The Islamic Development Bank Institute (IsDBI) and the International Centre for Education in Islamic Finance (INCEIF University) announced the rebranding of the ISRA International Journal of Islamic Finance to the International Journal of Islamic Finance and Sustainable Development (IJIFSD), marking a significant step in integrating Islamic finance principles with global sustainability goals. The announcement, made in Jeddah on September 2, 2024, via the Saudi Press Agency, underscores a strategic shift to broaden the journal’s scope from Islamic economics and finance to encompass sustainable development, positioning it as a premier platform for research at the intersection of ethical finance and sustainable economic development.
Context and Background
For years, the ISRA International Journal of Islamic Finance has been a respected voice in Islamic finance scholarship, published by the International Shari’ah Research Academy for Islamic Finance (ISRA). The rebranding to IJIFSD reflects a growing recognition that Islamic finance principles—rooted in ethics, social justice, and risk-sharing—are inherently aligned with the global sustainability agenda. This evolution comes at a time when the world is increasingly focused on achieving the United Nations Sustainable Development Goals (SDGs), and Islamic finance is being viewed as a viable tool to mobilize resources for sustainable infrastructure, green projects, and social welfare.
The Islamic Development Bank Institute, the knowledge arm of the Islamic Development Bank (IsDB), has long championed innovation in Islamic finance. Its partnership with INCEIF University, a leading global institution for Islamic finance education, signals a collaborative effort to bridge academic research with practical implementation. This joint initiative aims to foster thought leadership that can drive policy and practice, particularly in member countries of the IsDB and beyond.
Key Details
According to the press release, the IJIFSD will focus on emerging trends such as green finance, impact investing, and financial inclusion. It will provide a platform for scholars, policymakers, regulators, and practitioners to share insights and highlight practical solutions for sustainable infrastructure development. The journal’s expanded scope aims to showcase the potential of Islamic finance in creating shared prosperity.
Dr. Sami Al-Suwailem, Acting Director General of IsDBI, emphasized the collaboration’s role in fostering innovative research: “This collaboration with INCEIF University reflects our commitment to fostering innovative research for real-world impact with the vision of shaping the future of ethical finance and contributing to sustainable economic development across the Islamic world and beyond.” He added that the journal will address key features including a focus on emerging trends and practical solutions.
Dr. Mohd Azmi Omar, President and CEO of INCEIF University, stated that the journal will bridge the gap between academic insights and practical implementation, nurturing thought leaders to lead the convergence of Islamic finance principles with sustainable development practices, ultimately contributing to a more equitable and prosperous world.
Implications and Impact
The rebranding of IJIFSD has significant implications for the global Islamic finance industry, which oversees assets exceeding $3 trillion. By integrating sustainable development into its core focus, the journal aligns with the increasing demand for ethical, socially responsible investment options. This move could catalyze further innovation in green sukuk, waqf-based social projects, and impact investing, attracting a broader audience of investors and policymakers interested in sustainable finance.
For Saudi Arabia, this development reinforces the Kingdom’s leadership in advancing Islamic finance and sustainability, both central to Vision 2030. The journal provides a platform for Saudi researchers and institutions to contribute to global discussions, enhancing the Kingdom’s soft power and knowledge economy. Moreover, it supports the goals of the Saudi Green Initiative and the Middle East Green Initiative, which aim to combat climate change and promote sustainable development.
Internationally, the journal could influence policy frameworks by providing evidence-based research on how Islamic finance can address pressing challenges such as climate change, poverty, and infrastructure gaps. It also strengthens collaboration among IsDB member countries, many of which are emerging economies seeking sustainable growth pathways.
Vision 2030 Alignment
The launch of IJIFSD is closely aligned with Saudi Arabia’s Vision 2030, which seeks to diversify the economy, promote sustainable development, and enhance the Kingdom’s role as a global hub for Islamic finance. By fostering research and dialogue on sustainable Islamic finance, the journal supports the Vision’s objectives of building a vibrant knowledge economy and achieving environmental sustainability. As Saudi Arabia continues to lead in Islamic finance innovation, initiatives like this underscore the Kingdom’s commitment to shaping a prosperous and sustainable future for the Islamic world and beyond.
