"The Arab Monetary Fund released a study on: “Islamic Banks and Sustainable Development Goals in the Arab World

In line with its continuous efforts to support the decision-making process in the Arab countries, the Arab Monetary Fund (AMF) has released a study titled "Islamic Banks and Sustainable Development Goals in the Arab World: A Case Study of Selected Countries". This study examined empirically how Islamic banks contribute to achieving the Sustainable Development Goals (SDGs) in the Arab world.

Based on the study's results, Islamic banks' financing practices in Saudi Arabia and the United Arab Emirates have positively contributed to achieving the Sustainable Development Goals, as Islamic Banks' finance extended in these countries tended to support economic activities that more aligned with the SDGs. Furthermore, the corporate social responsibility disclosure programs set up by the Saudi Arabia and UAE governments to promote social responsibility made for an excellent choice in making a positive social impact and achieving Sustainable Development Goals.  

In light of the findings of this study, policymakers, central banks can determine the extent to which Islamic banks adhere to economic, environmental, and social responsibilities. They can also develop financing frameworks and standards to ensure Islamic banks are financing or investing in portfolios that meet the SDGs.