Population Challenges in OIC Countries & the Potential of Islamic Finance: A Refugee Perspective

Human factors are critical elements in the UN Sustainable Development Goals (SDG) and national development plans in many countries. Yet many economic development plans fall short from achieving the goal of SDG-01 “No one left Behind” by not targeting all the segments of the population. Among the population segments that often get overlooked and missed in these plans is the refugees. With almost 65 million forcibly displaced persons worldwide, The United Nations Higher Commissioner of Refugees (UNHCR) is expecting this number to grow globally. The refugee represents a human capital that can be utilized toward economic and social advancement in every country of the world, yet such utilization depends on that way refugees are treated and integrated. As the catalyst for the refugee economy, refugee represents an important element of the national and global economies. Since the refugee economy is growing in impact, value and size, many governments, national organizations, academia, NGOs and private sector institutions see the refugee crisis as a dynamic opportunity and challenge endeavor at the same time. On one hand there is a focus to address refugee needs and on the other hand there is a need to capitalize on the refugees and their potential toward the progression of the whole society. The challenges mainly arise from the ability and flexibility to integrate refugees into the national development plans and national economies. Among the counties suffering from massive population displacements are the Organization of Islamic Conference (OIC) countries. With growing number of refugees, expanded usage of Islamic finance, diversity in the Corporate Social Responsibility (CSR) activities and the growing utilization of technology, OIC countries are challenged to exploiting their resources to help refugees attain their potential. The challenge is how to evolve national plans, CSR, Technology and SDG programs and initiatives to a more effective and efficient level. The research aims to discuss these forces and how more synergies can be developed and created among them toward extending a helping hand for refugees to stand on their feet again as a contributing member of the economy and society.