"This book provides a comprehensive overview of Islamic finance and economics, and how Islamic financial instruments may facilitate environmentally sustainable initiatives. The book surveys the recent developments to design a Shariah-based financial and banking system that is sustainable, efficient, and stable. Contributors focus on green products and financial tools, and how they bolster environmental efforts. Discussions are grouped under themes such as the principles of green finance, financing schemes and impact assessments, as well as country-studies in developing and emerging markets. Together, the book explores the expansion of the global Islamic economy and how Islamic social finance can address the deficiency in green finance inside Islamic nations. Particular attention is paid to the financial instrument of green sukuk, a Sharia-compliant bond that supports projects that protect biodiversity and mitigates the impacts of climate change. It is a comprehensive volume on green finance and Islam that will interest policymakers, researchers and academics of Islamic economics, sustainable finance, and the green economy"--
This book offers a comprehensive overview of Islamic finance and sustainability, showcasing how Islamic financial instruments can support environmentally sustainable initiatives.
It delves into recent efforts to develop a Shariah-compliant financial and banking system that is sustainable, efficient, and stable. Contributors focus on Islamic financial products and tools, highlighting their potential to advance environmental sustainability. The discussions are organized around key themes, including the principles of sustainability in Islamic finance, risk assessment and mitigation, the Islamic stock market and sustainability, Green Fintech in Islamic banking and finance, and Green Sukuk in developing and emerging markets. The book addresses how Islamic finance can bridge the gap in green financing globally. Particular emphasis is placed on Green Sukuk, a Shariah-compliant bond created to fund environmentally sustainable projects, including those aimed at combating climate change and promoting ecological conservation.
This comprehensive volume on Islamic finance and sustainability will be invaluable for policymakers, researchers, and academics interested in Islamic economics and finance, sustainable finance, and the green economy.
This book provides a comprehensive overview of Islamic finance and economics, and how Islamic financial instruments may facilitate environmentally sustainable initiatives.
List of Contributors
About the Editors
Acknowledgments
Introductory Remarks
PART I Pre-Requisites Principles on Green Finance for Sustainability: The
Role of Islamic Finance
1 Islamic Finance and Its Role in Fostering Sustainable and Inclusive
Economic Growth: A Bibliometric and Content Analysis
HENGCHAO ZHANG, RAFIA AFROZ, RIASAT AMIN IMON, AND KINAN SALIM
2 Fostering Green Islamic Financing through Innovation and Education: A
Literature Review
AIDRINA SOFIADIN
3 Green Fintech Innovations in Islamic Banking: Opportunities and Challenges
ALI USMAN JIBO
4 Principles of Sustainability in Islamic Finance
SHAHIDA SHAHIMI AND SITI AISYAH ZAHARI
PART II Building Islamic Finance Schemes for Sustainable Green Finance
System
5 Factors Influencing Purchasing of Green Islamic Bank Products: Arabic Term
as the Moderator
ANWAR ALLAH PITCHAY, LINA FARHANAH MOHD SAAD, YUVARAJ GANESAN, MUHAMMAD
SHABIR SHAHARUDIN, MOHAMED ASMY MOHD THAS THAKER, AND HASSANUDIN MOHD THAS
THAKER
6 Green Sukuk and Musharakah-Based Contracts for Financing Agritech in
Nigeria: Prospects and Challenges
