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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.

UN-Habitat Executive Director: Let’s work together to implement the New Urban Agenda

Sameh Wahba's picture
During the Ninth Session of the World Urban Forum (WUF9) in Kuala Lumpur, Malaysia, the World Bank delegation met with Maimunah Mohd Sharif, Executive Director of the United Nations Human Settlements Program (UN-Habitat).

Ms. Sharif became the Executive UN-Habitat in December 2017, succeeding Joan Clos of Spain. She was previously Mayor of the City Council of Penang Island, Malaysia, where she led the Municipal Council of Seberang Perai to achieve its vision of a “cleaner, greener, safer and healthier place to work, live, invest and play.”

E-justice: does electronic court reporting improve court performance?

Georgia Harley's picture


More and more courts are going digital. But does this improve judicial performance?
 
Legal literature on ‘e-justice’ seems to think so. So too does the World Development Report, ‘Digital Dividends,’ which highlights the potential for ICT to improve the transparency and quality of government service delivery.
 
As electronic court reporting is one key aspect of this trend, we want to take the opportunity to look at the pros and cons of improving judicial performance in different contexts.

World Bank at the World Urban Forum: Three key ways to implement the New Urban Agenda

Ede Ijjasz-Vasquez's picture
Over a year ago, national and city leaders from around the world gathered at the Habitat III conference in Quito to endorse the New Urban Agenda, which sets a new global standard for sustainable urban development and guides global efforts to achieve the Sustainable Development Goals in the era of climate change.
 
In just three weeks, early February 2018, representatives of the world’s countries and cities will convene again to discuss “Cities 2030, Cities for All: Implementing the New Urban Agenda” at the world’s premier conference on cities – the Ninth Session of the World Urban Forum (WUF9) in Kuala Lumpur, co-hosted by UN-Habitat and the government of Malaysia. 
 
 

 
In the video, World Bank Senior Director Ede Ijjasz-Vasquez (@Ede_WBG) and Director Sameh Wahba (@SamehNWahba) share the World Bank's three priorities at the World Urban Forum.

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As the world’s largest financier on urban development, the World Bank will focus on three issues at the World Urban Forum that are essential for implementing the New Urban Agenda toward the Sustainable Development Goals:

The secret sauce for making the New Urban Agenda a success

Luis Triveno's picture

Also available in: Español | 中文

Credit: Lois Goh/ World Bank


Modernity’s most common story spanning national, cultural and religious borders is about people moving from rural areas to the cities. By 2030, 80% of the world’s population will be living in urban areas, following the dream of better jobs, education, and health care.

Too often, however, that dream risks remaining an urban daydream, due to natural disasters such as hurricanes, earthquakes, and floods, as well as climate change. Those of us working to help these families find a better future must focus more on ways to support efforts to protect their lives – and their livelihoods.
 
In the 40 years since the launch of Habitat I, governments and municipalities throughout emerging and developing countries have been proving that their cities can be not only inclusive and secure, but also resilient and sustainable. However, unless they increase their speed and scale, they are unlikely to achieve the goals of the “New Urban Agenda” and its Regional Plans, launched at Habitat III in 2016.
 
From our perspective helping governments in Latin America and the Caribbean, and ahead of the World Urban Forum taking place in Kuala Lumpur, Malaysia in February, let us share three key ingredients necessary to achieve that goal:

The New ASEAN Green Bonds Standards

Ashraf Arshad's picture
The ASEAN Green Bonds Standards are a big step forward towards more green investments in the region. Photo: bigstock/jamesteoh


Climate change poses a significant threat to the economic development of countries around the world. The World Bank estimates that up to a 100 million poor people could be pushed back into poverty by 2030 as a result of climate changein part due to a combination of higher agricultural prices and threats to food security and health – especially in the poorer parts of the world. The Paris Agreement and the 2030 Sustainable Development Goals (SDGs) have provided commitments to tackle the most urgent of these environmental challenges.

How young people are rethinking the future of work

Esteve Sala's picture
(Photo: Michael Haws / World Bank)


When we talk about the future of work, it is important to include perspectives, ideas and solutions from young people as they are the driving force that can shape the future.  As we saw at the recent Youth Summit 2017, the younger, digitally-savvy generations —whether they are called Millennials, Gen Y, or Gen Z— shared solutions that helped tackle global challenges.  The two-day event welcomed young people to discuss how to leverage technology and innovation for development impact.  In this post, we interviewed —under a job-creation perspective—finalists of the summit's global competition.

Improving access to finance for SMEs in Tanzania: Learning from Malaysia’s experience

Djauhari Sitorus's picture
Malaysia’s experience in addressing access to finance for SMEs has been successful, serving as a learning point for countries like Tanzania. Photo: Samuel Goh/World Bank
Tanzania is set towards becoming a middle-income country as the economy grew by an average of 6.5% per year in the past decade. The “Tanzania Development Vision (TDV) 2025” highlighted small and medium-sized enterprises (SME) sector as one important contributor to the country’s long-term development. It is estimated that Tanzania’s SME sector consists of more than 3 million enterprises which contribute to 27% of overall GDP.  Most of them are in the agricultural sector, and more than half are owned by women.  


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