Global Islamic Finance Industry to Support UN Sustainable Development Goals: The World Bank

According to The World Bank Country Manager for Malaysia, Dr Firas Raad, the Islamic finance sector is ready to facilitate the achievement of the United Nations’ Sustainable Development Goals (UN SDGs) for 2030. Speaking at the 16th Kuala Lumpur Islamic Finance Forum (KLIFF) held virtually on the 9th of March 2021, Dr Raad stated that this is possible mainly due to the sector’s physical assets, its system of profit and loss sharing, its tangible transactions and its ability to mobilise resources.

Why it matters?

Islamic financing emphasises tangible transactions, ensuring that activities serving a ‘real purpose’ are financed. As such, through instruments like Sukuk, infrastructure pertaining to water and sanitation, sustainable transportation systems, clim...