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Maqasid al-Shariah and Sustainable Development Goals Convergence: An Assessment of Global Best Practices

In: Islamic Finance, FinTech, and the Road to Sustainability

Author

Listed:
  • Noor Suhaida Kasri

    (ISRA Research Management Centre, INCEIF University)

  • Said Bouheraoua

    (ISRA Research Management Centre, INCEIF University)

  • Silmi Mohamed Radzi

    (International Shariah Research Academy (ISRA))

Abstract

As much as COVID-19 triggered the global economic downturn, it has also catalyzed sustainable economic development internationally. The growing demand for sustainable and responsible financing and investment vis-à-vis United Nations’ Sustainable Development Goals (SDG) prompted discussions among the Islamic finance fraternity on the compatibility of the secular-based SDG with the religious-based maqasid al-shariah (the higher objectives of Shariah). Using the qualitative research method, this chapter studies the fundamental principles of maqasid al-shariah and their correlation to SDG main constituents. It delineates the impact of maqasid al-shariah and SDG on the studied establishments’ economic activities and practices. This study found that the SDG proposition is generally in line with the principles of Maqasid al-shariah though the religious dimension is silent on the SDG. The convergence of these two notions has made a significant socio-economic impact, as evidenced in the six selected case studies, namely: Singapore-based Warees Investment Pte Ltd, Saudi-based Alinma Investment Company, Indonesia-based PT Ethis Indo Asia, Islamic Development Bank’s Sustainable Sukuk, Malaysia’s Sukuk PRIHATIN and Indonesia’s Cash Waqf Linked Sukuk. These case studies showcase feasible solutions to finance sustainable development and ameliorate the adverse impact of the COVID-19 pandemic. In particular, the integration between Waqf, an Islamic social finance tool, with modern establishments and financial instruments.

Suggested Citation

  • Noor Suhaida Kasri & Said Bouheraoua & Silmi Mohamed Radzi, 2023. "Maqasid al-Shariah and Sustainable Development Goals Convergence: An Assessment of Global Best Practices," Palgrave CIBFR Studies in Islamic Finance, in: Zul Hakim Jumat & Saqib Hafiz Khateeb & Syed Nazim Ali (ed.), Islamic Finance, FinTech, and the Road to Sustainability, pages 59-105, Palgrave Macmillan.
    • Handle: RePEc:pal:pcichp:978-3-031-13302-2_4
    DOI: 10.1007/978-3-031-13302-2_4
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