The Role of Islamic Finance in Achieving Sustainable Development: A Practical Study

Dr. Mazen Dawood Salman

Abstract

The aim of the research is to identify the concept and importance of the role of Islamic banks in supporting and financing sustainable development, as well as the concept of sustainable development and its characteristics, objectives and dimensions, as well as highlighting what Islamic banks can do by activating their role in achieving sustainable development, by adopting a set of Islamic financing formulas such as murabaha, leasing, e-commerce and the forms of participation and speculation in financing the requirements for achieving sustainable development, and the questionnaire form was adopted and distributed to a group of employees and heads of departments. And the senior leaders of the Islamic Bank of Nahrein, Iraq, the researcher has reached conclusions that the role of Islamic financing formulas is weak In supporting sustainable development projects in Iraq and the suffering of Islamic banks from the ignorance of investors in the sustainable development sector with the advantages and formulas of Islamic finance, as well as the mechanism characterized by Islamic banks, which can play an important role in providing financing for sustainable development projects and investments, due to the flexibility of financing conditions, and the use of partnership and profitability criteria instead of the criterion of interest as in commercial banks.

References

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Abu Obeid, Ahmed, (2005) "Islamic banks and their role in strengthening the banking sector", a paper presented during the conference on the development of banking in Syria in light of arab and international experiences, Damascus, Syria.Google Scholar ↗
Abu Zeid, Mohamed Abdel Moneim (1996), The Economic Role of Islamic Banks between Theory and Practice, First Edition, World Institute of Islamic Thought, Cairo, Egypt.Google Scholar ↗
Agreement on the establishment of the International Federation of Islamic Banks, (1977), Printing Presses of the International Federation of Islamic Banks, New Egypt, Cairo, Egypt.Google Scholar ↗
Al Hiti, Nozad Abdul Rahman (2009) Sustainable Development General Framework and Applications UAE Model, Emirates Center for Strategic Studies and Research, Abu Dhabi, UAE.Google Scholar ↗
Al-Aja, Bou Zian, Shamma Nawal, (2014) Sustainable Development Determinants and Challenges, Glizan University Center, Strategy and Development Journal, Issue 6, Faculty of Economics, Commerce and Management Sciences, University of Mostaghanem, Algeria.Google Scholar ↗
Al-Hasani, Fares Karim Brehi and Khudhair, Iman Abd, (2014)," including sustainable human development in the Iraqi economy - A Caseal Study" Magazine of the Baghdad College of Economics University Issue of the 5th Scientific ConferenceGoogle Scholar ↗
Al-Hiti, Nozad Abdul Rahman (2005), Sustainable Development in the Arab Region Current Situation and Future Challenges, Gondola Magazine, Issue 25, Nov.Google Scholar ↗
Al-Makawi, Mohammed Mahmoud (2009), Islamic Banks (Genesis Financing Development), Modern Library of Publishing and Distribution, Cairo, Egypt.Google Scholar ↗
Al-Musawi, Haidar Younis Kazim (2009), following the financial performance of Islamic banks in the jordan and Saudi stock market indices a practical case for the duration of (19902007), Doctoral Thesis, Faculty of Management and Economics University of Kufa, Iraq.Google Scholar ↗
Al-Najjar, Al-Akhala Baqir, Hassan, Khawla Rashid (2005), The Role of Islamic Banking in The Development of Capital Markets, Journal of Economic Sciences, Faculty of Management and Economics, Basra University, Volume 4, Issue 15.Google Scholar ↗
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Awean Abdul Qadir (2008), analyzes the economic effects of environmental problems under sustainable developmentGoogle Scholar ↗
Belagem Hussein (2009), Risk of Financing Formulas in Islamic banks and Classical Banks, University Culture Foundation Cairo, Egypt.Google Scholar ↗
Boumediene, Arab, (2016), "The Role of Algerian Universities in Economic Development: Opportunities and Constraints" Algerian Journal of Globalization and Economic Policy, Issue (7).Google Scholar ↗
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Catherine Aubertinet Frank &Dominique virien (2010), Le développement durable: Engeux p olitique economique Social, Paris: la documentation francaise.Google Scholar ↗
Cherkaoui Al-Malqi Aisha (2000): Islamic Banks: The Experience between Jurisprudence, Law and Practice, Arab Cultural Center, Casablanca, Morocco.Google Scholar ↗
Flayyih, H. H., Al-Mufraji, S. H. & & Alhelle, M. H., (2019). Islamic Banks: Basic Concepts and Applied CasesGoogle Scholar ↗
Gabriel Wackerman and the others (2008), Sustainable development, Ellipses Edition, carrefours Paris, France.Google Scholar ↗
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John belwitt, (2008, Understanding Sustainable Development, Earth scan in the UK and USA.Google Scholar ↗
Khalaf, Fleih Hassan (2007): Islamic Banks, Al-Wall World Book House, Amman, Jordan.Google Scholar ↗
Khasawneh, Ahmed Salim (2008), Islamic Banks - Basel Committee Decisions - Challenges of Globalization - Strategy of Confronting Them, Wall of Scientific Book, Amman Jordan.Google Scholar ↗
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Salmana, M. D. (2020). The Role of Self-financing in Improving the Quality of Services Provided in the Government Health Sector in Iraq.Google Scholar ↗
Sabra, Arkan Badran (2012), Islamic Banking in light of the 2008 financial crisis, Master's Thesis, Faculty of Management and Economics, University of Baghdad, Baghdad, Iraq.Google Scholar ↗
Samay, Ali and Ben Youssef, Salim (2006), Economic Partnership and Its Impact on Sustainable Development, National Forum on Environmental Economics and Sustainable Development, University Center Yahya Fares Belemdey, (5/6 June 2006) Algeria.Google Scholar ↗
Steer, Andrew (1996): The Ten Principles of the New Environmental Doctrine, Finance and Development Journal, December Issue, Issue 4, and Volume 33.Google Scholar ↗
The Islamic Declaration of Sustainable Development (2002) the first Islamic Conference of Environment Ministers held in Jeddah from 29 spring i to the spring of 2023, 12-10 June.Google Scholar ↗

