Islamic Economics for Sustainable Development
DOI:
https://doi.org/10.35335/ac1n5382Keywords:
Empirical Analysis, Intersection, Islamic Economics, Policy Implications, Sustainable DevelopmentAbstract
This study explores the convergence of Islamic economics and sustainable development, with the objective of clarifying the correlation between Islamic economic principles and the achievement of sustainable development objectives. The study examines the impact of Islamic economic principles, including equality, social justice, and ethical conduct, on sustainable development results, using a thorough examination of existing literature and empirical research. The findings provide valuable theoretical insights and practical implications for policymakers, practitioners, and scholars who are interested in utilizing Islamic economics to achieve sustainable development. Methodological thoughts emphasize the significance of interdisciplinary collaboration and rigorous research procedures in furthering knowledge and practice in this subject. This research provides unique insights into the potential of Islamic economics in achieving inclusive economic growth, social equality, and environmental sustainability by combining theoretical frameworks, empirical evidence, and methodological concerns. The primary objective of this study is to provide information that can be used to make policies based on facts and to encourage discussion among all involved in order to fully realize the transformative power of Islamic economics in accomplishing sustainable development goals.
Research Highlights:
- This research explores the intersection of Islamic economics and sustainable development, aiming to elucidate the relationship between Islamic economic principles and the attainment of sustainable development goals.
- Through a comprehensive review of existing literature and empirical analysis, the study investigates how Islamic economic principles, such as equity, social justice, and ethical conduct, contribute to sustainable development outcomes.
- The findings reveal both theoretical insights and practical implications for policymakers, practitioners, and scholars interested in leveraging Islamic economics for sustainable development.
- Methodological reflections underscore the importance of interdisciplinary collaboration and rigorous research methodologies in advancing knowledge and practice in this field.
- By synthesizing theoretical frameworks, empirical evidence, and methodological considerations, this research offers valuable insights into the potential of Islamic economics as a tool for promoting inclusive economic growth, social equity, and environmental sustainability.
References
Abasimel, N. A. (2023). Islamic banking and economics: concepts and instruments, features, advantages, differences from conventional banks, and contributions to economic growth. Journal of the Knowledge Economy, 14(2), 1923–1950.
Abdelzaher, D. M., Kotb, A., & Helfaya, A. (2019). Eco-Islam: Beyond the principles of why and what, and into the principles of how. Journal of Business Ethics, 155, 623–643.
Abdullah, M. (2018). Waqf, sustainable development goals (SDGs) and maqasid al-shariah. International Journal of Social Economics, 45(1), 158–172.
Agbedahin, A. V. (2019). Sustainable development, Education for Sustainable Development, and the 2030 Agenda for Sustainable Development: Emergence, efficacy, eminence, and future. Sustainable Development, 27(4), 669–680.
Ahmad, S., & Ghiasul Haq, S. (2021). How far corporate zakat may contribute to sustainable development goals? Islamic Wealth and the SDGs: Global Strategies for Socio-Economic Impact, 421–437.
Akintan, I., Dabiri, M., & Salaudeen, J. (2021). A Literature Review on Islamic Finance Modes As an Alternative Approach To Finance the Business Model of a Circular Economy. International Research Journal of Shariah, Muamalat and Islam, 3(8), 31–48.
Al-Shetwi, A. Q. (2022). Sustainable development of renewable energy integrated power sector: Trends, environmental impacts, and recent challenges. Science of The Total Environment, 822, 153645.
Anjum, M. I. (2022). An Islamic critique of rival economic systems’ theories of interest. International Journal of Ethics and Systems, 38(4), 598–620.
Aravik, H., Hamzani, A. I., & Khasanah, N. (2021). The Role Of The State In The Islamic Economic System: A Review Of Abbas Mirakhor’s Thought. Islamic Banking: Jurnal Pemikiran Dan Pengembangan Perbankan Syariah, 7(1), 1–22.
Arkorful, V. E., Basiru, I., Anokye, R., Latif, A., Agyei, E. K., Hammond, A., Pokuaah, S., Arkorful, E. V., & Abdul-Rahaman, S. (2019). Equitable access and inclusiveness in basic education: Roadblocks to sustainable development goals. International Journal of Public Administration.