MUHAMMAD RABIU DANLAMI AND LUTFI ABDUL RAZAK
7 Trailblazing Social Takaful Fund for Green Sustainability Project: A Case
of Cyntok Batik Social Enterprise
NORAZLINA ABD WAHAB, NOR HAYATI AHMAD, SELAMAH MAAMOR, MOHAMAD YAZID ISA,
ZAIRY ZAINOL, AND WAN AHAMAD NAJIB WAN AHAMAD LOTFI
8 Advancing a Just Transition: A Critical Analysis of Islamic Green Finance
Policy Frameworks and Initiatives in Malaysia
NOOR SUHAIDA BINTI KASRI AND AMNAN HANANI BINTI BADRUDDIN
9 Housing Redevelopment Schemes (HRS): Islamic Green Finance Perspective
AHMAD KHALIQ
10 Blockchain and Cryptocurrency Ecosystem: Balancing Innovation and Islamic
Ethics for Sustainable Finance
MOHAMED ASLAM AKBAR, ANAZTASIA NATASHA MUHAMAD RAMLAN, ANWAR ALLAH PITCHAY,
AND HAIRUL AZLAN ANNUAR
PART III Islamic Green Finance and Its Impact Assessments
11 Impact of Corporate Sustainability on Financial Performance: Insights From
Malaysian Green Banks
RACHEL YEOW TZE YING, SHAKIL AHAMMED, MOSHARROF HOSEN, HASSANUDIN MOHD THAS
THAKER, AND FARHAD TAGHIZADEH-HESARY
12 Relational Ramifications Between Political Factors and Sukuk in Promoting
Sustainable Forest Management
MILHATUN NISA AND M. LUTHFI HAMIDI
13 Islamic Green Finance Risk Assessment and Mitigation for Banks in
Pakistan
ALIZA AIJAZ, NOOR FATIMA ANWAR, AND MAHA QASIM
14 The Role of Islamic Stock Market in Filling the Green Finance Gap in
Indonesia
DWITA SAKUNTALA, M. SHABRI ABD. MAJID, A. ALIASUDDIN, AND S. SURIANI
15 Online Sustainability Disclosures of Top Islamic Higher Education
Institutions
RATNA MULYANY, ARIF RAHMANSYAH, SARA YULIS, HAFAS FURQANI, BAKHTIAR BIN
ALRAZI, DAYANA JALALUDIN, AND DAYANA JALALUDIN ZURAIDA
16 Mitigating Financed Emissions in Financial Institutions through Islamic
and Green Finance
SAHEED OLANREWAJU ISSA, ABDULKADRI TOYIN ALABI, AND ABDULBAKI TENIOLA
UBANDAWAKI
17 Global Green Bond and Sukuk Washing: Incentivising Bad Behavior
ZIYAAD MAHOMED AND SHAMSHER MOHAMAD
18 Bridging Biodiversity, Sustainability, and Social Impact With Sharia
Insurance
NUR HALIMATUS SAKDIYAH
PART IV Sustainability in Green Islamic Finance: A Closer Look at Selected
Countries Experience
19 A Closer Look at Indonesias Experience in Developing Green Sukuk
MUHAMMAD IQBAL BALATIVE, ERI HARIYANTO, ATHIUS SHOLIKHAH, AND RICKY GIGIH
PRAYOGA
20 Sukuk and Sustainability: Exploring Green Financial Instruments and the
Transition to Low-Carbon Economies
HAZIK MOHAMED
21 Towards a Sustainable Future: Evaluating Green Sukuk in Indonesia and the
UAE
MAYA PUSPA RAHMAN, KHAIRUNNISA MUSARI, NUN MAZIYYAH MAHSYAR, AND NURCAN
KILLINC-ATA
22 Green Waqf and Sustainable Development: Cases in Malaysia and Indonesia
JARITA DUASA AND MISBAHUL MUNIR
Farhad Taghizadeh- Hesary an Associate Professor at the Tokai University Research Institute for Environment and Sustainability (TRIES) in Japan, Chief Economist of Climate Finance Asia, and Vice President and Co- founder of the International Society for Energy Transition Studies (ISETS).
Hassanudin Mohd Thas Thaker is an Associate Professor of Financial Economics at International Islamic University Malaysia.
M. Ishaq Bhatti is a Professor of Financial Data Analytics at SP Jain School of Global Management and the founding director of the Islamic Banking & Finance Program at Latrobe University. School of Business and Economics, Universiti Brunei Darussalam, BruneiLa Trobe Business School, La Trobe University, Melbourne, Australia.
Mohamed Asmy Mohd Thas Thaker is an Associate Professor at International Islamic University Malaysia and specializes in Economic Development, Islamic Economics, and Finance.
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