|Introduction : |
Social Sukuk represents an innovative approach that aligns financial objectives with social development and community welfare. These instruments share similarities with conventional social impact bonds but are tailored to adhere to Shariah principles. The objectives of social Sukuk need to be promoted further to create greater awareness and attract more interest in the market. Incentives for cost reduction can be a powerful strategy for persuading corporations to issue social Sukuk. Along with providing funding, social Sukuk can motivate governments, supranational agencies, and charity organizations to identify areas where social Sukuk can be developed to raise financing for solutions to social issues in the local, national, and global community. Also, social Sukuk is expected to be more resistant to fluctuations resulting from macroeconomic shocks, business cycles, or market behavior. Structuring a social Sukuk requires careful identification of a desired social outcome and investigation of Shariah-compliance. Therefore, enhanced transparency, governance, and market discipline can increase participation in social Sukuk and reduce opportunities for corruption and misuse of pooled funds.
In this regard, UNDP ICPSD, in collaboration with IsDB under the Global Islamic Finance and Impact Investing Platform (GIFIIP) will contract an organization (the Contractor) for Social Sukuk Issuance. The technical assistance covers three main components: (i) Preparing a Framework with the UNDP ICPSD team, (ii) Second Party Opinion and (iii) Preparing an Impact Report. The engagement will be managed by the UNDP ICPSD Islamic Finance Portfolio Team, with support, as needed, from the Sustainable Finance Hub (SFH).
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