Publication: Sustainability And Islamic Social Banking: A Review Of Literature
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Date
2022
Journal Title
Journal ISSN
Volume Title
Publisher
Fakulti Ekonomi dan Muamalat, Universiti Sains Islam Malaysia
Abstract
The resurgence of Islamic social finance institutions to solve modern-day sustainability inequities and foster a circular economy is becoming increasingly popular in scholarly writing. Islamic social finance and social banking represent a massive potential for bridging the gap in driving sustainability agenda. Thus, this study aims to review the literature on current sustainability practices based on Sustainable Development Goals (SDGs), Environment, Social, and Governance (ESG), Socially Responsible Investment (SRI), Corporate Social Responsibility (CSR), and Value-Based Intermediation (VBI), as well as Islamic social banking. Using secondary analysis, this study addresses the scholars’ and practitioners’ views on both sustainability agenda and Islamic social banking to provide a better understanding of the subject matter and show the link between the two. A significant observation is that Islamic social banking practices connect with the sustainability initiatives interests under the umbrella of Maqasid al-Shariah. Indeed, there is a need for an Islamic bank to structure its business operation by considering the long-term sustainability issues. This could benefit not only the bank itself in terms of profit but also safeguard the planet and society as a whole to achieve Maqasid al-Shariah. This study contributes to the literature on the integration of elements under the sustainability agenda and Maqasid al-Shariah towards a more comprehensive Islamic social banking practice. Suggestions made in this study may provide an avenue for future research in Islamic social banking and pave the way for the development of an integrated framework for Islamic social banking practices.
Description
e-Proceedings of The 10th Islamic Banking, Accounting and Finance International Conference 2022 (iBAF2022): “Future-Proofing for Business Excellence Through Islamic Banking, Accounting and Finance”/ Editors: Norhaziah Nawai, Khairil Faizal Khairi, Suhaila Abdul Hamid, Muhamad Azrin Nazri, Nur Ainna Ramli, Sumaiyah Abd Aziz, Mohd Adha Ibrahim, Syadiyah Abdul Shukor.
13th-14th September 2022 (Virtual Conference)
Organized by: Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia
Keywords
Sustainability practices; Islamic social banking; Maqasid al-Shariah and Literature Review
Citation
Nawai, N., Khairi, K. F., Abdul Hamid, S., Nazri, M. A., Ramli, N. A., Abd Aziz, S., Ibrahim, M. A., & Abdul Shukor, S. (Eds.). (2022). e-Proceedings of The 10th Islamic Banking, Accounting and Finance International Conference 2022 (iBAF2022) : “Future-Proofing for Business Excellence Through Islamic Banking, Accounting and Finance.” Universiti Sains Islam Malaysia. https://fem.usim.edu.my/ibaf2022-proceeding/