The Role of Islamic Finance in Achieving Sustainable Development: A Practical Study
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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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.
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.
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.
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.
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.
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.
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 Conference
8. Al-Hiti, Nozad Abdul Rahman (2005), Sustainable Development in the Arab Region Current Situation and Future Challenges, Gondola Magazine, Issue 25, Nov.
9. Al-Makawi, Mohammed Mahmoud (2009), Islamic Banks (Genesis Financing Development), Modern Library of Publishing and Distribution, Cairo, Egypt.
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.
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.
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.
13. Awean Abdul Qadir (2008), analyzes the economic effects of environmental problems under sustainable development
14. Belagem Hussein (2009), Risk of Financing Formulas in Islamic banks and Classical Banks, University Culture Foundation Cairo, Egypt.
15. Boumediene, Arab, (2016), "The Role of Algerian Universities in Economic Development: Opportunities and Constraints" Algerian Journal of Globalization and Economic Policy, Issue (7).
16. Case Study of Algeria, Unpublished Master's Thesis, Saad Dahlb University, College of Economics and Tesser Sciences, Department of Economic Sciences, Algeria.
17. Catherine Aubertinet Frank &Dominique virien (2010), Le développement durable: Engeux p olitique economique Social, Paris: la documentation francaise.
18. Cherkaoui Al-Malqi Aisha (2000): Islamic Banks: The Experience between Jurisprudence, Law and Practice, Arab Cultural Center, Casablanca, Morocco.
19. Flayyih, H. H., Al-Mufraji, S. H. & & Alhelle, M. H., (2019). Islamic Banks: Basic Concepts and Applied Cases
20. Gabriel Wackerman and the others (2008), Sustainable development, Ellipses Edition, carrefours Paris, France.
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.
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.
23. John belwitt, (2008, Understanding Sustainable Development, Earth scan in the UK and USA.
24. Khalaf, Fleih Hassan (2007): Islamic Banks, Al-Wall World Book House, Amman, Jordan.
25. Khasawneh, Ahmed Salim (2008), Islamic Banks - Basel Committee Decisions - Challenges of Globalization - Strategy of Confronting Them, Wall of Scientific Book, Amman Jordan.
26. Lunsu, A, Sloep, j. Mieras, R, (2010), Learning in Networks for sustainability, Journal of Engineering for sustainable Development.
27. Salmana, M. D. (2020). The Role of Self-financing in Improving the Quality of Services Provided in the Government Health Sector in Iraq.
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.
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.
30. Steer, Andrew (1996): The Ten Principles of the New Environmental Doctrine, Finance and Development Journal, December Issue, Issue 4, and Volume 33.
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.
Authors
[1]
“The Role of Islamic Finance in Achieving Sustainable Development: A Practical Study”, Soc. sci. humanities j., vol. 5, no. 05, pp. 2218–2231, May 2021, Accessed: May 14, 2024. [Online]. Available: https://sshjournal.com/index.php/sshj/article/view/699
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