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| Financial Inclusion: Islamic Finance Role in Accomplishing The Global Goals |
Dr Ramatu Ussif
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Abstract:
Financial inclusion is a great catalyst for economic development across the world. Islamic finance which is an alternative form of conventional finance as indicated by the world economies that was pronounced after the global crisis when Islamic Finance was able to survive the shocks as compared with conventional finance-system. This research examines financial inclusion: the role of Islamic Finance in achieving the Sustainable Development Goals. Relevant literature was reviewed and conclusions made. The study reveals financial inclusion as a significant instrument to poverty reduction, employment creation, and income-generating activities. The study also demonstrated that Islamic Finance through their issued social re-distributive instruments like the Zakat, Waqf, Sadaqah, will have a positive effect on the economy and will lead toward the achievement of SDGs. Also, the Islamic finance instruments such as Sukuk, Takaful, Mudharaba, Murabaha, and Musharakah, will have a positive impact on the sectors of the economy which invariably can help in leading to achieving the objective of Sustainable Development Goals by 2030. It is concluded that financial inclusion, through the adaptation of Islamic financing will go a very long way to help solve the challenges of funding that affected the success of the MDGs and help achieve the SDGs.
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