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Faith in multilateralism: Leveraging Islamic social finance as a catalyst for sustainable development
This paper examines the use of Islamic social finance—specifically zakat—as a means to support sustainable development financing and the achievement of the Sustainable Development Goals (SDGs) through Indonesian diplomacy. Leveraging Indonesia’s identity as the nation with the world's largest Muslim population, alongside its moderate and inclusive approach to Islam, would enable the Ministry of Foreign Affairs to strengthen Indonesia’s role in multilateralism and global development cooperation. The study recommends that Indonesia assume a leadership role within the Organization of Islamic Cooperation (OIC) by drafting a resolution on Islamic social finance for sustainable development, holding national consultations, undertaking diplomatic efforts to garner support from other nations, and fostering collaboration between the OIC and the United Nations (UN). Utilizing zakat as an innovative financing instrument is expected to bolster the contributions of Indonesia and the Islamic world toward achieving the SDGs and advancing global development.
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