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Islamic finance could help meet sustainable goals

UAE Business


Islamic finance could contribute to meeting some of the sustainable development goals adopted by the UN General Assembly under its 2030 agenda, said Standard & Poor's Ratings Services in a report.

Agreed on in September 2015, the UN General Assembly set 17 sustainable development goals (SDGs) and 169 measurable targets centered on five pillars: people, planet, prosperity, peace, and partnership, according to the report titled "Islamic Finance Could Aid Modestly In Achieving Sustainable Development Goals".

The UN has stressed that striving for sustainable development will require a revitalized global partnership between all stakeholders.

"Islamic finance could play a role--a modest one at least--in meeting some of the SDGs, particularly those that are in line with the core principles of Islamic finance," said Mohamed Damak, Standard & Poor's global head of Islamic Finance.

Some sukuk issues by global multilateral lending institutions over the past few years illustrate this point, although their overall amount remains small compared with multilateral lending institutions' (MLIs) conventional debt issuance.

"Still, Islamic finance will likely remain a moderate contributor due to the industry's small size and the issues it has yet to resolve to unlock its global potential," added Damak.

In September 2015, the UN General Assembly adopted its 2030 agenda for sustainable development, comprising 17 sustainable development goals (SDGs) and 169 measurable targets centered on five pillars: people, planet, prosperity, peace, and partnership. The UN has stressed that striving for sustainable development will require a revitalized global partnership between all stakeholders.

Islamic finance could play a role--a modest one at least--in meeting some of the SDGs, in Standard & Poor's Ratings Services' opinion, particularly those that are in line with the core principles of Islamic finance.

Some sukuk issues by global multilateral lending institutions over the past few years illustrate this point although their overall amount remains small compared with multilateral lending institutions' (MLIs) conventional debt issuance. Still, Islamic finance will likely remain a modest contributor due to the industry's small size and the issues it has yet to resolve to unlock its global potential, the report said. – TradeArabia News Service

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