Islamic Finance and Sustainable Economy: A New Model of Islamic Financial Ecosystem

Sutan Emir Hidayat (), Yodi Izharivan () and Citra Atrina Sari ()
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Sutan Emir Hidayat: Gunadarma University
Yodi Izharivan: National Committee for Islamic Economy and Finance (KNEKS)
Citra Atrina Sari: National Committee for Islamic Economy and Finance (KNEKS)

Chapter Chapter 11 in Islamic Finance and Sustainable Development, 2021, pp 265-284 from Springer

Abstract: Abstract The study intends to propose an Islamic financial ecosystem that supports Sustainable Development Goals (SDGs). This study uses a qualitative research method employing content analysis and literature-based approach in deriving inferences and insights. Extensive literature related to SDGs, basic objectives of the existence of Islamic finance, and Maqashid al-Shariah are reviewed, analyzed, and used as references to create a proposed Islamic financial ecosystem that supports SDGs. The proposed ecosystem integrates Islamic commercial and social finance in order to improve the people’s welfare. The proposed model also provides evidence on how Islamic financial system can play a role as a catalyst for sustainability in the economy. This study can be used by the governments of OIC countries as a reference in developing a financial ecosystem that helps them in achieving most of the SDGs by 2030. The study also benefits regulators of the financial system in OIC countries as a reference for them to create a stable and resilient financial system that can ensure sustainability in the economy.

Keywords: Islamic Finance; Catalyst; Sustainability (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-76016-8_11

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DOI: 10.1007/978-3-030-76016-8_11

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