DOI :10.26650/B/SS10.2020.017.05   IUP :10.26650/B/SS10.2020.017.05    Full Text (PDF)

Where Do Muslim Countries Stand on Sustainable Development Goals

Salman Ahmed ShaıkhM. Kabir Hassan

The scope of the term ‘economic development’ has gone through significant changes in the past literature. In the early literature, economic growth and economic development were synonymous terms and per capita income was considered as a sufficient measure for assessing the level of economic development. In recent decades, the emphasis was placed on human development and now the concept of development also incorporates environmental sustainability. This chapter explains that the aims of sustainable development are harmonious with the philosophy and institutions of Islamic finance. This chapter has two aims. First, it measures the performance of Muslim majority countries on sustainable development parameters. Second, it discusses how Islamic finance principles, institutions and instruments can assist in making progress towards meeting the goals of sustainable development. To achieve the first objective, this study develops a new index to gauge the performance of Muslim countries on each of the Sustainable Development Goals (SDGs) individually and collectively. To achieve the second objective, this study outlines the Islamic approach to sustainable development through the Islamic value framework along with Islamic commercial finance and Islamic social finance institutions.


  • Ahmed, H., Mohieldin, M., Verbeek, J., & Aboulmagd, F. W. (2015).On the sustainable development goals and the role of Islamic finance (Policy Research Working PaperNo: WPS7266). Retrieved from World Bank Group Open Knowledge Repositorywebsite: handle/10986/22000/On0the0sustain0e0of0Islamic0finance.pdf?sequence=1&isAllowed=y google scholar
  • Alam, N., Duygun, M., & Ariss, R.T. (2016). Green sukuk: An innovation in Islamic capital markets. In: Dorsman A., Arslan-Ayaydin Ö., Karan M. (eds) Energy and Finance (pp. 167-185). Springer, Cham.http://doi-org-443. google scholar
  • Aziz, M. R. A., Johari, F., & Yusof, M. A. (2013). Cash waqf models for financing in education. Proceedings of the 5th Islamic Economic System Conference (iECONS2013). google scholar
  • Buiter, W. H., & Rahbari, E. (2015). Why economists (and economies) should love Islamic finance. Journal of King Abdulaziz University: Islamic Economics, 28(1), 139 – 162. google scholar
  • Cook, J., Nuccitelli, D., Green, S. A., Richardson, M., Winkler, B., Painting, R., & Skuce, A. (2013). Quantifying the consensus on anthropogenic global warming in the scientific literature. Environmental Research Letters, 8(2), 1 – 7. google scholar
  • Domar, E. (1946). Capital expansion, rate of growth, and employment. Econometrica, 14(2), 137 – 147. google scholar
  • Food and Agriculture Organization of the United Nations (2013). Part 3: Feeding the World. in FAO Statistical Yearbook2013, 173 – 181. FAO, Rome. google scholar
  • Habib, A. (2007). Waqf-based microfinance: Realizing the social role of Islamic finance. Paper presented at the International Seminar on Integrating Awqaf in the Islamic Financial Sector, Singapore, 6 – 7 March. google scholar
  • Haneef, M. A., Muhammad, A.D., Pramanik, A.H., & Mohammed, M.O.(2014). Integrated waqf based Islamic microfinance model (IWIMM) for poverty alleviation in OIC member countries. Middle-East Journal of Scientific Research, 19(2), 286 – 298. google scholar
  • Haq, M. (1963). The strategy of economic planning: A case study of Pakistan. Karachi, Pakistan: Oxford University Press. google scholar
  • Haq, M. (1995). Reflections on human development. New York, US: Oxford University Press. google scholar
  • Harrod, R.F. (1939). An essay in dynamic theory. The Economic Journal, 49(193), 14 – 33. google scholar
  • Hartman, D.A. (2002). Does progressive taxation redistribute income”, The Road Map to Tax Reform Series, Policy Report 162. google scholar
  • Hassan, A. (2016). Islamic ethical responsibilities for business and sustainable development. Humanomics, 32(1), 80 – 94. google scholar
  • Hotelling, H. (1931). The economics of exhaustible resources. Journal of Political Economy, 39(2), 137 – 175. google scholar
  • Islamic Development Bank (2015). The role of Islamic finance in achieving sustainable development goals: Author. google scholar
  • Kessel, D. G. (2000). Global warming - facts, assessment, countermeasures. Journal of Petroleum Science and Engineering, 26(1–4), 157 – 168. google scholar
  • Khan, T. (2019). Reforming Islamic finance for achieving sustainable development goals. Journal of King Abdulaziz University: Islamic Economics, 32(1), 3 – 21. google scholar
  • Lundqvist, Jan; de Fraiture, C., & Molden, D. (2008). Saving water: From field to fork – curbing losses and wastage in the food chain. SIWI Policy Brief. Stockholm International Water Institute. google scholar
  • Metwally, M. M. (1983). Fiscal policy & resource allocation in Islam. Islamabad, Pakistan: Institute of Policy Studies. google scholar
  • Mian, A., & Sufi, A. (2015). House of debt: How they (and you) caused the Great Recession, and how we can prevent it from happening again. Chicago, US: University of Chicago Press. google scholar
  • Mohammad, M. T. S. H. (2011). Towards an Islamic social (Waqf) bank. International Journal of Trade, Economics and Finance, 2(5), 381. google scholar
  • Obaidullah, M. (2018). Managing climate change: Role of Islamic finance. Islamic Economics Studies, 26(1), 31 – 62. google scholar
  • Obaidullah, M. (2008). Role of microfinance in poverty alleviation: Lessons from experiences in selected IDB member countries. Islamic Development Bank. Available at SSRN: google scholar
  • Oxfam (2017). Oxfam Briefing Paper: An Economy for the 99%. Oxford: Author. google scholar
  • Paltrinieri, A., Dreassi, A., Migliavacca, M., & Piserà, S. (2020). Islamic finance development and banking ESG scores: Evidence from a cross-country analysis. Research in International Business and Finance, 51, 1 – 13. google scholar
  • Sadeq, A. M. (2002). Waqf, perpetual charity and poverty alleviation. International Journal of Social Economics. Vol.29 No.1/2 , pp. 135-151. google scholar
  • Sadiq, S., & Mushtaq, A. (2015). The role of Islamic finance in sustainable development. Journal of Islamic Thought and Civilization, 5(1), 46 – 65. google scholar
  • Solow, R. M. (1956). A contribution to the theory of economic growth. Quarterly Journal of Economics,70(1), 65 – 94. google scholar
  • Stiglitz, J. E. (2012). The price of inequality: How today’s divided society endangers our future. New York, US: WW Norton & Company google scholar
  • United Nations Development Program (2013). Water governance in the Arab region. United Nations Development Program, Regional Bureau of Arab States. google scholar
  • United National Environment Program (2016). Moving from momentum to transformation in a time of turmoil. Inquiry: Design of a Sustainable Financial System. google scholar
  • Zaidi, A. (2005). Issues in Pakistan’s economy. Karachi, Pakistan: Oxford University Press. google scholar


Istanbul University Press aims to contribute to the dissemination of ever growing scientific knowledge through publication of high quality scientific journals and books in accordance with the international publishing standards and ethics. Istanbul University Press follows an open access, non-commercial, scholarly publishing.