Scope of Green Financing Instruments to Achieve Sustainable Development

مدى تحقيق أدوات التمويل الخضراء التنمية المستدامة

  • Muhammad Ibrahim elNajashi Assoc. Prof., Ahmad Ibrahim Kuliyyah of Laws, International Islamic University Malaysia
  • Muhammad Laeba Assoc. Prof., Ahmad Ibrahim Kuliyyah of Laws, International Islamic University Malaysia
  • Hisham Mahmud Zaki Master Student, Ahmad Ibrahim Kuliyyah of Laws, International Islamic University Malaysia

Abstract

This paper addresses the issue of achieving sustainable development through green financing instruments, where it discusses the meaning of green bonds and Sukuk, the steps of their issuance, their dimensions, and characteristics. The paper also examines the provision of Shariah on green bonds and Sukuk and discusses the extent of their capability to achieve sustainable development of society. This study uses the inductive approach to track the opinions of researchers on the subject as well as the analytical approach to analyze those opinions. The study has reached a number of conclusions, the most important of which are: the impermissibility of dealing with green bonds because they are based on riba. Likewise, green Sukuk is also not permissible in Shariah because of the suspicion of riba in it, as it is recovered at nominal value, and these financing instruments do not contribute to the achievement of sustainable development to the highest degree as expected.

Keywords: Finance, Bonds, Sukuk, Green Sukuk, Sustainable Development.

https://doi.org/10.31221/osf.io/tebcn

Downloads

Download data is not yet available.

References

Abdulkareem Zidan, Al-wajeez fe sharh Al-qawa’ed Al-feqheyyah, Beirut: Muassasat al-resalah, Issue.1 (2001)

Abu Al-Said Sandi Sabri & Others, Al-eqtesad Al-Akhdar wa atharoh ala al-tanmiah Al-mustadamah fe daw’a tajareb ba’d al-duwal, Al-Markaz Al-democratic Al-arabi le Al-derasat Al-eqtsadiah, (2017)

Accounting and Auditing Organization for Islamic Financial Institutions(AAOIFI), (2010)

Ahmad Hafez Abdul-Aziz, Kayf Awjadat Malaysia Manzoma Mutawateyah lel Tamweel Al-Eslami Al-Mustadam, Mudawanat World Bank.

Al-esterdad w Altakharug f Al-Sanadeq w Al-Aweyah Al-estethmaryah, www.islmicfi.com

Albank Al-dawli lel ensha’a w Alta’meer, Ma heyah Al-sanadat Al-khadra?

Badran Ahmad Jaber, Al-Sukuk ka adat lel Tamweel bain Al-nazariah w Al-tatbeeq, Majallat Al-Muslim Al-Mu’aser, Vol.152 (2014)

Barnamaj Al-umam Al-Muttahedah lel beah, Nahw eqtesad Akhdar: Masarat ela Altanmeyah Al-Mustadamah w Alqada’a Ala Al-faqr, (2011)

Habib Ma’luf, Al-eqtesad Al-Akhdar le hal mashakel Al-alam ka ejra’a le tagyeer lwn bena’a ala washak alenheyar, Beirut: Ijtema’a Al-Mushawarat Ale’lameyah Al-eqlemeyyah hawl Al-rio.

Hussin Raheem, Taskeek mashare’ Al-waqf Al-Muntej: aleyah le tarqeyat al-dawr Al-tanmawi w da’m kafaat sanadeq al-waqf, Mu’tamar al-Sukuk Al-eslamiah w adawat al-tamweel Al-eslami, Yarmouk University (2013)

Ibn Manzour Muhammad, Lesan Al-Arab, Beirut: Dar Al-turath Al-arabi, (1999)

Itehad hayaat Al-Awraq Al-Malyah Al-arabiah, Vol.15 (2016)

Khadeejah Arqub, Dawr Al-Sukuk Al-khadra’a fe Tahqeeq Al-tanmeyah Al-Mustadama fe Malaysia.

Majma’a Al-feqh Al-eslami Al-dawli, round.19, UAE (2009)

Masref Al-Bahrain Al-Markazi, Bayan Al-esdar, Manama: (2002).

Muhammad ibn Ismaiel Al-bukhari, Al-jamea’ Al-saheh, Cairo: Al-matba’a Al-salafyyah, Issue.1, (1403H)

Muhammad Ibrahim Nagassi, Al-Sukuk Al-waqfeyah w dawrohah fe Al-tanmeyah Al-eqtesadyah mn Khelal Tamweel baramej Al-taaheel w Ashab Al-mehan w Al-heraf, Isra Journal, Vol.4 Isuue.2 (2013).

Muhammad ya’qub Al-Fayruz Abadi, Al-qamous Al-Muheet, Cairo: Alhay’ah Al-ammah lelketab, Issue.3 (1980)

Mujammaia Al-lugah Al-arabiah, Al-Mu’jam Al-waseet, Cairo: Maktabat Al-Shuruq, Isuue.4 (2004)

Raishlet Haika, ittesa’a Mafhum Al-sanadat Al-Khadra’a Al-eqtesadyyah, Al-arab Al-eqtesadyah Journal.

Shubair Muhammad Uthman, Al-Muamalat Al-Maleyyah Al-Mu’aserah, Amman: Dar Al-nafaes, Issue.6 (2007)

Tawfeeq esma’el Al-Juuosi, Makhater Al-reba Al-ejtemaeyah w Al-eqtesadyah,Mawsa’at al-eqtesad al-eslami

Wzarat Al-awqaaf Al-Kuwayteyah, Al-Mawsu’aa Al-feqheyah, Kuwait: Issue.1 (1989).

Published
2019-12-01
How to Cite
Ibrahim elNajashi, M., Laeba, M., & Mahmud Zaki, H. (2019). Scope of Green Financing Instruments to Achieve Sustainable Development: مدى تحقيق أدوات التمويل الخضراء التنمية المستدامة. International Journal of Fiqh and Usul Al-Fiqh Studies (IJFUS), 3(2), 67 - 77. Retrieved from https://journals.iium.edu.my/al-fiqh/index.php/al-fiqh/article/view/156