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11 Dec | Wednesday
Assistant Governor's Speech at the IFN Green and Sustainable Finance Forum

Islamic finance is primed to advance the sustainability agenda. Islamic finance is developed with a higher overarching objective that emphasises maximising positive value creation and prevention of negative impact. The Maqasid Shariah first articulated by al-Ghazali in the 12th century outlines the goals of preservation of religion, life, family, mind and property with the ultimate aim of prevention of harm and attainment of benefits. Many scholars have developed this further, describing the Maqasid Shariah as the attainment of good, welfare, advantage, benefits and warding off evil, injury, loss. Modern scholars have also weighed in, touching on nurturing righteousness and establishing justice. Contemporary scholarship in Islamic law also recognises human development to be a prime expression of maslahah (public interest) pertaining to all economic activities.

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