Green Banking in a Sharia Perspective Answering the Challenges of Sustainable Finance
Keywords:
Financial Challenges, Green Banking, Islamic BankingAbstract
This study explores how Islamic banking responds to the challenges of sustainable finance by implementing Green Banking by Sharia principles. In light of the growing urgency for environmentally friendly financial practices, this research seeks to analyse the extent of Green Banking implementation in Islamic financial institutions, identify the key challenges faced, and examine the compatibility between Islamic values and environmental sustainability principles. A qualitative approach with a phenomenological method is employed to capture the experiences and perceptions of stakeholders within the Islamic banking industry. Data were collected through in-depth interviews, participatory observation, and documentation involving Islamic bankers, academics, regulators, and customers. The findings reveal that while there is a normative commitment to sustainability, the operational implementation of Green Banking in Islamic banking remains limited and tends to be symbolic. The absence of specific regulatory guidelines, limited innovation in Sharia-compliant green financial products, and low public awareness regarding sustainability issues are identified as major constraints. Therefore, the study highlights the need for a clearer regulatory framework, developing environmentally friendly financial products based on Sharia contracts, and comprehensive education efforts. These steps are essential to strengthen the strategic role of Islamic banking within the broader ecosystem of sustainable finance
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