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Sustainable Development Goals and the role of Islamic finance

Abayomi Alawode's picture
 bigstock/joyfull
Malaysia is home to a vibrant Islamic banking sector. Islamic finance has grown rapidly in the past two decades and it now stands as a potential contributor in supporting the Sustainable Development Goals. Photo: bigstock/joyful

Islamic finance has the potential to play a crucial role in supporting the implementation of the Sustainable Development Goals (SDGs). In the face of significant financing needs for the SDGs, Islamic finance has untapped potential as a substantial and non-traditional source of financing for the SDGs.

The growth of Islamic finance has been rapid at 10-12% annually over the past two decades. By 2015, the industry had surpassed US$1.88 trillion in size. Islamic finance has emerged as an effective tool for financing development worldwide, including in non-Muslim countries, and may prove to be an important contributor towards realizing the SDGs. 

The Third Annual Symposium on Islamic Finance was held in Kuala Lumpur in November 2017, co-organized by the World Bank Group, Islamic Development Bank, International Center for Education in Islamic Finance (INCEIF) and Guidance Financial Group to explore the potential contributions that Islamic Finance can make to achieving the SDGs.

The economic outlook for East Asia and the Pacific in six charts: Strong growth, easing moderately

Ekaterine T. Vashakmadze's picture
Growth in the EAP region strengthened marginally to 6.4 percent in 2017, 0.2 percentage point higher than expected. The region continued to be a major driver of global growth, accounting for more than a third of it in 2017, mostly because of China’s significant contribution. Regional growth is projected to gradually slow to 6.2 percent on average in 2018-20. That is broadly in line with previous forecasts, with the structural slowdown in China outweighing a modest further cyclical pickup in the rest of the region.

Reforming victim support services: Lessons from Serbia

Georgia Harley's picture

Victims of crime are among the most vulnerable groups in need of government services - from basic information to shelters, hotlines, health and psychological services, legal assistance, and more. Yet, support services are often inadequate or even unavailable, leaving victims feeling helpless and abandoned by the justice system. This brings a range of economic and social welfare costs that should be avoided.

But how do we prevent these negative, spillover effects?

Surgical care – an overlooked entity in health systems

Emi Suzuki's picture

Five billion peopletwo thirds of world populationlack access to safe and affordable surgical, anesthesia and obstetric (SAO) care while a third of the global burden of disease requires surgical and/or anesthesia decision-making or treatment. Treating the sick very often requires surgery and anesthesia. Despite such huge burden of disease, safe and affordable SAO care is often overlooked.

Why? It may be because surgery and anesthesia are not disease entities. They are treatment modalities that address the breadth of human disease — infections, non-communicable, maternal, child, geriatric and trauma-related disease and injuries, and international development agencies have been focusing on vertical disease-based programs.

Prior to 2015, global data on surgery, anesthesia and obstetric care was virtually nonexistent. With the idea that “We can’t manage what we don’t measure”, the Lancet Commission on Global Surgery developed six Surgical, Obstetric and Anesthesia (SAO) indicators (discussed here) and collected data for them. The analysis of these data show large gaps in SAO care across countries by income groups.

There are 70-times as many surgical workers per 100,000 people in high-income countries compared with low-income countries

The SAO or “surgical” workforce is extremely small in low-income countries (1 SAOs per 100,000 population) and lower middle-income countries (10 SAOs per 100,000 population) whereas there are 69 SAOs per 100,000 population in high-income countries. The discrepancy between high-income countries and low- and middle-income countries is even greater for surgical workforce density than that of physician density.

Cash Transfers Increase Trust in Local Government

David Evans's picture

Cash transfers seem to be everywhere. A recent statistic suggests that 130 low- and middle-income countries have an unconditional cash transfer program, and 63 have a conditional cash transfer program. We know that cash transfers do good things: the children of beneficiaries have better access to health and education services (and in some cases, better outcomes), and there is some evidence of positive longer run impacts. (There is also some evidence that long-term impacts are quite modest, and even mixed evidence within one study, so the jury’s still out on that one.)

In our conversations with government about cash transfers, one of the concerns that arose was how they would affect the social fabric. Might cash transfers negatively affect how citizens interact with each other, or with their government? In our new paper, “Cash Transfers Increase Trust in Local Government” (can you guess the finding from the title?) – which we authored together with Brian Holtemeyer – we provide evidence from Tanzania that cash transfers increase the trust that citizens have in government. They may even help governments work a little bit better.

Making taxes work for the SDGs

Jan Walliser's picture
Graphic: World Bank Group

Taxation plays a fundamental role in effectively raising and allocating domestic resources for governments to deliver essential public services and achieve broader development goals.

Game-changers and whistle-blowers: taxing wealth

Jim Brumby's picture

High and rising income inequality is a serious concern in many countries, as highlighted in the IMF’s recent Fiscal Monitor. Wealth, however, is distributed even more unequally than income, as in the picture below.

Colombo: Beyond concrete and asphalt

Darshani De Silva's picture
To ensure their city remains sustainable, Colombo’s citizens need to co-exist and build harmonious relationships with natural ecosystems and the biodiversity that thrives in them
To ensure their city remains sustainable, Colombo’s citizens need to co-exist and build harmonious relationships with natural ecosystems and the biodiversity that thrives in them

Protecting nature in Sri Lanka’s capital for resilience and sustainability

The world is urbanizing at a very fast pace – but it seems like Sri Lanka is an exception.

In 2014, the island was listed as one of the least urbanized countries in the World Urbanization Prospects (WUP),  with less than 20 percent of the population in urban areas. By 2050, WUP projected that number would rise to only 30 percent.
 
Does this mean we still have to worry about the country’s urbanization? The short answer is yes.

This is, after all, an island nation with one of the highest population densities, complex and evolving social systems and intricate ecosystems.

Meanwhile, urbanization, even at relatively slower pace, is still changing migration patterns, altering the way urban populations consume resources, and impacting the affordability of land and other assets.

These, in turn, are increasing the demand for resources. Growing inequality can be seen as a result of the displacement of less affluent communities, while the loss of important ecosystems has negatively affected resilience and sustainability.

Yin Yin Lam - 10 candid career questions with infrastructure & PPP professionals

Yin Yin Lam's picture



Welcome to the “
10 Candid Career Questions” series, introducing you to the infrastructure and PPP professionals who do the deals, analyze the data, and strategize on the next big thing. Each of them followed a different path into infra and/or PPP practice, and this series offers an inside look at their backgrounds, motivations, and choices. Each blogger receives the same 15 questions and answers 10 or more that tell their career story candidly and without jargon. We believe you’ll be as surprised and inspired as we were.  


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