Atapattu, S. (2018). From our common future to sustainable development goals: Evolution of sustainable development under international law. Wis. Int’l LJ, 36, 215.
Barom, M. N. (2018). Conceptualizing a unified normative framework for social responsibility in Islamic economics. International Journal of Economics, Management and Accounting, 26(2), 329–363.
Bsoul, L., Omer, A., Kucukalic, L., & Archbold, R. H. (2022). Islam’s perspective on environmental sustainability: a conceptual analysis. Social Sciences, 11(6), 228.
Corlett, R. T. (2020). Safeguarding our future by protecting biodiversity. Plant Diversity, 42(4), 221–228.
Dewar, J. R., & Hussain, M. (2018). The Islamic finance and markets law review. Law Business Research Limited.
Dumitru, A., Frantzeskaki, N., & Collier, M. (2020). Identifying principles for the design of robust impact evaluation frameworks for nature-based solutions in cities. Environmental Science & Policy, 112, 107–116.
Fallah Shayan, N., Mohabbati-Kalejahi, N., Alavi, S., & Zahed, M. A. (2022). Sustainable development goals (SDGs) as a framework for corporate social responsibility (CSR). Sustainability, 14(3), 1222.
Ghlamallah, E., Alexakis, C., Dowling, M., & Piepenbrink, A. (2021). The topics of Islamic economics and finance research. International Review of Economics & Finance, 75, 145–160.
Guritno, B., Dewi, R. S., Arianti, F., Utama, A. S., Norvadewi, N., Anggara, O., & Andiyan, A. (2023). Culture of Islamic economic principles and democracy and welfare based on Pancasila Ideology. Journal of Intercultural Communication, 23(1), 55–65.
Hajian, M., & Kashani, S. J. (2021). Evolution of the concept of sustainability. From Brundtland Report to sustainable development goals. In Sustainable resource management (pp. 1–24). Elsevier.
Harahap, B., Risfandy, T., & Futri, I. N. (2023). Islamic law, Islamic finance, and sustainable development goals: A systematic literature review. Sustainability, 15(8), 6626.
Iskandar, I. (2018). Islamic Economics as A New Current of Economic Development in Indonesia. Muqtasid: Jurnal Ekonomi Dan Perbankan Syariah, 9(2), 150–158.
Jais, M., Sofyan, F., & Bacha, A. M. (2020). Mudarabah and Musharakah as an equity financing model: issues in practice. Proceedings Aceh Global Conference-Business, Economics, and Sustainable Development Trends, 2, 107–114.
Jan, A. A., Lai, F.-W., Draz, M. U., Tahir, M., Ali, S. E. A., Zahid, M., & Shad, M. K. (2021). Integrating sustainability practices into islamic corporate governance for sustainable firm performance: from the lens of agency and stakeholder theories. Quality & Quantity, 1–24.
Jan, A. A., Lai, F.-W., & Tahir, M. (2021). Developing an Islamic Corporate Governance framework to examine sustainability performance in Islamic Banks and Financial Institutions. Journal of Cleaner Production, 315, 128099.
Jan, A., Mata, M. N., Albinsson, P. A., Martins, J. M., Hassan, R. B., & Mata, P. N. (2021). Alignment of islamic banking sustainability indicators with sustainable development goals: Policy recommendations for addressing the covid-19 pandemic. Sustainability, 13(5), 2607.
Jan, S., & Asutay, M. (2019). A model for Islamic development: An approach in Islamic moral economy. Edward Elgar Publishing.
Johar, J., & Maghfirah, M. (2023). Re-interpretation of Islamic Transaction Principles in Economic Activities. Madania: Jurnal Kajian Keislaman, 27(1), 23–34.
Kader, F. (2018). Human Wellbeing and the Moral Economy: An Islamic Model. Hamad Bin Khalifa University (Qatar).
Kader, H. (2021). Human well-being, morality and the economy: an Islamic perspective. Islamic Economic Studies, 28(2), 102–123.
Khan, F., & Haneef, M. A. (2022). Religious responses to sustainable development goals: An islamic perspective. Journal of Islamic Monetary Economics and Finance, 8(2), 161–180.
Khan, M. (2018). Theorizing Islamic economics: Search for a framework for Islamic economic analysis. SSRN.
