Financial Inclusion and the Sustainable Development Goals

Author(s):  
John Kuada
Author(s):  
Nur Farhah Mahadi ◽  
Nor Razinah Mohd. Zain ◽  
Shamsuddeen Muhammad Ahmad

The purpose of this study is to explore the role of Islamic social finance towards realising financial inclusion in achieving nine of the seventeen goals of sustainable development goals (SDGs) which are SDG1, SDG2, SDG3, SDG4, SDG5, SDG8, SDG9, SDG10, and SDG17 in the 2030 agenda for SDGs, as propagated by United Nations Member States in 2015. Then, a critical analysis is made to explain the possible contribution of Islamic social finance in achieving financial inclusion which is aligned with SDGs that brings balanced to the physical, emotional, mental, and spiritual of the community in supporting overall economic growth which finally combats the economic impact of the COVID-19 pandemic. Further research and empirical studies can be conducted to explore the relationship between Islamic social finance, financial inclusion, and SDGs which in tandem with Maqᾱṣid al-Sharῑ῾ah to equip ourselves in unpredictable economic hiccups during COVID-19. The results may also motivate the financial industries to promote Islamic social finance products and corporate social responsibilities as well as enhance the development of Islamic social finance towards achieving financial inclusion in fulfilling SDGs which soon will provide significant social impacts as the results will enable new initiatives by industries and policy makers to develop Islamic social finance in attaining financial inclusion to achieve SDGs which is seen as being parallel with Maqᾱṣid al-Sharῑ῾ah especially in resolving economic issues of COVID-19.


Agronomy ◽  
2021 ◽  
Vol 11 (12) ◽  
pp. 2542
Author(s):  
Shuaishuai Jia ◽  
Yushan Qiu ◽  
Cunyi Yang

The 17 sustainable development goals proposed in the 2030 sustainable development agenda are the shared vision of all humanity. The core of achieving the sustainable development goals is to ensure grain security. Although financial inclusion is not separately incorporated into the United Nations sustainable development goals, it is an essential basis for supporting all sustainable development goals. Financial inclusion plays a critical role in improving grain security efficiency to ensure sustainable grain security. According to the Financial Access Survey implemented by IMF, this study calculated the financial inclusion index and grain security efficiency of 121 countries from 2015 to 2019. Based on calculating the efficiency of grain security in production and distribution, this study used an econometric model to empirically examine the role of financial inclusion in improving grain security efficiency. The study found that financial inclusion can promote grain security efficiency from the two links of production and distribution. Still, the improvement of grain security efficiency by financial inclusion is mainly reflected in the distribution. Further, the study found that the advancement of financial inclusion promotes the efficiency of grain distribution through the effects of residents’ income distribution, residents’ income growth, and consumption capacity upgrading, which achieves the goal of ensuring grain security and promoting sustainable development.


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