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Browsing Graduate Studies by Author "Aassouli, Dalal"
The Canadian commitment to carbon neutrality requires a corresponding financial investment. Studies have shown that the conventional green bonds are unable to achieve Canada-wide carbon neutrality, hence the burning need to consider the expansion of the green finance market to incorporate alternative finance mechanisms such as; green Sukuk. This thesis will show that green Sukuk is capable of tapping into markets beyond the reach of conventional green bonds. The research uses a doctrinal and comparative approach, by analyzing the green Sukuk frameworks and market development in Malaysia and Indonesia to propose a roadmap for the utilization of green Sukuk in Canada. The thesis examines the green Sukuk as a financing option for the energy transition in Canada. It provides a description of green Sukuk, discusses the underlying ethical principles and environmental responsibility embedded within the shari’ah law, and thereafter makes a distinction between the green Sukuk and the conventional green bonds. In addition to this, the study examines the impact of green Sukuk in Malaysia and discusses its potential impact on Canada’s green finance market and in achieving its climate objectives. The study recommends amendments to the capital market regulation, the creation of a green Sukuk framework, standardization of the green Sukuk market and incentives that appeal to issuers and investors. It makes further recommendations on the role of the government and relevant stakeholders in creating conducive market conditions for green Sukuk to strive. These recommendations are pivotal for regulators, issuers, and investors by ensuring that the green Sukuk remains a veritable financial instrument that aids to expand the Canadian green finance market and achieve the country’s climate goals.