Islamic Finance for the Sustainable Development Goals from edX

Islamic Development Bank (IsDB), IsDB Science, Technology and Innovation (STI) Fund – Engage Platform, Islamic Development Bank Institute (IsDBI), Durham University Business School, UNDP Istanbul International Center for Private Sector in Development (IICPSD), and the United Nations Development Programme (UNDP) are pleased to provide this free Massive Open Online Course (MOOC) on “Islamic Finance for the Sustainable Development Goals.”

Positioning Islamic finance as broadly relevant to Sustainable Development Goals and not only a niche proposition, this course is the first of its kind designed for capacity building in order to engage development professionals and Islamic finance partners for leveraging this vital source for financing sustainable development.

From the resemblance of Islamic finance principles to the objectives outlined by the Sustainable Development Goals, to the potential of Islamic microfinance in socioeconomic empowerment; this course brings theory and practice together with the authoring and video lecturing contributions of 27 leading subject matter experts.

A certificate of completion only indicates the completion of the course. It does not imply proficiency in the subject matter, nor should it be seen as a professional certification.

The views expressed in this course are those of the instructors and do not necessarily represent those of the United Nations, including UNDP, or the UN Member States.

What you'll learn

Understand the 2030 Agenda for Sustainable Development
Define the financing mechanisms for sustainable development and the Sustainable Development Goals
Acquire extended awareness and comfortable communication in Islamic finance, as well as enhanced understanding of Islamic finance principles and the requirements of Islamic finance partners
Build effective dialogue and partnerships within the global development community and Islamic finance stakeholders
Outline which program design and policy requirements may be needed to engage with Islamic finance
Identify projects and develop policies related to the Sustainable Development Goals that accommodate requirements pertaining to Islamic finance
Develop blended finance solutions combining Islamic social and commercial finance instruments with technology and innovation
Explore how Islamic finance instruments and institutions can be utilized to support the Sustainable Development Goals through real-world case studies

What's inside

Syllabus

Module 1 Introduction

Module 2 The Sustainable Development Goals and the Role of Islamic Finance

Lesson 1 The Sustainable Development Goals and Financing the 2030 Agenda

Lesson 2 Islamic Finance: An Ethical Proposition for Sustainable Development

Lesson 3 The Islamic Finance Principles and Their Link with the Sustainable Development Goals

Case Study An Interest-Free Microfinance Institution: Akhuwat Pakistan

Case Study Charity-Based Microfinance: Islamic Relief Worldwide

Module 3 Modes and Institutions of Islamic Finance

Lesson 1 Islamic Commercial Finance Instruments

Lesson 2 Islamic Social Finance Instruments and Institutions for Economic and Social Empowerment

Lesson 3 Islamic Social Finance: Unlocking the Potential in Humanitarian Crises

Lesson 4 The Governance Structure and Principles in Islamic Commercial and Social Finance Sectors

Case Study Integrating Sustainability into Banking: CIMB Malaysia

Case Study A Bank-Led Startup Accelerator: Albaraka Garaj

Case Study Channeling Microfinance Through a Commercial Bank: Islami Bank Bangladesh Limited (IBBL)

Case Study A Digitalized Islamic Cooperative Institution: KSPPS BMT Bahtera in Indonesia

Module 4 Impact Investing and Islamic Finance

Lesson 1 Financial Mechanisms for Private Sector Engagement in Sustainable Development

Lesson 2 Blending Islamic Finance and Impact Investing

Lesson 3 Impact Measurement and Management

Case Study Blending Islamic Finance and Impact Investing: The Global Islamic Finance and Impact Investing Platform (GIFIIP)

Module 5 Perspectives for Multilateral Organizations in Engaging with Islamic Finance

Lesson 1 Engaging with Islamic Finance Within the Policy Frameworks of Development Organizations

Lesson 2 Financial Development with Risk-Sharing: An Islamic Finance Framework

Lesson 3 Development Finance Framework and Infrastructure Institution: Islamic Development Bank (IsDB)

Case Study Unlocking Zakat to Help Communities: UNDP Indonesia

Case Study Activating Waqf for Sustainable Development: Awqaf Properties Investment Fund (APIF)

Case Study Pioneering Green Sukuk: The Technical Assistance of the World Bank in Malaysia

Case Study Pioneering Green Sukuk: The Technical Assistance of UNDP in Indonesia

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Teaches how Islamic finance can be applied to the United Nations' Sustainable Development Goals

Provides practical examples of how Islamic finance is being used to achieve the SDGs, such as projects in microfinance, education, and healthcare

Covers a wide range of topics related to Islamic finance, including the principles, instruments, and institutions, as well as how to engage with Islamic finance partners

Led by experts from the Islamic Development Bank, the United Nations Development Programme, and Durham University, with contributions from leading subject matter experts

Provides a certificate of completion, which can be used to demonstrate your knowledge of Islamic finance and the SDGs

Requires some prior knowledge of Islamic finance and the SDGs, so it may not be suitable for complete beginners

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Islamic Finance for the Sustainable Development Goals with these activities:

Review Sustainable Development Goals [pre-course]

Show steps

Review the United Nations' Sustainable Development Goals. This will build a baseline of knowledge for the course, reduce the time spent in the course for some students, and ensure that all students are familiar with the basis of the course.

