Observer Report
London
The inaugural Islamic Finance and the UN Sustainable Development Goals (SDGs) Taskforce meeting has taken place virtually bringing together over 40 global Islamic finance leaders.
The pioneering meeting, convened by the Islamic Finance Council UK (UKIFC) in partnership with the UK Government, explored the role Islamic finance can play in addressing the $2.5 trillion SDGs funding gap as part of the post-Covid-19 economic recovery.
As the Taskforce’s first country partner the UK Government’s Economic Secretary to the Treasury and City Minister John Glen MP highlighted the global nature of the SDGs and the need for nations to work together. He commented:
“Islamic Finance can play an important role in unlocking the investment needed to deliver sustainable development goals and I look forward to seeing the practical ideas the Taskforce will generate.”
Practitioners from Africa, Europe, The Gulf and South East Asia joined the United Nations Development Programme, Islamic Development Bank, Accounting and Auditing Organization for Islamic Financial Institutions and the Islamic Financial Services Board to discuss the need for the Islamic finance sector to move from talk to collective action to support the achievement of the Global Goals by 2030.
Islamic Development Bank President Bandar Hajjar welcomed the initiative and called for greater cooperation between the public and private sectors and to use the SDGs to inspire financial innovation.
UKIFC Advisory Board Member and meeting chair Omar Shaikh said: “Despite a natural alignment our analysis suggests that few Islamic financial institutions are engaged in the SDGs. As we enter the decade of delivery we have convened some of the leading global figures in Islamic finance to consider the steps to be taken to raise awareness of the Global Goals and inspire practical action amongst Islamic financial institutions.”
