Leaving no one behind: sustainable development through the lens of Islamic finance products and services 1

Umar A. Oseni

Chapter 6 in Islamic Finance and the Pursuit of Sustainable Prosperity, 2025, pp 107-133 from Edward Elgar Publishing

Abstract: As of 2024, global Islamic finance assets have soared to nearly US$6 trillion, reflecting the sector's expansive range of products, services, and solutions across different regions. This growth has brought into sharp focus the previously indistinct connection between Islamic finance and sustainable development, underscoring the alignment of ethical financing principles with long-term environmental and social objectives. To advance scholarship in this area, this study explores sustainable development via the Islamic financial services industry, scrutinizing case studies across diverse legal frameworks to demonstrate that Islamic finance is designed to be inclusive, transcending social and religious boundaries. The study examines various practical case studies, assesses their impacts, and highlights their global significance. After a thorough analysis of various products, services, and solutions provided through these unique faith-based financing alternatives, which are underpinned by sustainable principles and shared prosperity, the study finds that though Islamic finance is a faith-based financial alternative, its products, solutions, and services are meant for all regardless of their religious, ethnic, or racial leanings. The fundamental principles of Islamic finance and their modern practical applications also emphasize the need to meet the demands of the present generation, the needs of future generations, and the protection of the entire ecosystem. These are all taken care of through the principles of maslahah (public interest) and maqāsid al-Shariah (the higher objectives of Islamic law) as applied in Islamic economic jurisprudence.

Keywords: Sustainable development; Islamic social finance; Ethical finance; Shared prosperity; Islamic finance products (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035349678
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