On the sustainable development goals and the role of Islamic finance

Habib Ahmed, Mahmoud Mohieldin, Jos Verbeek and Farida Wael Aboulmagd
Authors registered in the RePEc Author Service: Habib Ahmed () and Ahmed Mohamed Habib ()

No 7266, Policy Research Working Paper Series from The World Bank

Abstract: The Sustainable Development Goals, the global development agenda for 2015 through 2030, will require unprecedented mobilization of resources to support their implementation. Their predecessor, the Millennium Development Goals, focused on a limited number of concrete, global human development targets that can be monitored by statistically robust indicators. The Millennium Development Goals set the stage for global support of ambitious development goals behind which the world must rally. The Sustainable Development Goals bring forward the unfinished business of the Millennium Development Goals and go even further. Because of the transformative and sustainable nature of the new development agenda, all possible resources must be mobilized if the world is to succeed in meeting its targets. Thus, the potential for Islamic finance to play a role in supporting the Sustainable Development Goals is explored in this paper. Given the principles of Islamic finance that support socially inclusive and development promoting activities, the Islamic financial sector has the potential to contribute to the achievement of the Sustainable Development Goals. The paper examines the role of Islamic financial institutions, capital markets, and the social sector in promoting strong growth, enhanced financial inclusion, and intermediation, reducing risks and vulnerability of the poor and more broadly contributing to financial stability and development.

Keywords: Access to Finance; Debt Markets; Islamic Finance; Banks&Banking Reform; Emerging Markets (search for similar items in EconPapers)
Date: 2015-05-15
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (18)

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