Conceptual Framework for Islamic Instruments and their Role in Economic Development

Abstract

The study aimed to clarify the conceptual framework of Islamic instruments and their role in various fields of economic development. It dealt with the concept of Islamic sukuk, the concept of sukuk, and the clarification of the difference between the concept of sukuk, the characteristics of sukuk, its modern historical development, and its types. It is advancing economic development in various fields. The study concluded that Islamic sukuk have great economic importance and have a vital role in the various fields of economic growth. It is necessary for Islamic financial institutions and banks to finance infrastructure projects and support countries’ general budgets. It is essential in various countries' monetary, financial, and economic policies. It has a role in financing multiple major investment projects and sustainable development.