Virus crisis highlights potential role of IBF on SDGs

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Observer Report

Karachi

Amid an ongoing severe global healthcare crisis caused by the relentless spread of Covid-19 across the world, some research institutions and scientific entities are wondering if and how the world will change after the virus has eventually subsided. In this particular case, a new report issued last week is shedding light on the anticipated fundamental changes of the corporate world in terms of economic and social sustainability — and what role Islamic banking and finance (IBF) plays in it with regards to the Sustainable Development Goals (SDG) formulated by the United Nations which have been called into existence in 2015 to make this world a better, cleaner and more livable place.
The report, entitled “Islamic Finance and the SDGs: Framing the Opportunity” and released as the first edition of the new “Thought Leadership Series” by the Islamic Finance Council UK (UKIFC) in partnership with Malaysia-based International Shariah Research Academy for Islamic Finance in first week of May 2020, is looking into the capabilities of the global Islamic finance sector to of contribute and actively engage in getting closer to reach the SDGs after the virus pandemic will have ended.
As a background, the UN has formulated the SDGs as a playbook to address and eventually overcome a wide range of global economic, social, governance and environmental challenges by 2030.