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Sukuk and SDG-9 “Industry, Innovation and Infrastructure” in Sub-Saharan Africa: Achievements, Challenges and Opportunities

In: Islamic Wealth and the SDGs

Author

Listed:
  • Abubakar Jamilu Baita

    (Yusuf Maitama Sule University)

  • Hassan Hassan Suleiman

    (Securities & Exchange Commission)

Abstract

This chapter explores the role of sukuk in delivering the United Nations Sustainable Development Goal nine (SDG-9) on industry, innovation, and infrastructure in sub-Saharan Africa. It is believed that sustainable industrialization, together with innovation and infrastructure, can facilitate a better and more sustainable future for all by 2030. However, public financing of SDG goals has been inadequate and the sheer size of the impending SDG financing necessary to be deployed in sub-Saharan African countries to meet SDG funding needs necessitates exploring alternative sources of financing. The chapter summarizes the extant literature around the potential link between sukuk and SDG-9. It provides insights on how the Islamic bond instrument can facilitate a structural shift toward more innovation and technology-oriented industrial activities and resilient infrastructure by 2030 in sub-Saharan Africa. The study finds that sukuk presents a potent and underutilized option as a way forward for financing SDG-9. We recommend that governments should put forward strong policies and incentives directed both at facilitating the growth of sukuk, and addressing its challenges in their countries.

Suggested Citation

  • Abubakar Jamilu Baita & Hassan Hassan Suleiman, 2021. "Sukuk and SDG-9 “Industry, Innovation and Infrastructure” in Sub-Saharan Africa: Achievements, Challenges and Opportunities," Springer Books, in: Mohd Ma'Sum Billah (ed.), Islamic Wealth and the SDGs, chapter 0, pages 599-620, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65313-2_31
    DOI: 10.1007/978-3-030-65313-2_31
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