A Qualitative Review on Islamic Sustainable Finance
Article Sidebar
Published:
Dec 26, 2022
Keywords:
Islamic finance., Islamic sustainable finance, Nvivo 12 plus
Main Article Content
Abstract
The current paradigm of Islamic economics and finance leads to comprehensive human development by taking into account the objectives of Islamic sharia (maqasid sharia). This study aims to determine the development and mapping of Islamic Sustainable Finance from research published by reputable journals with the theme of Islamic economics and finance. This study uses a qualitative method with data collection in the form of journal publications from various Scopus-indexed journals with the theme of Islamic Sustainable Finance. There are 154 journal publications with the theme of Islamic Sustainable Finance for the period 1994-2022. The data were processed with Microsoft Excel and analyzed using Nvivo 12 Plus software. The results show a fairly fluctuating increase in journal publications with the theme of Islamic Sustainable Finance. Of the 154 published journals indexed by Scopus, the words that appear the most are Islamic, finance, financial, sustainable, development, social, banking, financing, waqf, and economic with the percentage of each word being 3.22%, 1.55%, 1.50 %, 0.95%, 0.84%, 0.78%, 0.68%, 0.54%, 0.49%, and 0.48%. That is, most states that the development of Islamic finance is sustainable, in terms of banks, social financing, waqf, economics, and so on. This research is expected to add to academic studies related to Islamic finance to achieve a sustainable future for Islamic finance.
Downloads
Download data is not yet available.
Article Details
Section
Articles
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Author(s) who published in this journal agree to following terms:
- Authors understand and agree that copyright of manuscripts published are held by Al-Muzara'ah. The statement to release the copyright to Al-Muzara'ah is stated in form CTA (link doc).
- Copyright encompass exclusive rights to reproduce, to distribute, and to sell any part of the journal articles in all form and media.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License (CC BY-SA) where Authors and Readers can copy and redistribute the material in any medium or format, as well as remix, transform, and build upon the material for any purpose, but they must give appropriate credit (cite to the article or content), provide a link to the license, and indicate if changes were made. If you remix, transform, or build upon the material, you must distribute your contributions under the same license as the original.
References
Aassouli, D., Asutay, M., Mohieldin, M., & Nwokike, TC (2018). Green sukuk, energy poverty, and climate change: a roadmap for Sub-Saharan Africa. World Bank Policy Research Working Papers, (8680).
Abduh, M. (2019). The role of Islamic social finance in achieving SDG number 2: End hunger, achieve food security and improve nutrition and promote sustainable agriculture. Al-Shajarah: Journal of Islamic Thought and Civilization, 185–206.
Abdullah, R. (2014). Al-tawhid in relation to the economic order of microfinance institutions. Humanomics , 30(4), 325–348.
Adewale, A. S. & Zubaedy, A. R. A.G. (2019). Islamic finance instruments as alternative financing for sustainable higher education in Nigeria. Global Journal Al-Thaqafah , 9(1), 35–48.
Adnan, R. A. bint R., Mutalib, M. A. & Aziz, M. R. A (2021). Factors necessary for effective corporate waqf management for Malaysian public healthcare. ISRA: International Journal of Islamic Finance, 14(1), 73–88.
Ahmad, M., & Hassan, Y. B. (2015). Funding the sub-Saharan African education sector with waqf: Experiences from Al-Azhar university and selected universities in Malaysia. Journal of Creative Writing, 1(2), 40–54.
Ahmed, A. (2010). Global financial crisis: an Islamic finance perspective. International Journal of Islamic and Middle Eastern Finance and Management, 3(4), 306–320. https://doi.org/10.1108/17538391011093252.
Ahmed, S. (2021). Inclusive and sustainable growth with Islamic finance. In Contemporary Issues in Islamic Social Finance (pp. 150–168). Routledge. https://doi.org/10.4324/9781003050209-10.
