The Global Islamic Finance SDG Taskforce was a unique collaboration between the public and private sectors spearheaded by the UKIFC and HM Treasury, which explored the role the Islamic finance industry can play in addressing this funding gap and to better understand the commercial opportunities the SDGs present for the sector.

Assets were expected to reach US $3.8 trillion in 2022, Islamic finance is one of the fastest growing sectors in the global financial industry. Achieving the 17 Sustainable Development Goals (SDGs) agreed in the UN’s 2030 Agenda for Sustainable Development will take over US$5 trillion per year investment with the current financing gap standing at around $2.5 trillion per year.

The UN’s SDGs are the blueprint to achieving a better and more sustainable future for all, addressing issues such as climate change, education and equality. Achieving the SDGs requires a coordinated global effort with governments and private sector, including the financial services sector as a whole. Analysis indicates there is limited engagement by the global Islamic finance sector and therefore the focused taskforce was established by the UKIFC.


 Global IF sector size


Investment opportunity. (UNCTAD)



Find out more about the Islamic Finance and the SDGs

Islamic Finance & the SDGs | Sultan Choudhury OBE & Stella Cox CBE


The taskforce was primarily intended for global commercial Islamic financial institutions but other stakeholders were welcomed to participate. The taskforce was initially set to run until 2022 and, to facilitate an inclusive global approach, met twice a year in different jurisdictions.

The taskforce convened to oversee working groups and to identify additional opportunities for development. Alongside global taskforce meetings there were monthly and fortnightly working group meetings.

Increased awareness, promoted understanding and encouraged the adoption of the UN’s SDGs amongst Islamic financial institutions
Facilitated sharing of knowledge and experience amongst taskforce members
To identify what resources were required that will directly assist Islamic financial institutions to successfully engage with the SDGs


July 2023

The 7th meeting of the Taskforce kicked-off with a keynote from the former Assistant Secretary General of the UN and Secretary General of the Alliance for a Sustainable Planet Satya Tripathi, who emphasised the alignment between Islamic finance principles and addressing climate change. He called on stakeholders to improve on risk sharing as a means of collaboration for climate change and the need to focus more on adaptation.

LSEG’s Shrey Kohli, Chair of the High-Level Working Group on Green and Sustainable Sukuk (HLWG), gave updates on the HLWG’s work including the approval of the work plan. He noted the developments in the sukuk market including Abu Dhabi Islamic Bank raising $750 million perpetual sukuk and First Abu Dhabi Bank issuing the UAE’s first-ever dirham-denominated green sukuk. Findings from the survey Attitudes of banking customers towards the UN SDGs Global Survey 2023 were presented and Nadeem Haq gave an update on UKIFC’s “Project Tayyib”, an innovative Islamic ESG kitemark being launched at COP28.

Plans for COP28 were highlighted including the Unlocking Islamic Finance summit on 5th December, learn more here. As the Taskforce is coming to a conclusion, plans for a closing report summarizing the Taskforce’s outputs to be issued at COP28 were shared.

November 2022

The 6th meeting of the Taskforce bought together 30 global stakeholders and started with the Chair highlighting that, over the last 2 years, the Taskforce had delivered 35+ meetings and had been showcased at COP26, COP27, UN General Assembly and at the G20. Taskforce-led events, reports, capacity building sessions and guidance notes have positively raised awareness and knowledge and informed policy.

A guest presentation from CIBAFI’s Dr Bilal provided an overview of their recent Sustainability Guide for Islamic Financial Institutions. Updates were provided by each working group as follows: Jinan Al Taitoon, from Refinitiv (an LSEG company), presented the key findings from the recently launched ‘Green and Sustainable Sukuk Report 2022’; Syed Fahim Ahmed shared key findings from the ‘SDGs and Sustainability Report – Pakistan Banking Sector Perspective’; and Chris Tait shared initial insights from the global retail banking IF & SDGs survey.

Andy Homer, concluded by sharing insight into Gatehouse Bank’s successful UN Principles for Responsible Banking journey. It was agreed that the Taskforce would continue until COP28, with the UKIFC leading the Unlocking Finance workstream of the Path to COP28 programme.

May 2022

Hosted by London Stock Exchange Group the Taskforce meeting was conducted as a hybrid session. A welcome keynote was provided by Claire Dorrian, Head of Sustainable Finance Capital Markets, LSEG who highlighted the market trends and the various development initiatives LSEG are involved with.