Browse courses on Sustainable Development Goals

Show steps

Read the UN's website on the Sustainable Development Goals
Watch the UN's video on the Sustainable Development Goals
Identify the 17 Sustainable Development Goals

Show all one activities

Career center

Learners who complete Islamic Finance for the Sustainable Development Goals will develop knowledge and skills that may be useful to these careers:

Islamic Finance Specialist

Islamic Finance Specialists are financial professionals who specialize in the principles and practices of Islamic finance. They may work in a variety of roles, including investment banking, asset management, and financial advisory. This course provides a comprehensive overview of Islamic finance, including its history, principles, and instruments. It also covers the role of Islamic finance in sustainable development. This course may be useful for anyone who is interested in a career in Islamic finance.

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Sustainability Analyst

Sustainability Analysts help businesses and organizations assess their environmental and social impact. They may also develop and implement sustainability strategies. This course provides a foundation in sustainable development and the role of Islamic finance in achieving the Sustainable Development Goals. It also covers specific topics such as green sukuk and impact investing. This course may be useful for anyone who is interested in a career in sustainability.

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Impact Investor

Impact Investors invest in companies and organizations that are making a positive social or environmental impact. This course provides a foundation in impact investing and the role of Islamic finance in this field. It also covers specific topics such as blended finance and impact measurement. This course may be useful for anyone who is interested in a career in impact investing.

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Development Finance Analyst

Development Finance Analysts provide financial and technical assistance to developing countries. They may work for multilateral organizations, such as the World Bank or the United Nations, or for private sector companies. This course provides a foundation in development finance and the role of Islamic finance in this field. It also covers specific topics such as financial inclusion and microfinance. This course may be useful for anyone who is interested in a career in development finance.

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Microfinance Officer

Microfinance Officers provide financial services to low-income clients. They may work for banks, credit unions, or microfinance institutions. This course provides a foundation in microfinance and the role of Islamic finance in this field. It also covers specific topics such as interest-free microfinance and charity-based microfinance. This course may be useful for anyone who is interested in a career in microfinance.

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Islamic Banking Officer

Islamic Banking Officers provide banking services that comply with Islamic law. They may work for Islamic banks or for conventional banks that offer Islamic banking products. This course provides a foundation in Islamic banking and the role of Islamic finance in sustainable development. It also covers specific topics such as Islamic commercial finance instruments and Islamic social finance instruments. This course may be useful for anyone who is interested in a career in Islamic banking.

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Financial Analyst

Financial Analysts provide financial advice to individuals and organizations. They may work for banks, investment firms, or consulting firms. This course provides a foundation in financial analysis and the role of Islamic finance in sustainable development. It also covers specific topics such as financial modeling and investment analysis. This course may be useful for anyone who is interested in a career in financial analysis.

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Actuary

Actuaries use mathematics and statistics to assess risk. They may work for insurance companies, pension funds, or consulting firms. This course provides a foundation in actuarial science and the role of Islamic finance in sustainable development. It also covers specific topics such as risk management and insurance. This course may be useful for anyone who is interested in a career in actuarial science.

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Economist

Economists study the production, distribution, and consumption of goods and services. They may work for government agencies, research institutions, or private sector companies. This course provides a foundation in economics and the role of Islamic finance in sustainable development. It also covers specific topics such as economic development and international trade. This course may be useful for anyone who is interested in a career in economics.

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Investment Manager

Investment Managers oversee the investment portfolios of individuals and organizations. They may work for banks, investment firms, or family offices. This course provides a foundation in investment management and the role of Islamic finance in sustainable development. It also covers specific topics such as portfolio management and risk management. This course may be useful for anyone who is interested in a career in investment management.

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Risk Manager

Risk Managers identify, assess, and manage risks for organizations. They may work for banks, insurance companies, or consulting firms. This course provides a foundation in risk management and the role of Islamic finance in sustainable development. It also covers specific topics such as operational risk and credit risk. This course may be useful for anyone who is interested in a career in risk management.

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Consultant

Consultants provide advice and guidance to organizations on a variety of topics. They may work for consulting firms, government agencies, or private sector companies. This course provides a foundation in consulting and the role of Islamic finance in sustainable development. It also covers specific topics such as project management and stakeholder engagement. This course may be useful for anyone who is interested in a career in consulting.

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Researcher

Researchers conduct research on a variety of topics. They may work for universities, research institutions, or private sector companies. This course provides a foundation in research methods and the role of Islamic finance in sustainable development. It also covers specific topics such as data analysis and scientific writing. This course may be useful for anyone who is interested in a career in research.

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Teacher

Teachers educate students at all levels, from elementary school to college. They may work for public schools, private schools, or universities. This course provides a foundation in education and the role of Islamic finance in sustainable development. It also covers specific topics such as curriculum development and classroom management. This course may be useful for anyone who is interested in a career in teaching.

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Journalist

Journalists write, edit, and report on news and current events. They may work for newspapers, magazines, websites, or television and radio stations. This course provides a foundation in journalism and the role of Islamic finance in sustainable development. It also covers specific topics such as news writing and ethical reporting. This course may be useful for anyone who is interested in a career in journalism.

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