Islamic social finance could help deliver United Nations sustainable development goals
Potentially $1 trillion can be collected in zakat annually, boosting efforts to achieve better living conditions and alleviate poverty.
There is a growing global movement to align Islamic social finance with the United Nations’ Sustainable Development Goals (SDGs) designed to address global environmental, social and economic challenges by 2030.
These include combating poverty, inequality, climate change and environmental degradation and ensuring social justice. Islamic social finance has various tools coinciding with the 17 SDGs including zakat (obligatory almsgiving), waqf (endowments), sadaqa (voluntary charity) and qard hasan (interest-free loans).
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Brenda Dionisi