The Sustainable Development Goals (SDGs) funding gap in Islamic finance - a reflection
The Islamic Development Bank (IDB) has estimated that the financing gap of member states of the Organization of Islamic Cooperation (OIC) to achieve United Nations Sustainable Development Goals (SDGs) is about USD1 trillion per year, of which USD700 billion is earmarked for infrastructure. Even though 40% of world poor live in OIC countries earning the equivalent of USD1.25 a day or less, as of 2017, the world's 14 development banks including those of Asia and Africa have offered no more than USD175 billion to address the gap. Dr. Banda Hajjar, the IDB President, aptly described the available amount "represents only a drop in the sea compared to the size of this gap" (Moqana 2019).1 To meet the expectation of the SDG, the amount estimated is in the range of USD5-7 billion each year. The difficult task of achieving SDG calls for meaningful collaboration and mobilization of all key stakeholders - individual governments, multilateral agencies as well as private funding sectors (UNDP, IICPSD and IDB 2017). This will be met through high-level discussions, studies and researches, dialogues centred on the existing available infrastructure and capabilities, highlighting challenges that hinder progress and crafting realistic means and ways to address this critical gap.
Sustainable Development Goals , SDGs , Islamic finance , Gap
Kasri, N. S. (2019). The Sustainable Development Goals (SDGs) funding gap in Islamic finance - a reflection. I-FIKR Digest, (Issue 18), pp. 11-13.
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