This book argues that focusing on the green economy and green finance is essential to counteract the catastrophic, socio-economic effects of the COVID-19 pandemic. Further, while numerous research initiatives in the context of the green economy and/or finance have been observed in different parts of the world, to date, no comprehensive work has been published on the topic of green finance in relation to the discipline of Shari’ah. This timely book provides a comprehensive guide and offers practical solutions to the core issues of green finance within the principles of Maqasid al-Shari’ah.
It contends that Islamic green finance serves to promote global financial stability and mitigate the financial risks associated with climate change and environmental degradation: by integrating Islamic finance principles with sustainable and environmentally friendly practices; by encouraging ethical investments and prioritising long-term social and environmental benefits; and by redirecting capital towards sustainable projects and fostering a more sustainable and inclusive financial system. Islamic green finance’s emphasis on transparency, governance, risk-sharing, and responsible investing helps lessen systemic risks and supports the transition towards a more stable and sustainable global financial landscape. The book’s holistic approach to green finance in Maqasid al-Shari’ah aims to ensure that financial actions align with Islamic principles and help create a more sustainable and responsible economic system.
The book is a detailed reference, which sheds light on the pressing issues of our time. It encompasses various aspects of Islamic economics and serves as a guide to implementing green financing in accordance with Islamic principles and ethics, and as such, it will appeal to academics, researchers, students and policymakers alike.
Table of Contents:
Introduction Part I: Emergence of Islamic Green Finance 1. Green Finance and Its Maqasid al-Shari’ah 2. Islamic Banking Towards Sustainable Green Finance and Corporate Social Responsibility 3. Contributions of Islamic Green Finance to SDGs 4. SDGs and How Does Islamic Green Finance Matter? An Experience Part II: Impact Analysis of Islamic Green Finance 5. Impact of Islamic Green Finance on the GDP: A Cross-Country Analysis 6. Impact Analysis of Islamic Green Finance to Eco-Sustainability Part III: Governing Principles and Policies of Islamic Green Finance 7. Divine Principles in Governing Islamic Green Finance 8. Fiqhi and Fatwa Rulings Governing Green Finance 9. Law Reform Affecting Islamic Green Finance. How Is It Structured? Part IV: Investment Techniques in Islamic Green Finance 10. Corporate Social Responsibility in the Islamic Green Economy 11. Ethical Investing: How Does SRI Sukuk Effect on the Green Economy? 12. Contributions of SRI Sukuk to SDGs: An Analysis of Selected Cases Part V: Applications of Islamic Green Finance 13. Governments’ Initiative towards Islamic Green Finance 14. Shari’ah Instruments Facilitate Islamic Green Finance 15. Awqaf Led-Green Finance: A Technical Know-how 16. Empowering Green Waqf for An Effective Climate-Resilient Malaysia: Let’s Investigate 17. Green Sukuk: Issues, Challenges and the Way Forward 18. Green Sukuk and Its Challenges Faced by Public Universities in Malaysia: An Empirical Study 19. Ethical Crowdfunding Led-Islamic Green Finance Part VI: Risk Management of Islamic Green Finance 20. Risk Factors in Islamic Green Finance and a Corporate Solution
About the Author :
Mohd Ma’Sum Billah is a Senior Professor of Finance at the Islamic Economics Institute, King Abdul Aziz University (KAU), Jeddah, Kingdom of Saudi Arabia.
Rusni Hassan is a Professor and Dean at the IIUM Institute of Islamic Banking and Finance, International Islamic University Malaysia (IIUM), Selangor, Malaysia.Razali Haron is a Professor at the IIUM Institute of Islamic Banking and Finance, International Islamic University Malaysia (IIUM), Selangor, Malaysia.
Romzie Rosman is an Associate Professor at the IIUM Institute of Islamic Banking and Finance, International Islamic University Malaysia (IIUM), Selangor, Malaysia.
Hjh Akhtarun Naba’ Billah is pursuing her LLB (Hons) at the Ahmad Ibrahim Kulliyyah of Laws (AIKOL), International Islamic University Malaysia (IIUM), Selangor, Malaysia.
