The contribution of the Islamic and Social banks to the concept of sustainable development

karim mohamed aboul-dahab

doi:10.13135/2421-2172/7178

karim mohamed aboul-dahab National Telecom Regulatory Authority NTRA

DOI: https://doi.org/10.13135/2421-2172/7178

Keywords: Sustainable Development Goals, SDGs, Islamic banking, Islamic finance, Social banking, Corporate Social Responsibility, Charity bank

Abstract

Islamic banking is a financial structure based on Islamic law (Sharia law) and driven by Islamic economics. The Islamic financial system, which offers alternative funding sources, is supported by four major pillars: the Islamic banking system, the Islamic money market, Islamic insurance, or takaful, and the Islamic capital market. On the other hand, social banks are founded on using financial services to “create a positive impact on the society and the environment; respectively, customers see Islamic banks, depositors, and the broader community as having a social as well as an economic role. In this respect, the main pillars of the United Nations Sustainable Development Goals (SDGs) include ending poverty and promoting sustainable development. This paper will investigate the similarities between Islamic and social banks. Furthermore, this research will highlight the contribution of the two banks toward achieving the UN Sustainable Development Goals (SDGs).

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