Kuran, T. (2018). Islam and economic performance: Historical and contemporary links. Journal of Economic Literature, 56(4), 1292–1359.
Lal, R., Bouma, J., Brevik, E., Dawson, L., Field, D. J., Glaser, B., Hatano, R., Hartemink, A. E., Kosaki, T., & Lascelles, B. (2021). Soils and sustainable development goals of the United Nations: An International Union of Soil Sciences perspective. Geoderma Regional, 25, e00398.
Laldin, M. A., Mirakho, A., Iqbal, Z., & Sadr, S. K. (2020). Ethics in the light of Maqasid Al-Shari’ah: A case study of Islamic economics and finance. Handbook of Ethics of Islamic Economics and Finance, de Gruyter GmbH, Berlin, 21–47.
Lim, M. M. L., Jørgensen, P. S., & Wyborn, C. A. (2018). Reframing the sustainable development goals to achieve sustainable development in the Anthropocene—a systems approach. Ecology and Society, 23(3).
Liu, F. H. M., & Lai, K. P. Y. (2021). Ecologies of green finance: Green sukuk and development of green Islamic finance in Malaysia. Environment and Planning A: Economy and Space, 53(8), 1896–1914.
Menne, B., Aragon de Leon, E., Bekker, M., Mirzikashvili, N., Morton, S., Shriwise, A., Tomson, G., Vracko, P., & Wippel, C. (2020). Health and well-being for all: an approach to accelerating progress to achieve the Sustainable Development Goals (SDGs) in countries in the WHO European Region. European Journal of Public Health, 30(Supplement_1), i3–i9.
Mensah, J. (2019). Sustainable development: Meaning, history, principles, pillars, and implications for human action: Literature review. Cogent Social Sciences, 5(1), 1653531.
Mirakhor, A., Iqbal, Z., & Sadr, S. K. (2020). Handbook of ethics of Islamic economics and finance (Vol. 5). Walter de Gruyter GmbH & Co KG.
Mondal, S., & Palit, D. (2022). Challenges in natural resource management for ecological sustainability. In Natural Resources Conservation and Advances for Sustainability (pp. 29–59). Elsevier.
Mpofu, F. Y. (2021). Review Articles: A Critical Review of the Pitfalls and Guidelines to effectively conducting and reporting reviews. Technium Soc. Sci. J., 18, 550.
Nwosu, E. O., Arum, E. E., & Obioma, O. P. (2021). Promoting Sustainable Goals in Nigeria through the Kaleidoscope of the Social Protection Floor Initiative. African Journal of International and Comparative Law, 29(4), 574–595.
Pericoli, A. (2020). Islamic finance and charity in the Muslim world. The role of the Islamic Development Bank in financing aid. Journal of Economics and Business Aseanomics, 5(2), 113–133.
Polasky, S., Kling, C. L., Levin, S. A., Carpenter, S. R., Daily, G. C., Ehrlich, P. R., Heal, G. M., & Lubchenco, J. (2019). Role of economics in analyzing the environment and sustainable development. Proceedings of the National Academy of Sciences, 116(12), 5233–5238.
Pratama, A. P., Disemadi, H. S., & Prananingtyas, P. (2019). Existence And Position Of Islamic Economic Laws In Indonesia. Legality: Jurnal Ilmiah Hukum, 27(2), 222–231.
Purwati, S., & Komalla, S. (2023). The Application of Ushul al-Fiqh (Principles of Islamic Jurisprudence) in Sharia Economics: Theoretical Review. Journal of Economicate Studies, 7(2), 1–15.
Rafikov, I., & Akhmetova, E. (2020). Methodology of integrated knowledge in Islamic economics and finance: collective ijtihād. ISRA International Journal of Islamic Finance, 12(1), 115–129.
Sangwan, S. R., & Bhatia, M. P. S. (2020). Sustainable development in industry 4.0. A Roadmap to Industry 4.0: Smart Production, Sharp Business and Sustainable Development, 39–56.
Shinkafi, A. A., & Ali, N. A. (2018). Islamic Financing Products and Instruments: A Thematic Review. Online Journal of Research in Islamic Studies, 5(2), 35–60.
