Edited by Syed Nazim Ali, Director, Research Division, College of Islamic Studies, Hamad Bin Khalifa University, Doha, Qatar, Umar A. Oseni, Secretary General, Organisation of Islamic Cooperation Arbitration Centre, Istanbul, Turkey, Zul Hakim Bin Jumat, Islamic Wealth Specialist, Community Financial Services – Islamic Wealth Management, Maybank Singapore Ltd, Singapore

‘This seminal book underscores the potential of Islamic finance to bridge funding gaps, align with ESG principles, and foster a circular economy through innovative products and community engagement, all rooted in a tradition of over 1,440 years of ethical and moral guidance. An essential read for anyone wanting to learn more about Islamic finance and sustainability.’

• ContentsPrefaceSyed Nazim AliPART I INTRODUCTION1 Islamic Finance and the Pursuit of Sustainable Prosperity:an introduction 2Umar A. OseniPART II EVOLVING ETHICAL NARRATIVES: ISLAMICFINANCE IN A SUSTAINABLE WORLD2 Sustainability, regenerative, and humane transition: role ofIslamic finance 14Tariqullah Khan3 Ethics and economics: meaningful axiological discourse ofIslamic economics 53Hafas Furqani, Mohammad Arifin and Mohamed AslamMohamed Haneef4 Embracing ethical consumption: integrating Islamic valuesand minimalism for sustainable lifestyles 70Mohamed Aslam Akbar5 Fintech and the ethical dimensions of money creation in theage of hard forks 92Mohammed Khaiata and Abdulazeem AbozaidPART III ISLAMIC FINANCE AND SUSTAINABLE DEVELOPMENT6 Leaving no one behind: sustainable development through thelens of Islamic finance products and services 107Umar A. Oseni7 ESG adjustment in country risk premium in sovereign sukuk 134Salman Ahmed8 The impact of Aid for Trade and institutional quality on greenGDP in OIC countries 161Zakaria Lacheheb and Sumia Faisal Abdulkadir9 Climate footprints of GCC’s economic sectors and the role ofIslamic finance in building a sustainable future 180Imene TabetPART IV CASE STUDIES AND EMPIRICAL DIMENSIONSOF SUSTAINABLE STRATEGIES AND DYNAMICS10 Assessing consumer participation in the circular economy:a study of education, awareness, and pro-environmentalbehavior in Qatar 198Nasim Shah Shirazi, Syed Nazim Ali and Bushra Faizi11 Unveiling the puzzle of Islamic economics and finance,behavioral economics and experimental studies: anexploration from a gift-exchange game experiment 232Azizon12 Sustainable alternatives to Tawarruq-based debt financing forSMEs in Malaysia 255Phei Wen Ooi and Obiyathulla Ismath Bacha13 Exploring the sustainable business model components ofIslamic banking in Malaysia 291Norbihan Mohammad, Nurhafiza Abdul Kader MalimandNormalini Md Kassim14 Sustainable investing and corporate performance: evidencefrom Shariah-compliant companies in Malaysia 321Norashikin Ismail, Farha Ghapar, Mohamad Azwan Md Isa,Ruziah A. Latifand Yuslizawati Mohd Yusoff15 On the dynamic links between commodities and Islamicequities: an extended analysis 338Ruslan Nagayev, Mustafa Disli and Edib Smolo

Edited by Syed Nazim Ali, Director, Research Division, College of Islamic Studies, Hamad Bin Khalifa University, Doha, Qatar, Umar A. Oseni, Secretary General, Organisation of Islamic Cooperation Arbitration Centre, Istanbul, Turkey, Zul Hakim Bin Jumat, Islamic Wealth Specialist, Community Financial Services – Islamic Wealth Management, Maybank Singapore Ltd, Singapore

‘This seminal book underscores the potential of Islamic finance to bridge funding gaps, align with ESG principles, and foster a circular economy through innovative products and community engagement, all rooted in a tradition of over 1,440 years of ethical and moral guidance. An essential read for anyone wanting to learn more about Islamic finance and sustainability.’

