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10 March 2020
ECONOMY

DIEDC, UNDP partner to support stakeholders alignment with SDGs

The Islamic Development Bank found Islamic Finance to be relevant in addressing 10 of the 17 Sustainable Development Goals such as goals pertaining to infrastructure development and financial stability

The partnership will also enhance the application of UNDP’s SDG expertise in DIEDC initiatives across Islamic economy sectors/Shutterstock

by Kudakwashe Muzoriwa

Dubai Islamic Economy Development Centre (DIEDC) signed an MoU with the United Nations Development Programme (UNDP) to enhance the two entities’ collaboration and the alignment of DIEDC’s stakeholders with the Sustainable Development Goals (SDGs).

DIEDC stated that the agreement provides a framework to leverage the natural synergy between the two organisations with a focus on producing knowledge and research related to the Islamic economy and the SDGs.

The partnership will also enhance the application of UNDP’s SDG expertise in DIEDC initiatives across Islamic economy sectors.

HE Sultan bin Saeed Al Mansouri, the Minister of Economy and Chairman of DIEDC, said, “The world is witnessing a demand for sustainable and inclusive models of economic diversification, and this agreement underpins the UAE’s role as a key player in the global Islamic economy domain that is growing steadily.”

Islamic finance encourages investors to create positive non-financial value alongside financial returns to support a socially conscious, environmentally friendly system. Similarly, Islamic finance also shares a broad understanding of the relationship between business and society, centred on advancing society's wellbeing.

“Leveraging Islamic finance instruments will be vital to help protect the planet while ensuring shared economic prosperity,” said Marcos Neto, the Director of UNDP’s new SDG Finance Sector Hub.

The partnership between DIEDC and UNDP builds on the UN Secretary-General’s call to action on financing, including through the promotion of new partnerships to unlock Islamic finance for the SDGs.


RELATED STORIES: DIEDC UNDP Islamic finance SDGs

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