[refR-1] Abdelhamid Abdel Fattah Al-Maghribi (2005): Strategic Management at Islamic Banks, Islamic Research and Training Institute, Islamic Development Bank, Jeddah, Saudi Arabia.Google Scholar ↗

[refR-2] Abu Obeid, Ahmed, (2005) "Islamic banks and their role in strengthening the banking sector", a paper presented during the conference on the development of banking in Syria in light of arab and international experiences, Damascus, Syria.Google Scholar ↗

[refR-3] Abu Zeid, Mohamed Abdel Moneim (1996), The Economic Role of Islamic Banks between Theory and Practice, First Edition, World Institute of Islamic Thought, Cairo, Egypt.Google Scholar ↗

[refR-4] Agreement on the establishment of the International Federation of Islamic Banks, (1977), Printing Presses of the International Federation of Islamic Banks, New Egypt, Cairo, Egypt.Google Scholar ↗

[refR-5] Al Hiti, Nozad Abdul Rahman (2009) Sustainable Development General Framework and Applications UAE Model, Emirates Center for Strategic Studies and Research, Abu Dhabi, UAE.Google Scholar ↗

[refR-6] Al-Aja, Bou Zian, Shamma Nawal, (2014) Sustainable Development Determinants and Challenges, Glizan University Center, Strategy and Development Journal, Issue 6, Faculty of Economics, Commerce and Management Sciences, University of Mostaghanem, Algeria.Google Scholar ↗

[refR-7] Al-Hasani, Fares Karim Brehi and Khudhair, Iman Abd, (2014)," including sustainable human development in the Iraqi economy - A Caseal Study" Magazine of the Baghdad College of Economics University Issue of the 5th Scientific ConferenceGoogle Scholar ↗

[refR-8] Al-Hiti, Nozad Abdul Rahman (2005), Sustainable Development in the Arab Region Current Situation and Future Challenges, Gondola Magazine, Issue 25, Nov.Google Scholar ↗

[refR-9] Al-Makawi, Mohammed Mahmoud (2009), Islamic Banks (Genesis Financing Development), Modern Library of Publishing and Distribution, Cairo, Egypt.Google Scholar ↗

[refR-10] Al-Musawi, Haidar Younis Kazim (2009), following the financial performance of Islamic banks in the jordan and Saudi stock market indices a practical case for the duration of (19902007), Doctoral Thesis, Faculty of Management and Economics University of Kufa, Iraq.Google Scholar ↗

