pageUrl":"/en/asset/k13/k13y5dpz02?t=3575","paragraphs":[{"sentences":[{"text":"Thank you.","start":3574.56,"end":3578.438,"topics":[],"words":[{"text":"Thank","start":3574.56,"end":3575.944},{"text":"you.","start":3576.411,"end":3578.438}]}]}],"speaker":{"name":null,"affiliation":null,"affiliation_full":null,"group":null,"function":null}}],"topics":[{"key":"green-sukuk","label":"Green and Sustainable Sukuk","description":"A central topic was the use of green, social, and sustainability-linked sukuk to finance environmental and development goals. Participants discussed growing demand, country examples such as Saudi Arabia, Indonesia, and Malaysia, and the potential of sukuk to fund climate and land-restoration projects at scale."},{"key":"waqf-takaful","label":"Waqf and Takaful Instruments","description":"Beyond sukuk, the discussion also covered waqf and takaful as complementary Islamic finance instruments. Waqf was presented as a way to channel income toward environmental projects, while takaful was highlighted for mutual protection against climate-related losses faced by farmers and landowners."},{"key":"blended-finance","label":"Blended Finance and Capital Mobilization","description":"The panel repeatedly emphasized blending public, multilateral, philanthropic, and private finance to close SDG and land-restoration funding gaps. Concessional finance, co-financing structures, and collaboration among MDBs, donors, banks, and investors were presented as essential to achieving scale."},{"key":"risk-mitigation","label":"De-risking Investment","description":"Reducing risk for investors and borrowing countries was identified as critical, especially for fragile and high-risk contexts such as the Sahel. Speakers pointed to public-sector engagement, concessional finance, and stronger operational safeguards as ways to crowd in more private capital."},{"key":"regulatory-frameworks","label":"Regulatory Frameworks and Market Standards","description":"Several speakers stressed that stronger regulation and common standards are necessary to grow Islamic sustainable finance. They highlighted the need for interoperable rules, shared definitions, disclosure requirements, and principles such as the Green Sukuk framework to build market confidence."},{"key":"microfinance-inclusion","label":"Islamic Microfinance and Financial Inclusion","description":"Islamic-compliant microfinance was discussed as a practical tool for reaching smallholders, unbanked populations, and vulnerable communities. Speakers linked it to improved productivity, access to resilience investments, and greater acceptance in communities that prefer Sharia-compliant finance."},{"key":"implementation-capacity","label":"Implementation Capacity and Knowledge Sharing","description":"Participants noted that financing alone is not enough without strong project implementation, institutional coordination, and local capacity. Knowledge sharing, community engagement, and better project management were identified as necessary conditions for turning financing into real impact."},{"key":"desertification-resilience","label":"Desertification and Climate Resilience","description":"Speakers focused on using finance to address desertification, land degradation, drought, and broader climate vulnerability. The discussion linked these challenges to sustainable land management, ecosystem restoration, and resilience for affected communities."}]}}