Report: Shariah scholars and industry bodies need to focus on sustainability

Report: Shariah scholars and industry bodies need to focus on sustainability

LONDON: Shariah scholars and Islamic finance industry bodies need to consider sustainability more thoroughly in order to achieve the United Nations Sustainable Development Goals (SDGs) by 2030, according to a new report launched last week.

 

The study, “Islamic finance: Shariah and the SDGs” was co-authored by the not-for-profit UK Islamic Finance Council (UKIFC), and Malaysia-based International Shariah Research Academy for Islamic Finance (ISRA). It is based on ISRA’s analysis and supplemented by 10 in depth interviews with Shariah scholars across the globe.

 

“This report adds to our existing research and debates and re-affirms that Maqsid al Shariah and SDG can complement each other,” said Omar Shaikh, member of UKIFC advisory board. “The SDGs provide a clear reference guide to the Shariah. The report helps Islamic financial institutions map to the SDGs.”

 

The findings note that Shariah scholars should understand the technical aspects of sophisticated financial instruments and the implementation of fintech in Islamic