Islamic Social Finance Initiative Aimed at Helping Economic Recovery and Responding to Epidemics |


It comes at a time when millions are pushed into extreme poverty, and an international debate over the role of Islamic Social Finance In achieving the Sustainable Development Goals it has the potential to provide urgently needed support, including economic recovery, response to epidemics and sustainable development.

“Solidarity with the needy means exploring how Islamic social finance can support the response to the pandemic by ACT-Accelerator And him COVAX facility, As well as other initiatives and means to ensure equitable access to vaccines, diagnostics and treatments, ”Deputy Secretary-General Amina Muhammad He said, In her opening statement at the high-profile launch event.

Global health in the crosshairs

Despite modest progress compared to 2020, the UN’s latest global economic forecast, published on Tuesday, revealed the rise Covid-19 Cases, late vaccinations in poor countries and widening inequality, a major setback for Sustainable Development Goals (Sustainable Development Goals).

Meanwhile, the United Nations supports COVAX The initiative continues to be the world’s only vaccine equity mechanism, to try to make sure developing countries are not left behind.

While COVAX has seen nearly 60 million COVID-19 vaccines shipped to more than 120 participating countries, it still needs $ 2.8 billion to end the acute phase of the pandemic by the end of the year.

Conventional finance

Islamic social finance, operating on the principle of inclusiveness based on religion and in line with the Sustainable Development Goals, remains a critical mechanism in promoting social trust, cooperation and solidarity in the fight against poverty and hunger.

This includes traditional tools – including $ 300 billion in charity or compulsory annual zakat ZakatAnd charitable donations known as charity, Called endowments The moratorium As well as microfinance tools – such as charitable loans.

“As we seek to overcome financial constraints, lack of financing and inequality in financing, we believe that Islamic social finance, which itself is based on principles of fairness and justice, can open paths to stimulate economic activity and promote social well-being, financial inclusion and shared prosperity,” he said. Rola DashtiExecutive Secretary of the United Nations Economic and Social Commission for Western Asia (ESCWA).

Wide participation

To foster a better understanding of Islamic social finance and current UN platforms, the United Nations Institute for Training and Research (UNITAR) will facilitate international dialogue through a series of virtual seminars.

“The launch of this dialogue during the month of Ramadan highlights the importance of helping the needy,” said the Special Adviser to the Secretary-General of the United Nations. Ahmed Al-Muraikhi |. “It has never been important for us to stand together to achieve the Sustainable Development Goals and mitigate the effects of the COVID-19 pandemic.”

Until November, Islamic social finance institutions, scholars, and experts will likely join others in the international humanitarian and development order to engage in a broad conversation.

Results of the dialogue

The dialogues expect the release of an outcome report on the utilization of Islamic social financing for the SDGs; Create a knowledge repository and e-learning modules at the United Nations Institute for Training and Research; And make specific recommendations on the way forward – contribute to Funding for Development in the Era of COVID-19 And after the initiative.

He said, “This partnership between the United Nations and the Islamic Development Bank will help realize the potential of Islamic social finance to support humanitarian efforts and achieve sustainable development goals during these difficult times.” Mahmoud MohieldinThe United Nations Special Envoy on Funding Agenda 2030 For sustainable development.

Like it? Share with your friends!


What's Your Reaction?

hate hate
confused confused
fail fail
fun fun
geeky geeky
love love
lol lol
omg omg
win win


Your email address will not be published. Required fields are marked *