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.
About the Editors List of Contributors Acknowledgement Introductory Remarks PART 1 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 & Kinan Salima 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 & Siti Aisyah Zahari PART 2 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 & Hassanudin Mohd Thas Thaker 6. Green Sukuk and Musharakah-Based Contracts for Financing Agritech in Nigeria: Prospects and Challenges Muhammad Rabiu Danlami & 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 & Wan Ahmad 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 & 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 & Hairul Azlan Annuar PART 3 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 & Farhad Taghizadeh-Hesary 12. Relational Ramifications between Political Factors and Sukuk in Promoting Sustainable Forest Management Milhatun Nisa & M. Luthfi Hamidi 13. Islamic Green Finance Risk Assessment and Mitigation for Banks in Pakistan Maha Qasim, Aliza Aijaz & Noor Fatima Anwar 14. The Role of Islamic Stock Market in Filling the Green Finance Gap in Indonesia Dwita Sakuntala, M. Shabri Abd. Majid & Aliasuddin, Suriani 15. Online Sustainability Disclosures of Top Islamic Higher Education Institutions Ratna Mulyany, Arif Rahmansyah, Sara Yulis, Hafas Furqani, Bakhtiar Alrazi, Dayana Jalaludin Zuraida 16. Mitigating Financed Emissions in Financial Institutions Through Islamic and Green Finance Saheed Olanrewaju Issa, Abdulkadri Toyin Alabi & Abdulbaki Teniola Ubandawaki 17. Global Green Bond and Sukuk Washing: Incentivizing Bad Behavior Ziyaad Mahomed & Shamsher Mohamad 18. Bridging Biodiversity, Sustainability, and Social Impact with Sharia Insurance Nur Halimatus Sakdiyah PART 4 SUSTAINABILITY IN GREEN ISLAMIC FINANCE: A CLOSER LOOK AT SELECTED COUNTRIES’ EXPERIENCE 19. A Closer Look at Indonesia's Experience in Developing Green Sukuk Muhammad Iqbal Balative, Eri Hariyanto, Athius Sholikhah & 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 & Nurcan Killinc-Ata 22. Green Waqf and Sustainable Development: Cases in Malaysia and Indonesia Jarita Duasa & 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.
