The Islamic Development Framework and Sustainable Development

The central economic tenet of the Islamic development framework is to develop a prosperous and egalitarian economic and social system wherein all the members of society can maximize their intellectual capacity, preserve and promote their faith, health, wealth among generations, and can actively contribute to the economic and social development of society. Islamic economics and finance provide a viable development framework and can act as a solution to the current development challenges, including poverty alleviation, eradication of hunger, income inequality, and the promotion of shared prosperity. This framework can be analyzed based on four fundamental pillars. 1. An objective oriented institutional framework and public policy. 2. A prudent governance and accountable leadership. 3. Risk sharing based economy and promotion of entrepreneurship. 4. Financial inclusion and social inclusion. The first two pillars are prerequisites, and the last two pillars are pathways to sustainable development with equitable allocation of resources, which is the primary objective of economic development from the Islamic perspective.