Contribution of Social Islamic Finance to Sustainable Development Goals

Amer Al-Roubaie

ABSTRACT

The ideas for sustainable development have been growing in popularity over the past few decades and is not new in terms of its purpose, namely to improve the economic health of the vast global populations living below the prescribed developmental goals identified by the United Nations. Now more than ever, the notion of sustainable development has evolved into a global necessity given the fact that rapid population growth brought on by the pace of development, has severely affected the health of the planet. No longer do we have the luxury of choosing to protect the environment; today concern for the environment is such that the inclusion of environmental protection is necessary in national social policies in order to ensure that governments play a more effective role in terms of managing national agendas and enforcing its objectives. However, managing the environment and enacting and enforcing pertinent laws, is not without its prerequisites. The sciences, technology, governance, and financial robustness are some of the requirements needed if environmental concerns are to be properly addressed. The link between education and the environment, the economy, poverty, health, and so on, cannot be overstated. Poorer nations, where access to good education is sometimes overlooked, find themselves institutionally unprepared or financially bereft to protect and manage the environment. By virtue of the fact that the environment, society, and the economy are inseparable, this paper intends to promote Islamic social finance as an integral part of a holistic approach towards sustainable development.