Innovative research into Islamic green bonds lands UCalgary student international law studies scholarship

A University of Calgary law student has received a prestigious international scholarship for her research into sustainable funding for low-carbon energy projects.

Monsuratu Kadiri, who is taking her Master of Laws (LLM), was awarded the Section on Energy, Environment, Natural Resources, and Infrastructure Law (SEERIL) Law Studies Scholarship from the International Bar Association for her innovative research into Islamic green bonds.

Her research will provide the legal framework necessary for the use of Islamic green bonds in Canada. These bonds provide sustainable and inclusive funding options to those who cannot pursue traditional financing for religious reasons and have contributed to the successful growth of green economic ventures in the Middle East.

"Research should be rooted in something meaningful, and I feel like the Islamic green bond can have substantial impact,” says Kadiri. “Canada is pluralist, so this allows for different types of funding options, and my research explores how it can work and how it will benefit the green sector."

Kadiri’s research aims to propose an Islamic green bond legal framework for the issuance of sovereign and corporate bonds in Canada. Islamic financing provides funding sources to investors who are interested in Shariah-compliant or ethical investments, those looking to diversify their investment portfolio beyond traditional green bonds, and those simply interested in investing in green projects or infrastructure.

The SEERIL Law Studies Scholarship is awarded annually in the form of scholarships and research grants. It is one of the most prestigious fellowships available in international law, and Kadiri is the first UCalgary student to be awarded the scholarship.

Prior to pursing her LLM, Kadiri worked in Nigeria’s legal sector, most of her experience being in financing and energy law. Nigeria’s energy sector is heavily reliant on oil and gas production, and Kadiri’s legal experience brought to light some of the consequences of the non-renewable energy sector. This experience led to her decision to pursue research in natural resources, energy and environmental law at the University of Calgary.

"Indigenous people in my country have faced the brunt of the oil industry due to the environmental consequences of exploration, and you can see how oil and gas production has hurt people," she says.

Kadiri will be completing her thesis under Dr. Rudiger Tscherning, PhD, whose Alternative Law Energy course at UCalgary sparked Kadiri’s interest in creating innovative financing options for the green industry in Canada and facilitated her research on the use of Islamic green bonds.

After receiving her LLM in Summer 2022, Kadiri wishes to pursue a post-graduate degree and become a renowned professor and researcher with expertise in green financing for renewable energy industries.

"I want academic literature to push for sustainable growth that allows everyone to grow together, because we should have an economy where people are happy and comfortable," she says.