The role of Islamic ethical wealth in strategically and technically supporting 'No Poverty'-SDGs 1

Abstract

Islamic ethical wealth has played significant roles throughout Islamic history toward enhancing the socioeconomic welfare of Muslim societies, including poverty eradication. Through Islamic ethical wealth, Muslim societies could promote social solidarity among themselves, and with other communities. Furthermore, Islamic ethical wealth was instrumental in inculcating good moral values and ethics such as giving behavior, caring for others, and mending ties with relatives and friends. This wealth also has financial dimensions, both positive and prohibitive. The positive dimensions include charity giving in the forms of Zakat, Waqf, and other Sadaqat, helping those in financial stress, and facilitating wealth circulation. Meanwhile the prohibitive dimensions include the prohibition of riba, cheating and Gharar. The chapter discusses the significant role that Islamic ethical wealth plays toward poverty alleviation. Since poverty eradication is one of the goals of Sustainable Development Goals, this study investigates the extent to which Islamic ethical wealth relates to the 'No Poverty' SDG (SDG 1). This involves looking at the potential that the Islamic ethical wealth possesses toward contributing to SDG 1 and the challenges it is confronted with that undermine its effectiveness in supporting 'No Poverty' goal. Such aims also involve evaluating the appropriateness of the formulation of SDG 1 and its targets and how they relate to Islamic ethical wealth in fulfilling the poverty eradication requirements by 2030. The chapter is divided into six sections including the introduction. Section "Review of Related Literature on Islamic Ethical Wealth and SDGs" reviews related literature on Islamic ethical wealth and 'No Poverty' SDG. Section "SDG on Poverty" provides a brief discusses SDG on poverty. This is followed by an analysis of 'No Poverty' SDG 1 with the Islamic ethical wealth in Sect. "Analysis of no-Poverty: Islamic Ethical Wealth vs SDG". Section "Conclusion" concludes the chapter and the final Sect. "Suggestions and the Way Forward" provides policy implications and suggestions for the way forward.