Latest news with #ICMA
Bahrain This Week
24-06-2025
- Business
- Bahrain This Week
Infracorp Unveils Bahrain's First Sustainable Sukuk at UN Workshop
Infracorp, a leading specialised company in investing in the infrastructure and sustainable development sector, has announced its participation in a United Nations workshop recently held in Bahrain to highlight the Kingdom's contribution to global efforts in financing sustainable development. The company presented its pioneering experience in issuing Bahrain's first sustainable sukuk. Infracorp took part in a panel discussion entitled 'Innovative Financing Instruments: SDG-Linked Bonds and Sukuk'. Ms. Zeeba Askar, Chief Sustainability and Investment Officer at Infracorp, delivered a presentation titled 'Bahrain's First Sustainable Sukuk'. She outlined the company's transition from green sukuk to a broader sustainable sukuk framework in line with international trends for financing projects with environmental and social impact. Ms. Askar confirmed that Infracorp's sustainable sukuk framework is fully aligned with the ICMA's Green, Social and Sustainability Bond Principles, supports Bahrain's Economic Vision 2030 and is consistent with the United Nations SDGs. She added that the framework's governance is underpinned by an independent, accredited external opinion to ensure transparency and credibility. The company has mapped key performance indicators, adopted a rigorous project-selection mechanism based on expected outcomes, and issues regular reports to measure each project's environmental and social impact. Commenting on the occasion, Ms Askar said: 'Our objective went beyond issuing a conventional finance instrument; it was about setting a standard for what a Sustainable Sukuk should represent. We carefully built a framework aligned with Bahrain's Economic Vision 2030 and the UN Sustainable Development Goals, with measurable KPIs mapped across every eligible project. The result is a Sukuk rooted in transparency, governed by rigor, and driven by real-world impact.' The workshop highlighted Bahrain's leading efforts in development finance, including Islamic finance, SDG-linked bonds and the fintech sector, ahead of the fourth International Conference on Financing for Development (FfD4), scheduled to take place in Seville, Spain, from June 30 to July 3, 2025. It brought together UN officials, public-sector representatives and private-sector partners to discuss the Kingdom's participation in the conference. FfD4 will serve as a pivotal platform to assess progress on global commitments to finance sustainable development and to address challenges that have emerged since the adoption of the Addis Ababa Action Agenda in 2015. The conference will gather high-level representatives from governments, international and regional organisations, financial and commercial institutions, the private sector, civil society and the United Nations system.
Biz Bahrain
12-06-2025
- Business
- Biz Bahrain
Infracorp Showcases the Kingdom's First Sustainable Sukuk
Infracorp, a leading specialised company in investing in the infrastructure and sustainable development sector, has announced its participation in a United Nations workshop recently held in Bahrain to highlight the Kingdom's contribution to global efforts in financing sustainable development. The company presented its pioneering experience in issuing Bahrain's first sustainable sukuk. Infracorp took part in a panel discussion entitled 'Innovative Financing Instruments: SDG-Linked Bonds and Sukuk'. Ms. Zeeba Askar, Chief Sustainability and Investment Officer at Infracorp, delivered a presentation titled 'Bahrain's First Sustainable Sukuk'. She outlined the company's transition from green sukuk to a broader sustainable sukuk framework in line with international trends for financing projects with environmental and social impact. Ms. Askar confirmed that Infracorp's sustainable sukuk framework is fully aligned with the ICMA's Green, Social and Sustainability Bond Principles, supports Bahrain's Economic Vision 2030 and is consistent with the United Nations SDGs. She added that the framework's governance is underpinned by an independent, accredited external opinion to ensure transparency and credibility. The company has mapped key performance indicators, adopted a rigorous project-selection mechanism based on expected outcomes, and issues regular reports to measure each project's environmental and social impact. Commenting on the occasion, Ms Askar said: 'Our objective went beyond issuing a conventional finance instrument; it was about setting a standard for what a Sustainable Sukuk should represent. We carefully built a framework aligned with Bahrain's Economic Vision 2030 and the UN Sustainable Development Goals, with measurable KPIs mapped across every eligible project. The result is a Sukuk rooted in transparency, governed by rigor, and driven by real-world impact.' The workshop highlighted Bahrain's leading efforts in development finance, including Islamic finance, SDG-linked bonds and the fintech sector, ahead of the fourth International Conference on Financing for Development (FfD4), scheduled to take place in Seville, Spain, from June 30 to July 3, 2025. It brought together UN officials, public-sector representatives and private-sector partners to discuss the Kingdom's participation in the conference. FfD4 will serve as a pivotal platform to assess progress on global commitments to finance sustainable development and to address challenges that have emerged since the adoption of the Addis Ababa Action Agenda in 2015. The conference will gather high-level representatives from governments, international and regional organisations, financial and commercial institutions, the private sector, civil society and the United Nations system.
