Islamic Finance

The production and consumption of electrical devices are rapidly growing and generating social, economic, cultural, and scientific benefits globally. In addition, this rapid growth leads to an increase in the amounts of disposal, obsolete, defected, or broken devices, which calls for strategic action in e-waste management. On this regard, nine out of the 17 Sustainable Development Goals (SDGs) are with targets relatively linked to e-waste management.

The world is facing unprecedented ecological, social, and economic imbalances and insecurities. Over the last few years, a circular economic system is emerging and introducing means and processes to learn from nature and minimize all types of wastes. It espouses a zero-waste economic system that calls for moderation in consumption and better treatment of natural resources, which mirrors Islamic finance and economy principles.

The United Nations Agenda 2030 for Sustainable Development provides a blueprint for peace and prosperity for the people and planet through 17 goals. The fundamentals of the teachings of

Crises and disasters, man-made or natural, prove to be an opportunity from which mankind can benefit and take lesson to learn to be conscious of Allah’s blessings and care for its rights. One of the lessons learnt is that capitalism is naturally driven by profit maximization actions that have adverse effects to our surroundings. This economic hegemony has led to environmental problems, which pose threats to humankind livelihood.

This chapter provides a high-level introduction to the main issues discussed in the book. It examines the socio-economic importance and potentials of

The banking and financial landscape in the last decade has been inundated with ‘technology’. Financial Technology (FinTech), Insurance Technology (InsurTech) and Regulatory Technology (RegTech) are just some of the new buzzwords. Close to 80% of Fintech investments happen in the US, while it is growing rapidly in Europe, Asia-Pacific and the rest of the world. In the Gulf Cooperation Council (GCC), Fintech development is gaining ground with the support of the regional governments in the UAE, Saudi Arabia and Bahrain.

Islamic finance (IF) plays a pivotal role in the development of the real economy. It helps and stimulates economic activities and entrepreneurship, addresses poverty and income inequality, ensures financial stability, and promotes comprehensive human development in complex societies of the 21st century. IF and Islamic economics (IE) recognize the significant role of the voluntary Islamic financial sectors which uplift poverty, and eliminate homelessness and hunger.

Countries in the Middle East and North Africa (MENA) Region are highly vulnerable to climate change. With ongoing rapid and competing development in diverse economic sectors, such as infrastructure, healthcare, sports, and education, amongst others, innovative financing approaches are needed to secure the necessary financing required to mitigate and adapt to climate change in the region. Climate finance is critical to achieve climate change adaptation and mitigation objectives.

Digital currencies have received a mixed response from the Islamic banking and finance (IB&F) industry. As Shariah permissibility (or ‘compliance’) strongly influences the demand for and supply of products in the IF&B industry, the verdicts reached by Shariah scholars on digital currencies have a strong bearing on their adoption amongst users.