[refR-11] Al-Najjar, Al-Akhala Baqir, Hassan, Khawla Rashid (2005), The Role of Islamic Banking in The Development of Capital Markets, Journal of Economic Sciences, Faculty of Management and Economics, Basra University, Volume 4, Issue 15.Google Scholar ↗

[refR-12] Assaf, Nizar Dhiab (2018), the Reality of Sustainable Development and the Requirements of Its Realization in Iraq, Kirkuk University Journal of Administrative and Economic Sciences (ISSN): 22222995 Year: 2018 Volume: 8 Third Edition, Kirkuk University, Iraq.Google Scholar ↗

[refR-13] Awean Abdul Qadir (2008), analyzes the economic effects of environmental problems under sustainable developmentGoogle Scholar ↗

[refR-14] Belagem Hussein (2009), Risk of Financing Formulas in Islamic banks and Classical Banks, University Culture Foundation Cairo, Egypt.Google Scholar ↗

[refR-15] Boumediene, Arab, (2016), "The Role of Algerian Universities in Economic Development: Opportunities and Constraints" Algerian Journal of Globalization and Economic Policy, Issue (7).Google Scholar ↗

[refR-16] Case Study of Algeria, Unpublished Master's Thesis, Saad Dahlb University, College of Economics and Tesser Sciences, Department of Economic Sciences, Algeria.Google Scholar ↗

[refR-17] Catherine Aubertinet Frank &Dominique virien (2010), Le développement durable: Engeux p olitique economique Social, Paris: la documentation francaise.Google Scholar ↗

[refR-18] Cherkaoui Al-Malqi Aisha (2000): Islamic Banks: The Experience between Jurisprudence, Law and Practice, Arab Cultural Center, Casablanca, Morocco.Google Scholar ↗

[refR-19] Flayyih, H. H., Al-Mufraji, S. H. & & Alhelle, M. H., (2019). Islamic Banks: Basic Concepts and Applied CasesGoogle Scholar ↗

[refR-20] Gabriel Wackerman and the others (2008), Sustainable development, Ellipses Edition, carrefours Paris, France.Google Scholar ↗

[refR-21] Hashim, Hanan Abdul Khader (2011): The Reality and Requirements of Sustainable Development in Iraq: The Legacy of the Past and the Necessities of the Future, Magazine of the Center for Kufa Studies, Issue 21, Kufa Iraq.Google Scholar ↗

[refR-22] Hussein, Mohammed Ahmed (2014): Speculation in Islamic banks, research submitted to the 5th Beit Al-Maqdis International Islamic Conference entitled "Islamic Finance, What It Is, Its Formula, Its Future", the Ministry of Endowments and Religious Affairs, Ramallah, Palestine.Google Scholar ↗

[refR-23] John belwitt, (2008, Understanding Sustainable Development, Earth scan in the UK and USA.Google Scholar ↗

[refR-24] Khalaf, Fleih Hassan (2007): Islamic Banks, Al-Wall World Book House, Amman, Jordan.Google Scholar ↗

[refR-25] Khasawneh, Ahmed Salim (2008), Islamic Banks - Basel Committee Decisions - Challenges of Globalization - Strategy of Confronting Them, Wall of Scientific Book, Amman Jordan.Google Scholar ↗

[refR-26] Lunsu, A, Sloep, j. Mieras, R, (2010), Learning in Networks for sustainability, Journal of Engineering for sustainable Development.Google Scholar ↗

[refR-27] Salmana, M. D. (2020). The Role of Self-financing in Improving the Quality of Services Provided in the Government Health Sector in Iraq.Google Scholar ↗

[refR-28] Sabra, Arkan Badran (2012), Islamic Banking in light of the 2008 financial crisis, Master's Thesis, Faculty of Management and Economics, University of Baghdad, Baghdad, Iraq.Google Scholar ↗

[refR-29] Samay, Ali and Ben Youssef, Salim (2006), Economic Partnership and Its Impact on Sustainable Development, National Forum on Environmental Economics and Sustainable Development, University Center Yahya Fares Belemdey, (5/6 June 2006) Algeria.Google Scholar ↗

[refR-30] Steer, Andrew (1996): The Ten Principles of the New Environmental Doctrine, Finance and Development Journal, December Issue, Issue 4, and Volume 33.Google Scholar ↗

[refR-31] The Islamic Declaration of Sustainable Development (2002) the first Islamic Conference of Environment Ministers held in Jeddah from 29 spring i to the spring of 2023, 12-10 June.Google Scholar ↗