Contribution of Islamic Finance to the SDGs

For Islamic finance to provide effective support to the Sustainable Development Goals, it is necessary to establish an enabling environment both at the country level and at the global level. At the country level, regulatory, supervisory and legal frameworks should be established and strengthened to develop Islamic financing instruments. At the global level, there should be standardization across contracts and Shariah rulings. These require defined criteria from international standards-setting bodies. Institutionally strengthened and globally standardized Islamic financial instruments would lead to the further growth and recognition of the Islamic finance sector and the financing and implementation of the Sustainable Development Goals.