A Critical Analysis of The Economic Dimensions of SDGs Based on Islamic Economics Perspective

Abstract

It is a common belief that the concept of sustainable development is introduced to the rest of the world by western thinkers. The western world discovered sustainable development through trials and errors emanating from their failures. This concept has been promoted on three dimensions: environmental, social, and economic.  Sustainable Development Goals (SDGs), which have mostly focused on material achievements neglecting ethical progress, are left to be implemented by each country individually. It is believed that the Islamic world has just of late adapted this concept. Yet little is known that the origin and the concept of sustainable development can be traced back in history. This concept with its three dimensions is embedded and is prevalent in various practices in the world of Islam. The three dimensions of sustainable development have their theoretical foundations in Islamic principles, especially within the principles and objectives of Islamic economics with its economic aspect. There has hardly been any work that has analyzed the economic dimensions of SDGs from the Islamic economics perspective. This paper, therefore, aims at developing a new inclusive model for SDGs based on the Islamic economics perspective. The paper will argue that SDGs based on Islamic economics can overcome the ills in the practices of the conventional economic systems. The paper will offer genuine economic and financial recommendations based on a human-centric and ethical frame. The study has suggested a potential area for future research that would harmonize Islamic economics with sustainable development in the context of the present SDGs.