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The state of Islamic finance in Europe

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dc.contributor.authorEdib Smolo
dc.contributor.authorIrum Saba
dc.contributor.authorNorashikin Ismail
dc.contributor.authorZiyaad Mahomed
dc.date.accessioned2025-01-27T01:49:06Z
dc.date.available2025-01-27T01:49:06Z
dc.date.issued2024
dc.description.abstractThe announcement of the SDGs in 2015 marked a dramatic shift in global development, culminating in an age of international cooperation where the international community bands together to tackle the world's most pressing challenges. This chapter discusses the peculiar connection between Islamic financing and the SDGs and focuses on the possible harmony between these two sectors. It emphasizes the need for significant financial resources to advance sustainable development. Researchers argue it is crucial to bring digital technologies together with Islamic finance to reach sustainable economic growth through innovations like artificial intelligence (AI), blockchain, and fintech. In addition, the chapter explains core principles of Islamic finance that conform to Shari'ah, which will eradicate poverty and promote conscientious consumption. Islamic finance opens the opportunity for financially and socially excluded groups, poverty reduction, and environmental sustainability through programs like renewable energy projects. However, SDG integration with Islamic finance still poses some challenges, namely, Shari'ah scholars' understanding of the SDGs, regulatory and operational difficulties, the necessity for innovation, and measuring nonfinancial benefits. Through case studies, the authors provide pragmatic insights into successful integration processes as well as practical lessons for the concerned parties. The chapter ends by making policy recommendations grounded on active support by governments, compulsory educational initiatives, new interesting Islamic finance products, and shared efforts (or undertakings) among various stakeholders. In short, this chapter positions Islamic finance as a potent catalyst for SDGs, furnishing a sustainable economic and social development framework while acknowledging and addressing challenges on the integration journey.en_US
dc.identifier.citationSmolo, E., Saba, I., Ismail, N., & Mahomed, Z. (2024). Integrating Islamic finance into the Sustainable Development Goals (SDGs). In E. Smolo, & M. M. Raheem (Eds.), The future of Islamic finance: from Shari'ah law to fintech (pp. 65-82). Emerald Publishing Limited.en_US
dc.identifier.isbn9781835499061 (Online)
dc.identifier.urihttps://ikr.inceif.edu.my/handle/INCEIF/4146
dc.languageEnglish
dc.language.isoengen_US
dc.publisherEmerald Publishing Limiteden_US
dc.rights2025. Edib Smolo, Irum Saba, Norashikin Ismail and Ziyaad Mahomed
dc.sourceSEDONA
dc.subjectIslamic economicsen_US
dc.subjectIslamic financeen_US
dc.subjectSustainable development goalsen_US
dc.subjectSDGsen_US
dc.subjectShari'ah-complianten_US
dc.subjectMaqasid al-Shari'ahen_US
dc.subjectDigital financeen_US
dc.titleThe state of Islamic finance in Europeen_US
dc.typeChapter in Booken_US
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicSustainabilityen_US
relation.isAuthorOfPublication4f8b920e-6954-48c5-aa66-888d6fa99924
relation.isAuthorOfPublication.latestForDiscovery4f8b920e-6954-48c5-aa66-888d6fa99924
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