National Australia Bank Ltd.

Islamic Debt Spurred in $15 Billion Opportunity for Greener Gulf

A body promoting development of debt sales to block climate change, with sponsors including National Australia Bank Ltd. and HSBC Holdings Plc, plans to accelerate green Islamic bond markets as the Middle East diversifies from oil.
The Climate Bonds Initiative will build up a panel to help create financial products complying with Islamic shariah law. It will work together with the Clean Energy Business Council.
Oil-rich Gulf nations are searching to diversify away from fossil fuel production and toward green-energy projects as they look to longer-term sustainable development of their economies. Higher international crude prices also encourage the countries to sell more of their oil abroad.

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