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

Abubakar Jamilu Baita () and Hassan Hassan Suleiman
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Abubakar Jamilu Baita: Yusuf Maitama Sule University
Hassan Hassan Suleiman: Securities & Exchange Commission

Chapter Chapter 31 in Islamic Wealth and the SDGs, 2021, pp 599-620 from Springer

Abstract: 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.

Keywords: Sukuk; SDG-9; Sub-Saharan Africa; Industry; Innovation; Infrastructure (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-65313-2_31

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DOI: 10.1007/978-3-030-65313-2_31

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