Askar I. GALIInstitute of International Relations, History, and Oriental Studies, Kazan (Volga Region) Federal University (KFU), Kazan, Republic of Tatarstan, Russian Federation askar-gali@mail.ru ORCID id: not available
Subject. Features of the development of the Islamic finance concept in line with the sustainable development agenda. Objectives. To analyze the specifics of applying Islamic finance instruments in accordance with the sustainable development goals. Methods. General scientific methods of analysis, synthesis, induction, deduction, comparison, and generalization were used. Statistical data and analytical materials from the Islamic Financial Services Board and the International Capital Market Association were analyzed. Results. The features of Islamic finance were examined. The convergence between the principles of Islamic finance and sustainable development goals was revealed. The specifics of applying Islamic finance instruments in line with the sustainable development agenda were identified. The experience of countries in developing sustainable Islamic finance tools was analyzed. Prospects for the development of sustainable Islamic finance were formulated. Conclusions and Relevance. The sustainable Islamic finance market has growth potential given the underfunding issue in achieving sustainable development goals; however, its volume remains significantly lower than that of the traditional sustainable finance market. Green, social, and sustainable sukuk could become the most promising instruments. Regulatory, institutional, and infrastructural reforms are required. The findings can be applied in analytical and academic work.
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