Islamic wealth management towards sustainable development: A state-of-the-art analysis

Abstract

In recent times, Islamic Wealth Management (IWM) has garnered increasing attention for its potential impacts on sustainable development goals in the ever-evolving landscape of financial management. However, the extent of IWM toward achieving sustainable development goals is under-researched. This study uses a state-of-the-art analytical approach to delve into the intricate nexus between Islamic Wealth Management and the pursuit of Sustainable Development Goals (SDGs), aiming to illuminate emerging trends and address contemporary issues within the field. The study employs a comprehensive methodology, drawing insights from a diverse array of literature, including scholarly articles, journals, and research papers, spanning a specified timeframe. By synthesizing and critically analyzing existing knowledge, the research seeks to unravel the dimensions through which Islamic Wealth Management contributes to, or perhaps challenges, the broader framework of sustainable development. Key areas of focus include wealth distribution mechanisms, ethical investment practices, and the alignment of Islamic financial principles with the SDGs. The analysis extends beyond theoretical considerations, incorporating practical dimensions such as the implementation of Islamic financial instruments and the role of Islamic institutions in fostering sustainable socio-economic growth and development. Furthermore, the study investigates contemporary issues and challenges faced by Islamic Wealth Management, offering a nuanced understanding of its current state and potential future trajectories. By shedding light on both successes and obstacles, this study contributes to the ongoing discourse surrounding Islamic financial practices, and the evolving landscape of global Islamic wealth management. This study found that there is a significant interplay between Islamic Wealth Management and Sustainable Development, exploring wealth distribution mechanisms, ethical investment practices, and the practical implementation of Islamic financial principles to provide insights for scholars, practitioners, and policymakers.