{"id":74696,"date":"2022-11-08T02:10:48","date_gmt":"2022-11-08T02:10:48","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/11\/08\/apicorp-signs-usd-75-mn-islamic-financing-agreement-for-voluntary-carbon-offsets\/"},"modified":"2022-11-08T02:10:48","modified_gmt":"2022-11-08T02:10:48","slug":"apicorp-signs-usd-75-mn-islamic-financing-agreement-for-voluntary-carbon-offsets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/11\/08\/apicorp-signs-usd-75-mn-islamic-financing-agreement-for-voluntary-carbon-offsets\/","title":{"rendered":"Apicorp signs USD 75 mn Islamic financing agreement for voluntary carbon offsets"},"content":{"rendered":"

<\/a> A<\/strong>picorp inks MENA region\u2019s first Islamic financing agreement for voluntary<\/strong> carbon offsets:<\/strong> Saudi Arabian energy-focused multilateral financial institution Arab Petroleum Investment Corporation<\/a> (Apicorp) has signed a USD 75 mn murabaha agreement with global energy and commodities firm Hartree Partners<\/a> to fund voluntary carbon offsets, according to a company press release<\/a>.<\/p>\n

What is <\/strong>murabaha<\/a><\/strong>? <\/strong>It\u2019s an Islamic financing structure where the seller and buyer agree to the cost and markup of an asset, making it sharia-compliant since it does not bear interest.<\/p>\n

What will the agreement do?<\/strong> The facility will fund high-quality voluntary carbon offsets to develop environmentally friendly projects registered with the nonprofit platform Verra<\/a>, a global registry for nature-based offsets.<\/p>\n

A first in MENA:<\/strong> \u201cThe facility\u2019s shariah compliance and syndication features can have major implications because they make it convenient for the regional market to adopt and enable additional banks to join and gain exposure to this asset class,\u201d Apicorp CEO Khalid Ali Al-Ruwaigh said.<\/p>\n

Advisers: <\/strong>Norton Rose Fulbright Dubai acted as the lender\u2019s counsel and Reed Smith LPP Dubai provided counsel to Hartree Partners. Shariah advisory services and the issuance of an operating fatwa were provided by Shape Knowledge Services. DD&Co Limited supplied the London Metals Exchange with approved non-ferrous base metals for each Shariah-compliant murabaha transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"

Apicorp inks MENA region\u2019s first Islamic financing agreement for voluntary carbon offsets: Saudi Arabian energy-focused multilateral financial institution Arab Petroleum Investment Corporation (Apicorp) has signed a USD 75 mn murabaha agreement with global energy and commodities firm Hartree Partners to fund voluntary carbon offsets, according to a company press release. What is murabaha? It\u2019s an […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[443],"tags":[98,531,11,164],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74696","post","type-post","status-publish","format-standard","hentry","category-climate-finance","tag-carbon-markets","tag-climate-finance","tag-enterpriseclimate","tag-green-finance","wpautop","entry"],"acf":{"mongo_id":"40fc6b10-9dac-40df-ad62-1bc5a51e0c14","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[74688],"teaser":"","voice_url":""},"yoast_head":"\nApicorp signs USD 75 mn Islamic financing agreement for voluntary carbon offsets - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2022\/11\/08\/apicorp-signs-usd-75-mn-islamic-financing-agreement-for-voluntary-carbon-offsets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Apicorp signs USD 75 mn Islamic financing agreement for voluntary carbon offsets\" \/>\n<meta property=\"og:description\" content=\"Apicorp inks MENA region\u2019s first Islamic financing agreement for voluntary carbon offsets: Saudi Arabian energy-focused multilateral financial institution Arab Petroleum Investment Corporation (Apicorp) has signed a USD 75 mn murabaha agreement with global energy and commodities firm Hartree Partners to fund voluntary carbon offsets, according to a company press release. 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