{"id":5464,"date":"2026-05-20T14:09:25","date_gmt":"2026-05-20T14:09:25","guid":{"rendered":"https:\/\/interfinance.tsue.uz\/?p=5464"},"modified":"2026-05-25T14:12:36","modified_gmt":"2026-05-25T14:12:36","slug":"practice-of-financing-sustainable-projects-through-the-green-sukuk-instrument","status":"publish","type":"post","link":"https:\/\/interfinance.tsue.uz\/?p=5464","title":{"rendered":"PRACTICE OF FINANCING SUSTAINABLE PROJECTS THROUGH THE GREEN SUKUK INSTRUMENT"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong><em>Anora Orifjon qizi Saitkulova<\/em><\/strong><em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Master\u2019s student, International Academy of Islamic Studies, Tashkent, Uzbekistan.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Email: anorasaitkulova6@gmail.com<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>ORCID: 0009-0009-6710-6495<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Kholmamatov Farhodjon Kubayevich<\/em><\/strong><em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Professor, Doctor of Economic Sciences (DSc), Tashkent State University of Economics, Tashkent, Uzbekistan. Email: f.xolmamatov@tsue.uz<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>ORCID:0000-0003-4186-0691<\/em><strong><br><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Abstract: <\/em><\/strong><em>This article examines the practice of financing sustainable projects through green sukuk, with particular attention to the experiences of Malaysia, Indonesia and the Islamic Development Bank. The purpose of the study is to identify the practical role of green sukuk in mobilizing capital for renewable energy, sustainable transport, water and waste management, energy efficiency and climate-resilience projects. The research applies documentary analysis, comparative analysis, statistical grouping, case-study analysis and logical generalization. The findings show that green sukuk is an effective instrument that connects Shariah-compliant capital markets with environmental objectives. It complements traditional financing sources by strengthening earmarked use of proceeds, project selection, proceeds management and impact reporting. The Malaysian experience demonstrates that a supportive regulatory framework, external review and financial incentives can stimulate corporate green sukuk issuance. Indonesia shows how sovereign green sukuk, climate budget tagging and allocation reports can link public climate policy with capital market funding. The Islamic Development Bank illustrates the catalytic role of multilateral development banks in increasing international investor confidence and financing green project portfolios across member countries. At the same time, the market remains constrained by a narrow project pipeline, insufficient standardization, limited investor awareness and relatively high issuance costs. The article proposes the development of national green taxonomies, expansion of bankable green project pipelines, stronger impact reporting, and the introduction of grants and tax incentives for issuers. These measures can help green sukuk become a more scalable instrument for financing sustainable infrastructure and climate action in countries with significant demand for Shariah-compliant investment products.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Keywords: <\/em><\/strong><em>green sukuk, sustainable finance, Islamic finance, climate finance, renewable energy, impact reporting.<\/em><\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/interfinance.tsue.uz\/wp-content\/uploads\/2026\/05\/30Saitkulova-Anora.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of 30+Saitkulova Anora.\"><\/object><a id=\"wp-block-file--media-8234a54b-ad28-48b4-bae6-10307232181a\" href=\"https:\/\/interfinance.tsue.uz\/wp-content\/uploads\/2026\/05\/30Saitkulova-Anora.pdf\">30+Saitkulova Anora<\/a><a href=\"https:\/\/interfinance.tsue.uz\/wp-content\/uploads\/2026\/05\/30Saitkulova-Anora.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-8234a54b-ad28-48b4-bae6-10307232181a\">Download<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Anora Orifjon qizi Saitkulova Master\u2019s student, International Academy of Islamic Studies, Tashkent, Uzbekistan. Email: anorasaitkulova6@gmail.com ORCID: 0009-0009-6710-6495 Kholmamatov Farhodjon Kubayevich Professor, Doctor of Economic Sciences (DSc), Tashkent State University of Economics, Tashkent, Uzbekistan. Email: f.xolmamatov@tsue.uz ORCID:0000-0003-4186-0691 Abstract: This article examines <a href=\"https:\/\/interfinance.tsue.uz\/?p=5464\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[74],"tags":[],"class_list":["post-5464","post","type-post","status-publish","format-standard","hentry","category-2026-2-issue-1-6"],"_links":{"self":[{"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=\/wp\/v2\/posts\/5464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5464"}],"version-history":[{"count":2,"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=\/wp\/v2\/posts\/5464\/revisions"}],"predecessor-version":[{"id":5468,"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=\/wp\/v2\/posts\/5464\/revisions\/5468"}],"wp:attachment":[{"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/interfinance.tsue.uz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}