Year
2020
Country
Qatar
Language
English
Abstract
| Despite the large amount of hits on the concepts of Circular Economy (CE), Green Economy (GE), and Sustainable Development (SD), there is a dearth of coherent understanding of the interconnections between these concepts. Although the academicians, practitioners, and policymakers at both national and global levels as key sustainability avenues are currently considering the three concepts, there is a dire need to understand the interconnections between them. Knowing and identifying the integral role of Islamic finance in promoting and enabling the operationalization of the concepts is also indispensable for policymakers, businesses, and financial institutions. Therefore, the aim of this paper is to sketch out a broad and holistic framework to establish the interconnections between CE, GE, and SD. To achieve this objective, the paper first presents the existing views and then discourses the connections between the concepts, goals, and practical strategies. The second objective of the paper is to link the principles, responsibilities, objectives and business models of Islamic finance with social, economic, and environmental sustainability. Further, the paper aimed at pointing out potential dimensions, scopes, and in-built characteristics of Islamic finance that may facilitate the process of the realization of the CE, GE, and, SD targets and objectives. The paper suggests that both CE and GE are rooted in the ideas of eco-efficiency, resource efficiency, renewable energies, low carbon emissions, and improvement of nature capitals. On the other hand, both CE and SD mainly focus on intra and interrogational commitments, integration of non-economic aspects into development in order to achieve sustainable production and conception patterns. It has emerged that the conceptualization, implementations, and evolution of CE, GE, and SD highly assimilate the ingredients of resource efficiency and decoupling, sustained and inclusive economic growth, preservation of environment, and promotion of sustainable consumption and production patterns. The paper indicates that the role of Islamic finance is essential in harvesting the benefits associated with all three concepts. The Shariah-compliant business models and products of Islamic finance provide an edge to Islamic banks over their conventional counterparts to provide financing at all stages to promote the CE, GE, and SD activities. Finally, the paper proposes a business model based on Musharkah cum Ijarah for enhancing the transformation of linear economy towards CE. |
English
City
CIS minaretein
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