Yahoo
28-05-2025
- Business
- Yahoo
Albemarle City Manager to retire after 35 years of local service, 1 year with city
ALBEMARLE, N.C. () — Albemarle City Manager Todd Clark is announcing his intent to retire in August 2025. Clark became the city manager in August 2024. In total, he has served 35 years in local government, including two years as the town manager of Beaufort, fifteen years as the city manager of Newton, three years as the town manager of Maiden and four years as the town manager of Catawba. 'I'm deeply grateful for the opportunity to serve the City of Albemarle,' said Clark. 'I've truly enjoyed building relationships with the people of our community, City staff, and our elected officials. After 35 years in local government, I'm now looking forward to spending more time with my wife, Jane, who recently retired from her career as an educator. Albemarle and Stanly County will always hold a special place in our hearts.' Charlotte leader calls for probe into leaked information from council's closed session In this role, Clark has overseen the day-to-day operations of the City of Albemarle, including services like electric, water, wastewater, landfills and public housing as well as parks and recreation and the police and fire departments. During Clark's tenure, the City finished the infrastructure installation for the new Albemarle Business Center, began to develop a new Comprehensive Land Use Plan (Envision Albemarle 2045) and created a new Parks and Recreation Master Plan. Clark also continued the work on the City's award-winning Strategic Plan. Mayor Ronnie Michael said, 'On behalf of City Council and our citizens, I thank Todd for his leadership in our City. Todd has done a remarkable job balancing the immense responsibilities of City operations. His professionalism and vision for making local government the best it can be are deeply appreciated. We wish him the very best in his retirement.' Clark has been an active member of both the North Carolina City & County Management Association and the International City/County Management Association (ICMA). In 2020, Clark was recognized by the ICMA for 30 years of distinguished service in local government. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Business Recorder
24-05-2025
- Business
- Business Recorder
ICMA conducts SWOT analysis of Islamic banking sector
KARACHI: The Institute of Cost and Management Accountants of Pakistan (ICMA) has conducted a detailed SWOT analysis of Pakistan's Islamic banking sector, highlighting its rapid growth, key challenges, and future potential as the country moves toward full Shariah compliance by 2027. According to the State Bank of Pakistan (SBP) data for September 2024, Islamic banking assets grew by 17.4% year-on-year to Rs. 9,881 billion. Deposits increased by 23.3% to Rs. 7,596 billion, net financing rose by 7.5% to Rs. 3,252 billion, and investments grew by 22.3% to Rs. 4,803 billion. Islamic banking now represents 19% of the total banking industry's assets and 23.2% of deposits. Islamic banks have shown greater resilience during economic downturns due to their asset-backed financing model, which provides more stability compared to interest-based conventional banks. A landmark achievement was the Rs. 50 billion (USD 170 million) raised by Lucky Investments Limited in a single day through the IPO of its Lucky Islamic Money Market Fund — the largest Shariah-compliant mutual fund launch in Pakistan's history. Key Islamic banks such as Meezan Bank, Al Baraka Bank, Faysal Bank, and BankIslami are expanding their branch networks and customer base across the country. These banks enjoy strong public trust by offering a diverse range of Shariah-compliant financial products. Despite these strengths, the sector faces challenges including a shortage of trained Shariah scholars and Islamic finance professionals, limited public awareness and financial literacy, and gaps in legal and regulatory frameworks for full Shariah implementation. Additionally, product innovation and technology adoption lag behind conventional banks, and Islamic banking penetration remains low in rural areas and among small businesses. Looking forward, Pakistan's Islamic banking sector has strong growth opportunities. The government's goal of fully Islamizing the banking sector by 2027 will open new markets. Emerging areas such as Islamic fintech, Takaful (Islamic insurance), and Sukuk (Islamic bonds), combined with rising global demand for ethical finance, will support this growth. Strategic partnerships and investments from Gulf and Southeast Asian economies, along with government incentives for Islamic finance development, add further momentum. However, the sector must navigate threats such as competition from conventional banks offering Islamic windows, potential delays in legal reforms, macroeconomic instability, and global financial regulations that may not align with Islamic banking principles. There is also the risk of reputational damage if Shariah compliance or governance standards are not rigorously maintained. ICMA stresses that addressing these challenges through stronger regulation, enhanced public education, and faster technological innovation will help Pakistan's Islamic banking sector reach its target of a 30% market share by 2025. This growth is essential to promote financial inclusion and support Pakistan's overall economic development.
Yahoo
06-05-2025
- Business
- Yahoo
Boliden updates Green Finance Framework
STOCKHOLM, May 6, 2025 /PRNewswire/ -- Since the launch of Boliden's inaugural Green Finance Framework in May 2022, Boliden has raised its climate ambition throughout the value chain. For example, by being one of the first mining and metals companies in the world, to have its climate targets validated and approved by the Science Based Targets initiative (SBTi). The roadmap to 2030 which primarily focuses on initiatives related to electrification, transition to renewables, process improvements and an enhanced energy mix has been incorporated into the long-term financial plan. In addition, dedicated efforts have been made to expand the Green Transition Metals portfolio of low-carbon products where the climate impact is significantly lower than global averages. With this updated Framework Boliden aims to raise funds from investors to support green investment projects that enable Boliden to achieve its vision to become the most climate friendly and respected metal provider in the world. Key updates in this Framework version include: The International Capital Market Association's (ICMA) Green Bond Principles (GBP) categories now serve as the starting point for mapping eligible Green Projects. Furthermore, eligible Green Projects are grouped and mapped to the single most core ICMA GBP category (instead of several). That is: 'Energy efficiency' is deemed core as it reflects the main activities to achieve Boliden's climate targets by 2030 - main area going forward is expected to be refinancing of the expansion investment in the zinc smelter Odda where production of Low Carbon Zinc is set to increase. Former category for 'Pollution prevention & control' has been broadened and clarified and thus include two-categories; i) pollution prevention; ii) waste management. A new category for renewable energy production has been added. Swedbank acted as the Sustainability Coordinator on the Framework update and S&P Global were engaged to provide an independent second-party opinion. S&P Global has assessed the updated Framework and reconfirms 'Medium Green' shading. For further information, please contact: Klas Nilsson Director Group Communications +46 70 453 65 88 This information was brought to you by Cision The following files are available for download: Press release Cision View original content: SOURCE Boliden
