Leveraging Islamic Finance to address Africa Financing needs: A focus on Climate Finance gap.

The Eastern Africa region urgently needs innovative financing mechanisms to address challenges in infrastructure, energy, and climate resilience. Islamic finance, with its ethical foundation and potential for large-scale fund mobilization, offers a promising solution to these challenges.

With growing interest from investors and Islamic finance institutions in linking Islamic finance with climate action, our region has a significant opportunity to utilize Islamic finance as a tool to bridge the financing gap.

The UK Islamic Finance Council (UKIFC) estimates that green and sustainability sukuk could generate US$30-50 billion towards Sustainable Development Goals (SDGs) by 2025. Additionally, the United Nations Development Programme (UNDP) suggests that global zakat could mobilize an additional US$200 billion to US$1 trillion annually for the SDG agenda.