Talks on setting up Islamic fund for green technology

World Bank and the International Finance Corp (IFC) are in discussion on the establishment of an Islamic financing facility for the green technology sector.

Discussions also includes with Bank Negara Malaysia and the Ministry of Energy, Green Technology and Water to develop a suitable model in the creation of a syariah-compliant US$200 million (RM636 million) fund.

It is the first Islamic fund of its kind in Asia, the financing facility would focus on the environmentally-friendly sector.