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Sustainable Islamic financial engineering with special reference to Gulf Cooperation Council's economies

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dc.contributor.authorImene Tabet
dc.contributor.authorTariqullah Khan
dc.date.accessioned2024-04-25T02:03:13Z
dc.date.available2024-04-25T02:03:13Z
dc.date.issued2024
dc.description.abstractThis paper explores how Islamic economics and finance, when developed as an embedded framework for regenerative development in line with Maqasid al-Shari'ah (the objectives of Islamic law), can facilitate the design of sustainable contracts and Islamic financial engineering. This framework provides a mechanism to achieve the paradigm shift advocated by Islamic finance scholars to accommodate the sustainability agenda into the practical applications of Islamic economics and finance. The paper specifically focuses on the Gulf Cooperation Council's (GCC) economies. This study employs an analytical research approach to evaluate the compatibility of Islamic social and commercial finance with sustainability objectives. The analysis is primarily qualitative and relies on the One Earth Framework proposed by Simpson et al. (2021) to structure the assessment of opportunities and challenges related to sustainability that Islamic economics and finance in the GCC region can help address. The paper highlights the potential of Islamic economics and finance as an embedded framework to address sustainability challenges in the GCC countries. By examining the capacity of Islamic finance to accommodate sustainability pathways, it elucidates avenues for integrating sustainable practices within Islamic financial contracts and institutions. One of the key contributions of this paper is the introduction and development of Islamic economics and finance as an embedded framework. This pioneering concept not only lays the groundwork for a practical mechanism but also signifies a fundamental step in realising the paradigm shift within Islamic finance. This transformative approach enhances the relevance and effectiveness of Islamic finance in fostering sustainability, marking a significant advancement in the field. While the study provides valuable insights, it primarily follows an analytical approach and does not involve quantitative analysis. It serves as a starting point for further research on the integration of sustainability objectives in Islamic finance.en_US
dc.identifier.citationTabet, I., & Khan, T. (2024). Sustainable Islamic financial engineering with special reference to Gulf Cooperation Council's economies. ISRA International Journal of Islamic Finance, 16(1), 21-40. https://doi.org/10.55188/ijif.v16i1.561en_US
dc.identifier.doihttps://doi.org/10.55188/ijif.v16i1.561
dc.identifier.issn2289-4365
dc.identifier.urihttps://ikr.inceif.edu.my/handle/INCEIF/4056
dc.languageEnglish
dc.language.isoengen_US
dc.publisherISRA Research Management Centre, INCEIF Universityen_US
dc.rights2024. Tariqullah Khan and lmene Tabet
dc.sourceSEDONA
dc.subjectIslamic financeen_US
dc.subjectIslamic financial engineeringen_US
dc.subjectNatural capitalen_US
dc.subjectRegenerative developmenten_US
dc.subjectSustainable contract designen_US
dc.titleSustainable Islamic financial engineering with special reference to Gulf Cooperation Council's economiesen_US
dc.typeJournal Articleen_US
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicIslamic financeen_US
relation.isAuthorOfPublicationfb4dd641-b5db-4941-95a5-b82e000f03a8
relation.isAuthorOfPublication36145047-2606-47d8-be88-b34e648f2e9b
relation.isAuthorOfPublication.latestForDiscoveryfb4dd641-b5db-4941-95a5-b82e000f03a8
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