Responsible Finance Sukuk — Can They Bring Societal Value to a Value-Neutral Market?

(Final version published with updates in) (2019) 14(3) Capital Markets Law Journal 394

34 Pages Posted: 21 Jul 2019

See all articles by Edana Richardson

Edana Richardson

National University of Ireland, Maynooth (Maynooth University) - Department of Law

Date Written: August 1, 2018

Abstract

Conventional responsible finance provides investors with an opportunity to combine financial returns with broader societal impact in their investment activity. This emphasis on financial and extra-financial considerations has led to suggestions that there are innate similarities between responsible finance and Islamic finance, as financial activity guided by religious principles. It has not been until recently, however, that the sukuk market has sought to establish its place within the wider responsible finance market. This has led to debut issuances of green, social and sustainability sukuk, and the piecemeal development of precedents for future issuances. This article explores legal aspects of the nascent responsible finance sukuk market. In doing so, it provides an in-depth discussion of the legal structure of responsible finance sukuk issuances and reflects on claims that Islamic finance and responsible finance are naturally compatible.

Keywords: Sukuk, Responsible finance, Islamic finance, SRI, Ethical finance

Suggested Citation

Richardson, Edana, Responsible Finance Sukuk — Can They Bring Societal Value to a Value-Neutral Market? (August 1, 2018). (Final version published with updates in) (2019) 14(3) Capital Markets Law Journal 394, Available at SSRN: https://ssrn.com/abstract=3421560

Edana Richardson (Contact Author)

National University of Ireland, Maynooth (Maynooth University) - Department of Law ( email )

Maynooth, County Kildare
Ireland

HOME PAGE: http://https://www.maynoothuniversity.ie/people/edana-richardson

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