Are the Objectives of Islamic Finance Aligned with Sustainability and Green Agenda?

Authors : Nazlı Kol, Ömer Faruk Tekdoğan

Pages : 370-387

Doi:10.21180/iibfdkastamonu.1478723

View : 80 | Download : 101

Publication Date : 2024-12-31

Article Type : Research Paper

Abstract :Sustainability, when evaluated from an economic perspective, can be addressed in conjunction with the notion of development and defined as the transition to the use of renewable energy sources in production and being responsible for the effects of productive activities on the environment. In the later years, green discourse like green growth, green economy, green finance and green jobs, have accompanied with this concept as complementary elements. Sustainability and green agenda, their policies and tools have impacted all countries in various forms. These concepts also have a reflection to Islamic finance sphere. This paper constitutes a qualitative study based on document research and aims to research whether the sustainable and green agenda is aligned with Islamic financial objectives. In this regard, it is important not to overlook that these are two concepts that are handled within current capitalist economic system and serve the continuity of this system. When examining the fundamental features and objectives of the capitalist economic system and considering how these issues have been addressed throughout the developmental trends of capitalism in history and reflected in real-life practices, becomes that the objectives of Islamic finance are not aligned with the principles of sustainability and the green agenda.
Keywords : Sürdürülebilirlik, Yeşil Dönüşüm, Yeşil Büyüme, İslami Finans, Kapitalizm.