MINISTER OF ENVIRONMENT, Damascus (Republic of Syria) 2006
Confronting an extremely polluting environmental situation through the combined use of the financial instruments provided by the Kyoto Protocol's Clean Development Mechanism (CDM) and Islamic modes of financing.
This first project on Islamic finance and environmental sustainability ever drawn up in an Islamic country, required the survey of the four major Syrian landfills of Damascus, Homs, Ladakie and Alep.
The project aimed to create 'Certificates of Emission Reduction' (CERs) by using the polluting methane gas emanating from the landfills to produce electricity and on sell it to the Syrian grid. Financing was provided through a Shariah-compliant Public Private Partnership (PPP) using istisnà' as a mode of financing.