Islamic Capital for Impact – Pathway to Achieving SDGs in Asia
11th June 2020 3:00pm Singapore Time
- Somewhere between USD300 billion and USD1 trillion is raised per annum via Zakat (the 2.5% of unused saving Muslims donate to charity). This Islamic capital has significant capacity to address SDGs, especially those of poverty reduction, peace, education and economic growth.
- “Being [in Islamic finance] does not mean also you are only working with Muslims or in Islamic countries, we deal with all beneficiaries.” – Saleh Mubarak Bazead, Nama Foundation
- Of the 70 million people forcibly displaced around the globe, 60% of these are Muslims and Zakat targets this problem directly. The UNHCR Refugee Zakat Fund provided USD 43 million in assistance to over 1 million refugees last year. Zakat is also channeled into stagnating economies (often conflict areas) and yields significant impact, with an estimated USD 2.10 in economic activity generated for each USD 1 spent.