Explore the foundations and principles of Islamic finance from the perspective of sustainable development.

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Did you know that the financing gap in developing countries to achieve the Sustainable Development Goals by 2030 could  increase by 70% in the wake of the COVID-19 pandemic? Are you interested in the role of Islamic finance in building a sustainable future? Do you want to learn about the foundations and principles of Islamic finance from the perspective of the Sustainable Development Goals? Are you a development professional engaging with Islamic finance institutions? An Islamic finance professional willing to acquire an in-depth understanding of financing sustainable development? Do you want to be a part of this alliance for a better world by channeling Islamic finance resources for the Sustainable Development Goals?

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.

Register now and take the course on UNDP’s Learning for Nature platform (free course access, free certificate):

Register now and take the course on edX – Islamic Development Bank Institute (IsDBI) (free course access, edX certificate fee):


  • 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


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 – 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



And effective communication of Islamic finance and enhanced understanding of Islamic finance principles


Among Islamic finance industry and regulatory bodies on the role of Islamic finance in sustainable development and financing the SDGs


Developing policies and identifying projects for sustainable development where Islamic finance would be broadly relevant


That is recorded and will be available on a permanent basis in the future


Development professionals, Islamic finance stakeholders, regulatory bodies, academia and more


Module 1


Achim Steiner

UNDP Administrator

United Nations Development Programme (UNDP)

H.E Dr. Muhammad Al Jasser

President, Islamic Development Bank and Chairman, Islamic Development Bank Group

Sahba Sobhani 


UNDP Istanbul International Center for Private Sector in Development (IICPSD) 

Dr. Sami Al Suwailem

Acting Director General and Chief Economist

Islamic Development Bank Institute (IsDBI)

Prof. Mehmet Asutay

Professor of Middle Eastern and Islamic Political Economy & Finance

Durham Centre for Islamic Economics and Finance (DCIEF), Durham University Business School

Module 2

The Sustainable Development Goals And The Role of Islamic Finance

Dr. Mahmoud Mohieldin 

Special Envoy on Financing 2030 Agenda for Sustainable Development 

United Nations 

Prof. Mehmet Asutay

Professor of Middle Eastern and Islamic Political Economy & Finance

Durham Centre for Islamic Economics and Finance (DCIEF), Durham University Business School

Prof. Habib Ahmed

Sharjah Chair in Islamic Law & Finance

Durham University Business School

Dr. Muhammad Amjad Saqib

Founder & Chairman


Dr. Mohammed Kroessin 

Head of the Islamic Microfinance Business Unit 

Islamic Relief Worldwide 

Module 3

Modes and Institutions of Islamic Finance

Kamran Khalid Sherwani 

Islamic Banking and Finance Expert

Dr. Aishath Muneeza 

Associate Professor 

International Centre for Education in Islamic Finance (INCEIF), Malaysia​

Dr. Sarah A. Tobin 

Research Professor 

Chr. Michelsen Institute Bergen, Norway 

Mohammad Farrukh Raza

Group CEO

IFAAS (Islamic Finance Advisory & Assurance Services)

Rafe Haneef 

Chief Executive Officer

Group Transaction Banking & CIMB Foundation

Talha Erdoğan


Albaraka Garaj

Dr. Md. Mizanur Rahman 

Director Research

Islami Bank Bangladesh Limited (IBBL)

Budi Hardyansyah 


KSPPS BMT Bahtera Indonesia 

Module 4

Impact Investing And Islamic Finance

Funda Süzer

Impact Investing Portfolio Lead

UNDP Istanbul International Center for Private Sector in Development (IICPSD)

Dr. Dalal Aassouli 

Associate Dean for Academic Affairs & Assistant Professor of Islamic Finance 

College of Islamic Studies, Hamad bin Khalifa University (HBKU) 

Rabayl Mirza

Impact Specialist

United Nations Development Programme (UNDP) Business Call to Action (BCtA)

Ayşe Nur Tepebaşı 

Islamic Finance Portfolio

UNDP Istanbul International Center for Private Sector in Development (IICPSD) 

Module 5

Perspectives For Multilateral Organizations In Engaging With Islamic Finance

Dr. Aamir Rehman 

Senior Advisor on Islamic Finance 

United Nations Development Programme (UNDP) 

Mariana González Migueles 

Team Leader, International Financial Institutions Partnerships Team

United Nations Development Programme (UNDP) 

Dawood Ashraf

Ph.D., CFA  Senior Research Economist 

Islamic Development Bank Institute (IsDBI) 

Dr. Rami Abdelkafi

Team Leader, Knowledge Leaders

Islamic Development Bank Institute (IsDBI)

Sophie Kemkhadze  

Deputy Resident Representative 

United Nations Development Programme (UNDP) Indonesia 

Dr. Mohamed Ali Chatti 

Manager, Awqaf Investment Funds Division  Acting Director

Islamic Financial Sector Development (IFSD) Department, Islamic Development Bank (IsDB) 

 Mohamed Rozani Osman

Senior Financial Sector Specialist

World Bank Group Inclusive Growth and Sustainable Finance Hub in Malaysia  

Muhammad Didi Hardiana 

Head of Innovative Financing Lab 

United Nations Development Programme (UNDP) Indonesia