Updates were provided by each of the working groups. GM Abbasi, Director Islamic Banking State bank of Pakistan noted the significant market share Islamic banking now has in Pakistan and noted the recent report launch. Shrey Kohli, Head of DCM LSEG, who earlier convened a meeting of Green and Sustainable Sukuk working group provided an update of activities. Refinitiv shared plans for their forthcoming report launch and Dr Zamir Iqbal, CFO IsDB provided a market update.

Fadi Hariri, UKIFC, shared details on the finalise global survey. Other updates were provided by Andy Homer (Gatehouse Bank), Lord Sheikh, Amer Bukvic (IsDB) and HMT amongst others. The Taskforce’s programme of activities for the G20 side events, Ethical Finance and COP27 were also discussed.

November 2021

At the Taskforce meeting in November 2021, held to coincide with the COP26 climate summit in Glasgow, participants gathered in-person at Loch Lomond and virtually to discuss Islamic finance and the SDGs, and how faith-based finance can support climate action. Participants included Special Adviser to the UN Secretary General, Dr Ahmed Al-Meraikhi, Executive Secretary of UN-ESCWA, Dr Rola Dashti and Economic Secretary to the Treasury John Glen MP.

We heard updates on the UK Government’s commitment to the Islamic finance industry, the London Stock Exchange Group’s plans for green sukuk, the issuance of sovereign and retail green sukuk in Indonesia, as well as progress reports from the Education & Awareness and Pakistan Working Groups of the Taskforce, as well as comments from institutions including Wahed Invest, Gatehouse Bank and more.

[Clockwise from top left] Ross Priory, Rola Dashti (UN-ESCWA), IsDB video address and Loch Lomond

[Clockwise from top left] Dr. Hayat Sindi (Islamic Development Bank), GM Abbasi (State Bank of Pakistan), Andy Homer (Gatehouse Bank) and Rafe Haneef (CIMB) were among participants.

July 2021

At the Taskforce meeting in July 2021, participants from around the world gathered virtually to discuss Islamic finance and the SDGs. Dr Hayat Sindi, Chief Scientific Adviser to the President of IsDB emphasized the challenges in achieving the SDGs in the next nine years in Islamic countries and beyond. The Goals are at the heart of the IsDB’s strategy, which seeks to leverage the power of science and technology. Dr Sindi gave a number of examples of IsDB’s work in this area.

Following this, we heard updates on the Pakistan Working Group from GM Abbasi, Director of the Islamic Banking Division at the State Bank of Pakistan, on the Disclosure and Reporting Working Group from Andy Homer, Director of Communications at Gatehouse Bank and Natalie Jackson, Executive Manager at the Global Ethical Finance Initiative and lastly on the Education and Awareness Working from Omar Shaikh, Board Member at UKIFC. After the working group updates, the Taskforce saw contributions from representatives of UKIFC, The Securities Commission Malaysia, CIBAFI, BPMB, CIMB and the UK Government.

November 2020

Following on from the success of the inaugural Islamic Finance and the UN Sustainable Development Goals (SDGs) Taskforce meeting in July 2020, over 50 global Islamic Finance leaders including HE Dr. Reza Baqir (Governor, State Bank of Pakistan) and Dr. Hayat Sindi (Islamic Development Bank) who provided a welcome address on behalf of the IsDB President. At the meeting, the Governor of the State Bank of Pakistan highlighted the regulatory framework the country has established for green finance and announced the set-up of a country level working group as part of the Taskforce, bringing together leading banks in Pakistan to encourage engagement with the SDGs. Updates from the recently established working groups on Disclosure and Reporting and Education and Awareness were presented by Andy Homer (Gatehouse Bank) and Omar Shaikh (UKIFC) respectively.

HE Dr. Reza Baqir (State Bank of Pakistan) was among the participants from Africa, Europe, the Gulf and South East Asia.

Islamic Development Bank President Bandar Hajjar welcomed the initiative calling for greater cooperation between the public and private sectors and to use the SDGs to inspire financial innovation.

July 2020

The inaugural Islamic Finance and the UN Sustainable Development Goals (SDGs) Taskforce meeting took place virtually, in light of the Covid-19 pandemic, bringing together over 40 global Islamic finance leaders. The pioneering meeting, convened by the Islamic Finance Council UK (UKIFC) in partnership with the UK Government, explored the role Islamic finance can play in addressing the $2.5 trillion SDGs funding gap as part of the post-Covid-19 economic recovery.


