Islamic Finance can address the barriers to achieve Sustainable Development Goals (SDGs), says a new report from the International Federation of Accountants, Malaysian Institute of Accountants (MAI), and the World Bank.
The report Unleashing the Potential of Islamic Finance, stresses a major tenet of Islamic finance is the protection of people, planet, and prosperity, and this underpinning can contribute to fresh thinking on sustainable development paradigms, interpretations, and approaches. The SDGs create opportunities for Islamic finance growth, just as Islamic finance can drive greater sustainable development.
The authors also said advancing Islamic finance has the potential not only to serve usually under-banked Muslim communities, but can have a broader application considering its synergies with the SDGs.
IFAC President, Asmâa Resmouki, Said: “Professional accountancy organisations are playing a key role in advancing sustainable financing, and given the profession’s commitment to support the SDGs, principles of Islamic finance should be considered a viable approach.
“We encourage all IFAC members to look towards best practices such as those cultivated in Malaysia, and seize opportunities presented in their own jurisdictions.”
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