20 Questions
Q1. What is the Islamic Development Bank Institute (IsDBI)?
A1. The IsDBI is the knowledge arm of the Islamic Development Bank, dedicated to research, training, and capacity building in Islamic finance and economics, supporting member countries in achieving sustainable development.
Q2. What is INCEIF University?
A2. INCEIF University is a global higher learning institution specializing in Islamic finance, based in Malaysia, offering postgraduate programs and conducting research to advance the Islamic finance industry worldwide.
Q3. What is the International Journal of Islamic Finance and Sustainable Development (IJIFSD)?
A3. IJIFSD is a rebranded academic journal formerly known as the ISRA International Journal of Islamic Finance, now focusing on the intersection of Islamic finance and sustainable development.
Q4. Why was the journal rebranded?
A4. The rebranding reflects a strategic shift to broaden the journal’s scope from Islamic economics and finance to include sustainable development, aligning with global sustainability goals.
Q5. Who announced the rebranding?
A5. The rebranding was announced by the Islamic Development Bank Institute (IsDBI) and INCEIF University in a press release issued in Jeddah on September 2, 2024.
Q6. What are the key features of IJIFSD?
A6. The journal focuses on emerging trends like green finance, impact investing, and financial inclusion, providing a platform for scholars, policymakers, and practitioners to share insights and practical solutions.
Q7. How does IJIFSD aim to contribute to sustainable development?
A7. By publishing cutting-edge research and highlighting practical solutions, IJIFSD aims to showcase how Islamic finance can support sustainable infrastructure, shared prosperity, and ethical finance.
Q8. What did Dr. Sami Al-Suwailem say about the collaboration?
A8. Dr. Al-Suwailem stated that the collaboration reflects a commitment to fostering innovative research for real-world impact, shaping the future of ethical finance and sustainable economic development.
Q9. What did Dr. Mohd Azmi Omar emphasize?
A9. Dr. Omar emphasized that the journal will bridge academic insights and practical implementation, nurturing thought leaders to lead the convergence of Islamic finance and sustainable development practices.
Q10. How does Islamic finance align with sustainability?
A10. Islamic finance principles such as risk-sharing, ethical investment, and social justice inherently align with sustainability goals, promoting equitable economic growth and environmental stewardship.
Q11. What is the significance of this journal for the Islamic finance industry?
A11. It provides a premier platform for research on sustainable Islamic finance, potentially driving innovation in green sukuk, impact investing, and financial inclusion across the industry.
Q12. How does this initiative support Saudi Arabia’s Vision 2030?
A12. It aligns with Vision 2030 by promoting knowledge economy, sustainable development, and Saudi Arabia’s leadership in Islamic finance, supporting economic diversification and global engagement.
Q13. What role does the Islamic Development Bank play?
A13. The IsDB is a multilateral development bank that fosters economic development and social progress in its member countries, with IsDBI leading research and knowledge sharing.
Q14. Who can benefit from IJIFSD?
A14. Scholars, policymakers, regulators, practitioners, and students in Islamic finance and sustainable development can benefit from the journal’s research and insights.
Q15. What topics will IJIFSD cover?
A15. IJIFSD will cover green finance, impact investing, financial inclusion, sustainable infrastructure, and other areas where Islamic finance intersects with sustainable development.
Q16. How often will IJIFSD be published?
A16. The publication frequency was not specified in the announcement, but academic journals typically publish quarterly or bi-annually. Further details are expected from the publishers.
Q17. Is IJIFSD peer-reviewed?
A17. Yes, as an academic journal, IJIFSD is expected to maintain rigorous peer-review standards to ensure the quality and credibility of published research.
Q18. What is the expected impact of IJIFSD on policy?
A18. By providing evidence-based research, IJIFSD can inform policy frameworks on sustainable finance, helping governments and regulators design effective strategies for economic development.
Q19. How does IJIFSD promote financial inclusion?
A19. IJIFSD highlights research on financial inclusion, showcasing how Islamic finance can provide access to financial services for underserved populations, fostering inclusive growth.
Q20. What is the long-term vision for IJIFSD?
A20. The long-term vision is for IJIFSD to become the leading platform for research on Islamic finance and sustainable development, contributing to a more equitable and prosperous world.
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