Jordan's first Islamic investment bank Al-Sanabel International acquires 500,000 hectares of high-value forest in Democratic Republic of Congo to develop carbon credit projects
May 9, 2012
– Al-Sanabel International Holding has acquired 500,000 hectares, or 25%, of one of the world’s largest privately held forests, a high-value forest in the Democratic Republic of Congo, Jordan News Agency reported May 8.
Amman-based Al-Sanabel, the first Islamic investment bank in Jordan, plans to develop forest carbon credit projects to capitalize on the growing international carbon trading market., according to the article carried in Zawya.
Carbon is expected to become the world's biggest commodity market and could well become the biggest market ever, according to Barclay’s Capital, the article noted. The global carbon market is forecast to grow to US$1 trillion by 2013.
Meanwhile, the United Nations estimates that, by 2040, two-thirds of the Congo River Basin forest will have disappeared.
Al-Sanabel Chairman and CEO Khaldoun Malkawi said the company is considering a number of Sharia-compliant forestry activities, including carbon market afforestation/reforestation and avoided deforestation projects, and sustainable agro-forestry projects.
The primary source of this article is the Jordan News Agency, via Zawya, Dubai, United Arab Emirates, on May 8, 2012.