Islamic sustainable finance paradigm

• Main Author: Hassan, Rusni
• Format: Book Chapter
• Language: English; English
• Published: Routledge 2024
• Subjects: HG3368 Islamic Banking and Finance
• Online Access: http://irep.iium.edu.my/115725/7/115725_%20Islamic%20sustainable%20finance%20paradigm.pdf; http://irep.iium.edu.my/115725/8/115725_%20Islamic%20sustainable%20finance%20paradigm_Scopus.pdf; http://irep.iium.edu.my/115725/; https://www.routledge.com/Islamic-Sustainable-Finance-Policy-Risk-and-Regulation/Billah-Hassan-Haron-Zain/p/book/9781032497846?gad_source=1&gclid=CjwKCAiAudG5BhAREiwAWMlSjGqTl5fj8O74AfWIHtKh_YaG1WRNAGbnRl7JHoYz3FEtliQCmLsqTBoCiFIQAvD_BwE

In the contemporary world of advanced socio-economy, sustainability is among the prime concern. The spirit of sustainability is concerned with the relationship between economic development, environmental quality and social equity (Rogers et al., 2012). The core idea of sustainability is that current decisions should not impair the prospects for maintaining or improving future living standards, including the management of the economic systems (Robert Repetto, 1986);"basing developmental and environmental policies on careful economic analysis that will strengthen environmental protection and lead to rising sustainable levels of welfare” (World Bank, 1992, p.8). Sustainability also advocates development of social elements and involved a process of deep and profound change in the political, social, economic, institutional and technological order, including the redefinition of relations between developing and more developed countries (Rogers et al., 2012). Sustainable development strategies should concern on ending of poverty, improve health and education, reduce inequality and spur economic growth-all while tackling climate change and preserving oceans and forests (Department of Economic and Social Affairs Sustainable Development,2015).