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Can Islamic social finance structure support Sustainable Development Goals target funding

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Date
2023
SDG:
Abstract
The alignment of the United Nations' Sustainable Development Goals (SDGs), introduced in 2015, with the objectives of Maqasid Shariah, particularly in the realms of poverty alleviation, hunger eradication, and enhancing well-being, forms a critical intersection in the context of Islamic social finance (ISF). This congruence lays the groundwork for leveraging Islamic financial practices, such as zakat, to support achieving SDG targets in Indonesia. Effective collaboration between key Indonesian entities, such as Bappenas (the Ministry of National Development Planning) and BAZNAS (the National Zakat Agency), is imperative for this integration. Clear and specific regulations are essential to guide this process, ensuring that zakat practices are aligned with and actively contribute to the SDG targets. Leadership from the highest governmental levels, especially from the President, is pivotal in this context. Such leadership ensures that the efforts to achieve the SDGs are in harmony with Indonesia's unique religious values and socio-economic priorities. The recent legal developments, like Presidential Regulation 112 of 2022, demonstrate a commitment to supporting these endeavors. These legal frameworks provide a structural basis for integrating ISF with SDGs, offering guidelines and formal recognition of this collaborative approach. The study delves into the relationship between ISF and the SDGs, exploring how ISF can support achieving these global goals. It examines how ISF can facilitate this support, relying on qualitative research methods such as interviewing critical leaders in ISF and SDG implementation. These interviews provide valuable insights into the perceptions and strategies of those at the forefront of these sectors.
Keywords
Islamic social finance , Sustainable Development Goals (SDGs) , Indonesia , Project paper (eMIF)
Citation
Arundina, D. (2023). Can Islamic social finance structure support Sustainable Development Goals target funding (Master dissertation). INCEIF, Kuala Lumpur. Retrieved from https://ikr.inceif.org/handle/INCEIF/4016
Publisher
INCEIF

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