BIX ARTICLE
Expansion Of Sri Sukuk and Bond Grant Scheme to Facilitate Sustainable Finance
Aug 24, 2022
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The expansion of the Grant will enable eligible SRI-linked sukuk issuers to apply to offset up to 90% of the external review costs incurred, subject to a maximum of RM300,000 per issuance.
The expansion is part of the Capital Market Masterplan 3’s priority to facilitate transition finance which supports Malaysia’s commitments and aspirations to transition to a low-carbon and climate-resilient economy. It aims to encourage the issuances of SRI-linked sukuk by corporates in carbon-intensive industries as they transition to better sustainability practices and low-carbon activities.
Established in 2018, the Grant, formerly known as Green SRI Sukuk Grant Scheme, is also applicable to sukuk issued under the SC’s SRI Sukuk Framework and bonds issued under the ASEAN Green, Social and Sustainability Bond Standards.
In respect of the Framework, the key distinguishing feature is the requirement to have external reviews, at pre- and post-issuances, as the SC believes these will be crucial in providing independent opinion and verification on the issuer’s sustainable objectives as well as alignment to the Framework.
As part of the SC’s efforts to promote SRI and transition finance, the SC and Capital Markets Malaysia, supported by the Joint Committee on Climate Change (JC3), today organised a workshop to equip capital market intermediaries with an understanding of the Framework’s requirement and to share best practices in SRI-linked sukuk issuances. This workshop is part of the “NaviGate: Capital Market Green Financing Series”, the SC’s flagship programme established to create awareness of capital market funding avenues for sustainability.
Source: Securities Commission Malaysia
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The information provided in this report is of a general nature and has been prepared for information purposes only. It is not intended to constitute research or as advice for any investor. The information in this report is not and should not be construed or considered as an offer, recommendation or solicitation for investments. Investors are advised to make their own independent evaluation of the information contained in this report, consider their own individual investment objectives, financial situation and particular needs and should seek appropriate personalised financial advice from a qualified professional to suit individual circumstances and risk profile.
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