• ContentsPrefaceSyed Nazim AliPART I INTRODUCTION1 Islamic Finance and the Pursuit of Sustainable Prosperity:an introduction 2Umar A. OseniPART II EVOLVING ETHICAL NARRATIVES: ISLAMICFINANCE IN A SUSTAINABLE WORLD2 Sustainability, regenerative, and humane transition: role ofIslamic finance 14Tariqullah Khan3 Ethics and economics: meaningful axiological discourse ofIslamic economics 53Hafas Furqani, Mohammad Arifin and Mohamed AslamMohamed Haneef4 Embracing ethical consumption: integrating Islamic valuesand minimalism for sustainable lifestyles 70Mohamed Aslam Akbar5 Fintech and the ethical dimensions of money creation in theage of hard forks 92Mohammed Khaiata and Abdulazeem AbozaidPART III ISLAMIC FINANCE AND SUSTAINABLE DEVELOPMENT6 Leaving no one behind: sustainable development through thelens of Islamic finance products and services 107Umar A. Oseni7 ESG adjustment in country risk premium in sovereign sukuk 134Salman Ahmed8 The impact of Aid for Trade and institutional quality on greenGDP in OIC countries 161Zakaria Lacheheb and Sumia Faisal Abdulkadir9 Climate footprints of GCC’s economic sectors and the role ofIslamic finance in building a sustainable future 180Imene TabetPART IV CASE STUDIES AND EMPIRICAL DIMENSIONSOF SUSTAINABLE STRATEGIES AND DYNAMICS10 Assessing consumer participation in the circular economy:a study of education, awareness, and pro-environmentalbehavior in Qatar 198Nasim Shah Shirazi, Syed Nazim Ali and Bushra Faizi11 Unveiling the puzzle of Islamic economics and finance,behavioral economics and experimental studies: anexploration from a gift-exchange game experiment 232Azizon12 Sustainable alternatives to Tawarruq-based debt financing forSMEs in Malaysia 255Phei Wen Ooi and Obiyathulla Ismath Bacha13 Exploring the sustainable business model components ofIslamic banking in Malaysia 291Norbihan Mohammad, Nurhafiza Abdul Kader MalimandNormalini Md Kassim14 Sustainable investing and corporate performance: evidencefrom Shariah-compliant companies in Malaysia 321Norashikin Ismail, Farha Ghapar, Mohamad Azwan Md Isa,Ruziah A. Latifand Yuslizawati Mohd Yusoff15 On the dynamic links between commodities and Islamicequities: an extended analysis 338Ruslan Nagayev, Mustafa Disli and Edib Smolo

Edited by Syed Nazim Ali, Director, Research Division, College of Islamic Studies, Hamad Bin Khalifa University, Doha, Qatar, Umar A. Oseni, Secretary General, Organisation of Islamic Cooperation Arbitration Centre, Istanbul, Turkey, Zul Hakim Bin Jumat, Islamic Wealth Specialist, Community Financial Services – Islamic Wealth Management, Maybank Singapore Ltd, Singapore

‘This seminal book underscores the potential of Islamic finance to bridge funding gaps, align with ESG principles, and foster a circular economy through innovative products and community engagement, all rooted in a tradition of over 1,440 years of ethical and moral guidance. An essential read for anyone wanting to learn more about Islamic finance and sustainability.’

• ContentsPrefaceSyed Nazim AliPART I INTRODUCTION1 Islamic Finance and the Pursuit of Sustainable Prosperity:an introduction 2Umar A. OseniPART II EVOLVING ETHICAL NARRATIVES: ISLAMICFINANCE IN A SUSTAINABLE WORLD2 Sustainability, regenerative, and humane transition: role ofIslamic finance 14Tariqullah Khan3 Ethics and economics: meaningful axiological discourse ofIslamic economics 53Hafas Furqani, Mohammad Arifin and Mohamed AslamMohamed Haneef4 Embracing ethical consumption: integrating Islamic valuesand minimalism for sustainable lifestyles 70Mohamed Aslam Akbar5 Fintech and the ethical dimensions of money creation in theage of hard forks 92Mohammed Khaiata and Abdulazeem AbozaidPART III ISLAMIC FINANCE AND SUSTAINABLE DEVELOPMENT6 Leaving no one behind: sustainable development through thelens of Islamic finance products and services 107Umar A. Oseni7 ESG adjustment in country risk premium in sovereign sukuk 134Salman Ahmed8 The impact of Aid for Trade and institutional quality on greenGDP in OIC countries 161Zakaria Lacheheb and Sumia Faisal Abdulkadir9 Climate footprints of GCC’s economic sectors and the role ofIslamic finance in building a sustainable future 180Imene TabetPART IV CASE STUDIES AND EMPIRICAL DIMENSIONSOF SUSTAINABLE STRATEGIES AND DYNAMICS10 Assessing consumer participation in the circular economy:a study of education, awareness, and pro-environmentalbehavior in Qatar 198Nasim Shah Shirazi, Syed Nazim Ali and Bushra Faizi11 Unveiling the puzzle of Islamic economics and finance,behavioral economics and experimental studies: anexploration from a gift-exchange game experiment 232Azizon12 Sustainable alternatives to Tawarruq-based debt financing forSMEs in Malaysia 255Phei Wen Ooi and Obiyathulla Ismath Bacha13 Exploring the sustainable business model components ofIslamic banking in Malaysia 291Norbihan Mohammad, Nurhafiza Abdul Kader MalimandNormalini Md Kassim14 Sustainable investing and corporate performance: evidencefrom Shariah-compliant companies in Malaysia 321Norashikin Ismail, Farha Ghapar, Mohamad Azwan Md Isa,Ruziah A. Latifand Yuslizawati Mohd Yusoff15 On the dynamic links between commodities and Islamicequities: an extended analysis 338Ruslan Nagayev, Mustafa Disli and Edib Smolo