Disclosures & Reporting

This working group provided a platform for relevant stakeholders to come together to share experiences with a view to developing a more consistent approach amongst Islamic financial institutions to disclosure. The initial scope was on UNEP FI’s Principles for Responsible Banking (PRB); other areas of reporting were considered.

Education & Awareness

This working group focused on activities that increase awareness, promote understanding and encourage adoption of the UN’s SDGs amongst the global Islamic financial institutions (IFIs) and their primary stakeholders. A key focus was to undertake a global survey of retail understanding and expectations towards sustainability from their financial institution.


Pakistan was the first country to adopt SDGs 2030 agenda following a unanimous resolution of parliament. This Working Group provided a platform for relevant stakeholders to come together to share experiences with a view to promoting engagement and developing a consistent approach amongst financial institutions in Pakistan towards the SDGs.

Green Sukuk

This working group was launched at COP26 in partnership with Her Majesty’s Treasury, Ministry of Finance in the Republic of Indonesia Ministry of Finance, Islamic Development Bank, London Stock Exchange Group and the Global Ethical Finance Initiative (GEFI). It will highlight green sukuk at future COP summits, enhance established global standards and identify and address specific challenges on the supply and demand side.


Financial Institutions

The taskforce provided a platform for global Islamic financial institutions to come together to share knowledge, experiences and ideas that drove positive engagement with the SDGs. Participants put aside competitive tensions to work together with the aim of mobilising Islamic finance to create a better world for future generations. In so doing, within the global financial system, Islamic finance can play a role as a leading ethical finance solution.


Country Host

The success of the taskforce was based on representation and input from the core Islamic finance markets from across the globe. The taskforce provided a forum to support collective cross-border action and it also helped define the sector’s role in addressing the pressing challenges facing people and the planet as set out in the Global Goals.

The aims of the taskforce transcended beyond geographical and political boundaries, the meetings were therefore hosted in different regions. The UK Government supported in hosting the inaugural session.

I am pleased we’re now a founding country partner and observer member of the new Islamic Finance SDG Taskforce. This Taskforce will bring together the global Islamic finance community so it can help us meet our international, environmental and sustainability objectives.” John Glen MP, Economic Secretary to the Treasury


Global financial markets had a tumultuous year in 2022. Major central banks responded to concerning inflation levels with a series of rate hikes, while geopolitical tensions heightened. As a result, debt markets experienced a significant decline, with primary market activity falling by 19% compared to 2021. ESG bond markets saw an even bigger decline, dropping 26% as some issuers were reluctant to go to market with some opting to is issue `vanilla’ bonds during volatile market conditions. However, we have seen a rebound in 2023 and expect ESG bond issuance to approach 2021’s record-high of $1 trillion.


The Global Islamic Finance SDG Taskforce was a unique collaboration between the public and private sectors to raise awareness and understand the role Islamic finance can play in achieving the United Nations Sustainable Development Goals (SDGs). This report makes 10 significant recommendations across four workstreams.


This report is the second in a two-part series looking at the attitudes of banking customers towards the UN SDGs. Part 1 focuses on aspects of the survey specific to Islamic finance. Part 1 details survey methodology and provides contextual information for this survey and thus this report should be read in conjunction with part 1. This report forms a key output from the Global Islamic Finance & UN Sustainable Development Goals (UN SDGs) Taskforce launched by UK Government’s HM Treasury department and UKIFC in 2020.


The Islamic Finance Council UK (UKIFC), Global Ethical Finance Initiative and Dubai International Finance Centre (DIFC) conducted a pioneering global survey that gauges the understanding and awareness of the United Nations Sustainable Development Goals (UN SDGs) amongst retail consumers of Islamic finance products.


With our partners the London Stock Exchange Group (LSEG) and the Global Ethical Finance Initiative (GEFI), we launched a report on green and sustainability sukuk, examining the potential for Islamic fixed income products to deliver financial returns and impact for the SDGs. The report was presented at the Dubai launch event for GEFI’s Path to COP28 campaign on 24th October.