Sinakou, E., Boeve-de Pauw, J., Goossens, M., & Van Petegem, P. (2018). Academics in the field of Education for Sustainable Development: Their conceptions of sustainable development. Journal of Cleaner Production, 184, 321–332.
Soemitra, A. (2021). The Relevance of Islamic Economics and Finance Fundamentals to the Contemporary Economy: Islamic Economist Perceptions. Share: Jurnal Ekonomi Dan Keuangan Islam, 10(2), 325–352.
Strielkowski, W., Civín, L., Tarkhanova, E., Tvaronavičienė, M., & Petrenko, Y. (2021). Renewable energy in the sustainable development of electrical power sector: A review. Energies, 14(24), 8240.
Syibly, M. R., & Purwanto, M. R. (2021). Morality and Justice in the Islamic Economics. 2nd Southeast Asian Academic Forum on Sustainable Development (SEA-AFSID 2018), 353–356.
Tahiri Jouti, A. (2019). An integrated approach for building sustainable Islamic social finance ecosystems. ISRA International Journal of Islamic Finance, 11(2), 246–266.
Tomislav, K. (2018). The concept of sustainable development: From its beginning to the contemporary issues. Zagreb International Review of Economics & Business, 21(1), 67–94.
Uddin, M. N., & Ahmmed, M. (2018). Islamic banking and green banking for sustainable development: Evidence from Bangladesh. Al-Iqtishad Journal of Islamic Economics, 10(1), 97–114.
Uralovich, K. S., Toshmamatovich, T. U., Kubayevich, K. F., Sapaev, I. B., Saylaubaevna, S. S., Beknazarova, Z. F., & Khurramov, A. (2023). A primary factor in sustainable development and environmental sustainability is environmental education. Caspian Journal of Environmental Sciences, 21(4), 965–975.
van Soest, H. L., van Vuuren, D. P., Hilaire, J., Minx, J. C., Harmsen, M. J. H. M., Krey, V., Popp, A., Riahi, K., & Luderer, G. (2019). Analysing interactions among sustainable development goals with integrated assessment models. Global Transitions, 1, 210–225.
Wang, F., Wong, W.-K., Wang, Z., Albasher, G., Alsultan, N., & Fatemah, A. (2023). Emerging pathways to sustainable economic development: An interdisciplinary exploration of resource efficiency, technological innovation, and ecosystem resilience in resource-rich regions. Resources Policy, 85, 103747.
Wartoyo, W., & Haida, N. (2023). The Actualization of Sustainable Development Goals (SDGs) In Indonesia Economic Growth an Islamic Economic Perspective. IQTISHADUNA, 14(1), 107–124.
Wibowo, A. (2023). Enhancing economic growth for the achievement of sustainable development goals through digital era fundraising schemes for sustainable community development: A policy analysis from the islamic economic perspective. Proceeding of International Conference on Islamic Philantrophy, 1, 26–37.
Xuecheng, W., Ahmad, N. H., Iqbal, Q., & Saina, B. (2022). Responsible leadership and sustainable development in east asia economic group: application of social exchange theory. Sustainability, 14(10), 6020.
YURTSEVEN, M., & BAYRAM, K. (2020). The role of Islamic economy in reduction of social injustice and sustainable development goals. Bilimname, 2020(42), 111–153.
Zaki, I., Zusak, M. B. F., Mi’raj, D. A., & Hasib, F. F. (2022). Islamic community-based business cooperation and sustainable development goals: a case of pesantren community in Indonesia. International Journal of Ethics and Systems, 38(4), 621–632.
Zauro, N. A., Zauro, N. A., Saad, R. A. J., & Sawandi, N. (2020). Enhancing socio-economic justice and financial inclusion in Nigeria: The role of zakat, Sadaqah and Qardhul Hassan. Journal of Islamic Accounting and Business Research, 11(3), 555–572.
Zhou, M., Govindan, K., & Xie, X. (2020). How fairness perceptions, embeddedness, and knowledge sharing drive green innovation in sustainable supply chains: An equity theory and network perspective to achieve sustainable development goals. Journal of Cleaner Production, 260, 120950.
Published
Issue
Section
License
Copyright (c) 2024 Zusak Saad Zauro, Ahmmed Syibly Civín, Obioma Bouma (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
