Analyzing the commonalities between Islamic social finance and sustainable development goals

Abstract

Purpose This study aims to explore commonalities and differences between Islamic social finance (ISF) and sustainable development goals (SDGs). Design/methodology/approach The study has adopted a qualitative library-based research method, and the secondary data is collected through the available literature on the topic. Findings This study concludes that the majority of SDGs are compatible with ISF. Moreover, it finds that the global ISF possesses adequate financial resources to assist Muslim majority nations in achieving some of the most critical and urgent SDGs on time. Research limitations/implications The scope of this study is confined to examining the possible role of ISF in achieving many of the most pressing development goals aligned with the SDGs. To maintain coherence within the study’s focus, this paper makes no comparisons between the ISF and other types of endowments/charities. Practical implications This paper outlines an agenda for the ISF-led development strategy and makes some crucial recommendations on how the global ISF might potentially lead the charge of Islamic charities in achieving the SDGs in Muslim majority nations. Originality/value This paper adds original value to the available literature on the potential of ISF and SDGs in the arena of development. The paper analyses the role of ISF in achieving the SDGs.