Former State Bank of Pakistan Governor Dr. Reza Baqir unveiled a report titled ‘SDGs and sustainability report – Pakistan banking sector perspective’ in Dubai on March 23, 2022. The report was launched in an event on the theme ‘The Future of Green and Sustainable Finance – The Role of the SDGs’ organized by the Global Ethical Finance Initiative (GEFI) in collaboration with the Government of Scotland and United Kingdom Islamic Finance Council (UKIFC).


This report, commissioned in conjunction with UNDP Indonesia, explores the role of green sukuk in the context of climate change and the green economy. It highlights the potential of green sukuk to be used effectively by OIC member states and beyond, to finance NDC’s by attracting investment at scale to projects that reduce national greenhouse gas emissions in line with the Paris Agreement.



Part 4 of our Thought Leadership series, ‘Islamic Finance: Shariah and the SDGs’ is available now. Click here to download.

This report is the last part of a four-part thought leadership series delivered by the International Shari’ah Research Academy for Islamic Finance (ISRA) in partnership with the Islamic Finance Council UK (UKIFC). It deliberates the relationship between Shariah and SDGs and highlights some of the key principles of Shariah which support the SDG agenda.

October 2021

Islamic Finance and the SDGs: Thought Leadership Summary is available now. Click here to download.

This report is a short summary of a four-part thought-leadership series on Islamic finance and the Sustainable Development Goals (SDGs) delivered by the Islamic Finance Council UK (UKIFC) in partnership with the International Shari’ah Research Academy for Islamic Finance (ISRA) and the Global Ethical Finance Initiative (GEFI). The series is intended to inspire Islamic finance institutions (IFIs) to embrace the SDGs. This report contains the key findings from each of the four reports.

November 2021

Guidance Note for Islamic Finance Institutions reporting under the UN PRB is available now. Click here to download.

This guidance note addresses the specificities of Islamic financing modalities and providing common approaches for Islamic finance institutions (IFIs) to showcase the inherent similarities between Islamic finance principles and the UN Principles for Responsible Banking (PRB)in the PRB Reporting and Self-Assessment Template.

October 2021

Part 1 of our Thought Leadership series, ‘Islamic Finance and the SDGs: Framing the Opportunity’ is available now. Click here to download.

The report provides an introduction to the SDGs within the context of Islamic finance. Future papers will provide a detailed analysis of interviews conducted with Shari’ah scholars and senior level Islamic finance practitioners to ascertain their views on the SDGs.

May 2020

Part 2 of our Thought Leadership series, ‘Islamic Finance and the UN PRI’ is available now. Click here to download.

Deleted: The report provides an analysis of responsible investing in the Islamic finance sector, assessing the level of engagement with the Principles for Responsible Investment (PRI) amongst Islamic financial institutions and financial institutions in Organisation of Islamic Cooperation (OIC) member states, and features case studies on selected Islamic finance institutions.

March 2021

Part 3 of our Thought Leadership series, ‘Islamic Finance and the UN PRB’ is available now. Click here to download.

Deleted: The report provides an analysis of responsible banking in the Islamic finance sector, assessing the level of engagement with the Principles for Responsible Banking (PRB) amongst banks in Organisation of Islamic Cooperation (OIC) member states and analysing the approaches used by nine Islamic finance signatories. It also features notes from interviews with Al Baraka Banking Group, Bank Pembangunan Malaysia Berhad, CIMB Group, Gatehouse Bank, Gulf International Bank (UK) and Jaiz Bank who have all shown notable leadership in responsible banking.

June 2021

The UKIFC is a leading not-for-profit body committed to the promotion and enhancement of the global Islamic and ethical finance industries. A pioneer in advocating the role of Islamic finance in delivering positive social outcomes, the UKIFC has published thought leadership content on the SDGs and Tayyib as well as led the Edinburgh Finance Declaration – an interfaith shared values collaboration on ethical finance.

The Global Ethical Finance Initiative (GEFI) organises and coordinates a series of programmes to promote finance for positive change and are partnering with UKIFC on the SDG taskforce.


Thank you to the support given by the taskforce members and our core partners, specifically the UK Government (HMT), the State Bank of Pakistan, Ministry of Finance Indonesia, London Stock Exchange Group and the Islamic Development Bank.

The world’s first Sustainable Development Goals (SDGs) tartan – a vibrant, colourful tartan created in Scotland to encourage and promote worldwide adoption of the SDGs.