Green Ṣukūk and Their Applicability in Nigeria: An Exploratory Maqāṣidic Study

الصكوك الخضراء وإمكانية تطبيقاتها في نيجيريا: دراسة استكشافية مقاصدية

Authors

  • Bello Sani Yahuza Lecturer - Bayero University Kano - Nogeria / Phd Student - Dept. of Fiqh & Usul al-Fiqh - International Islamic University Malaysia
  • Akhtarzaite Abdul Aziz Assist. Prof. - Dept. of Fiqh & Usul al-Fiqh - International Islamic University Malaysia
  • Muhammad Amanullah Professor - Dept. of Fiqh & Usul al-Fiqh - International Islamic University Malaysia

Keywords:

Green Ṣukūk, Maqāṣid Al-Sharīʽah, Nigeria

Abstract

This research aims to explore the applicability of green ṣukūk in Nigeria. Green ṣukūk is a modern financial instrument, which refers to an investment certificate issued for the protection of environment, climate, plants, water, and air from pollution. This (definition of green ṣukūk) clearly indicates its significance in the realization of Maqāṣid Al-Sharī’ah (objectives of Sharīʽah) in providing benefits (maṣlaḥah) or blocking harm (mafsadah) or both. Thus, it is one of the new jurisprudential issues worthy of conducting research on, particularly because the researchers, to the best of their knowledge, have not found any academic research on green ṣukūk in Nigeria. This may be because of lack of any experience of its issuance. All these motivated the researchers for conducting this research. Also, the researchers believe that the projects that will be accomplished by issuing these green ṣukūks will lead to solving the problems of poverty, unemployment and hunger through participation in achieving  food security, providing  job opportunities, and creation of all forms of agro-infrastructures, thereby, achieving sustainable development in the light of Maqāṣid Al-Sharīʽah. The paper adopts exploratory and inductive methods. The first method explores the situation of Nigerian financial and economic system and its dire need for green sukuk, and the potential of its application, while the inductive method ensures linking the research with the framework of the Objectives of Sharīʽah and their principles. The findings of this research show that there are huge potentials and relevance of green ṣukūk in the Nigerian context which realizes the Maqāṣid Al-Sharīʽah in the Nigerian Islamic financial system. Likewise, it prevents environmental pollution and alleviates poverty, hunger, and unemployment. Therefore, the paper recommends the issuance of green ṣukūk in Nigeria by establishing its operational framework, and setting legal, regulatory and policy guidelines while taking into consideration the likely challenges for that.

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Published

29-01-2022

How to Cite

Sani Yahuza, B., Abdul Aziz, A., & Amanullah, M. (2022). Green Ṣukūk and Their Applicability in Nigeria: An Exploratory Maqāṣidic Study: الصكوك الخضراء وإمكانية تطبيقاتها في نيجيريا: دراسة استكشافية مقاصدية. International Journal of Fiqh and Usul Al-Fiqh Studies, 6(1), 41–59. Retrieved from https://journals.iium.edu.my/al-fiqh/index.php/al-fiqh/article/view/251

Issue

Section

Arabic Articles