On the second question relating to the role that Islamic finance, Islamic social finance and the Islamic economy can play in enhancing the outcome? The answer is simple.

That is our job if we are truly following the objectives of the Maqasid Al Shariah. As stewards of the planet with a duty of care for all humanity and all life, it is our responsibility as Muslims to set the example and demonstrate our leadership in this area.

Collaboration will be a key component and there is no reason why the modus operandi that I have described in the previous paragraph could not be achieved by more effectively mobilising the assets that we have in the Islamic social economy — such as zakat, sadaqah and waqaf — to be used for relief of poverty, sustainable growth and healing the planet.

That would be a great start, which would demonstrate the real value of Islamic social finance to the whole community.

All in all, we need to be in a position to pass the world on in a better shape to the next generation. If we focus, organise, follow the path of the Maqasid and thereby help both create awareness and change mindsets, then all of this is achievable. Indeed, it has to be achieved as the burning platform is already there and urgent attention is required!...

https://themalaysianreserve.com/2018/08/13/the-role-of-islamic-finance-in-healing-the-planet/

Sustainable development in Islamic social finance

The term 'Islamic Social Finance' refers to modes of finance that are rooted in Islamic ethics and intended for social benefit. These include Zakat (almsgiving), Waqf (endowments), Sadaqa (charity) as well as Qard Hasan (interest-free loans).

When one defines 'Islamic finance', it is vitally important that Islamic social finance be included. Doing so achieves three crucial benefits. First, it expands the sector’s scale: the Islamic Development Bank Group (IsDB) estimates the potential of Zakat alone to be as much as US$1 trillion per year. The value of endowment assets — which include countless landmarks such as the Taj Mahal — likely far exceeds the US$2.5 trillion assets of the commercial Islamic finance sector.     

Second, social finance is far more inclusive and widely-adopted. In Egypt, for example, the market share of Islamic banking is 9 percent, as per the Islamic Financial Services Board. The percentage of Muslims who report engaging in Zakat, by contrast, is 70 percent as per the Pew Research Institute. Similar patterns are seen across Muslim-majority countries.

Third, social finance embodies key values, such as generosity and concern for others...