Alhammadi, S. (2022). Analyzing the role of Islamic finance in Kuwait regarding sustainable economic development in the covid-19 era. Sustainability, 14(2), 701. https://doi.org/10.3390/su14020701.
Ali, A. E. E. S. (2017). The challenges facing poverty alleviation and financial inclusion in North-East Kenya Province (NEKP). International Journal of Social Economics, 44(12), 2208-2223. https://doi.org/10.1108/IJSE-05-2016-0133.
Ali, Q., Parveen, S., Monday, A. A., & Zaini, M. Z. (2020). Islamic bankers' green behavior for the growth of green banking in Malaysia. International Journal of Environment and Sustainable Development, 19(4), 393–411. https://doi.org/10.1504/IJESD.2020.110650.
Alqahtani, D. S. (2011). Islamic investment and finance post-2009–2010and beyond: A sustainable alternative. The Journal of Investing, 20(3), 85-88.
Al-roubaie, A. & Sarea, A. M. (2019). Green investment and sustainable development: The case of Islamic finance. Journal of Islamic Business and Management, 9(1), 14–24.
Alshaleel, M. . (2019). Islamic finance, sustainable development, and developing countries: Linkages and potential. Corporate Social Responsibility in Developing and Emerging Markets: Institutions, Actors and Sustainable Development, 281–305. https://doi.org/10.1017/9781108579360.016.
Angriani, D. (2021). Global Islamic Finance Assets Translucent USD 3.69 Trillion. Medcom. Id.
Arslan-Ayaydin, O., Bejaoui, M., Dorsman, A. B., & Shahzad, K. (2016). Islamic finance versus conventional finance. Springer International Publishing. https://doi.org/10.1007/978-3-319-32268-1_11.
Ascarya, A. (2021). The role of Islamic social finance during the covid-19 pandemic in Indonesia's economic recovery. International Journal of Islamic and Middle Eastern Finance and Management, 15(2), 386–405.
Askari, H., Iqbal, Z., Krichenne, N., & Mirakhor, A. (2010). The Stability of Islamic Finance: Creating a Resilient Financial Environment for a Secure Future. Wiley Online Libraries.
Aslam, G. G. A. & Bhatti, M. I. (2021). Role of Islamic banking during covid-19 on political and financial events: Application of impulse indicator saturation. Sustainability (Switzerland), 13 (21). https://doi.org/10.3390/su132111619.
Bella, V. D. & Al-Fayoumi, N. (2016). Perception of stakeholders on corporate social responsibility of Islamic Banks in Jordan. EuroMed Journal of Business, 11(1), 30–56. https://doi.org/10.1108/EMJB-01-2015-0003.
Brescia, V., Adam, A., Hassan, R. B., Musa, S., Syed, B., & Alhabshi, J. (2021). Exploring sustainability from the Islamic finance perspective. European Journal of Islamic Finance, 19, 45–53. https://doi.org/10.13135/2421-2172/6107.
Budalamah, L. H., El-Kholei, A. O. & Al-Jayoussi, O. R. (2019). Harnessing value-based financing for achieving SDGs: Social innovation model for Arab municipalities. Arab Gulf Journal of Scientific Research, 37(3), 1-19.
Budiarto, U. (2021). Development of Digitalization and Integration of National Waqf Data. National Committee on Islamic Economy and Finance.
Cizakca, M. (2004). Ottoman Cash Waqf Revisited: The Case of Bursa 1555-1823. Foundation for Science Technology and Civilization.
Ebrahim, R., Abdulla, Y. & Kumaraswamy, S. (2021). Islamic finance and sustainable development goals in Bahrain. In 2021 International Conference on Sustainable Islamic Business and Finance, 8–13.
Farooq, M. O. & Selim, M. (2020). Issues in endogenizing relevant systematic risk in Islamic sustainable finance. In 2020 Second International Sustainability and Resilience Conference: Technology and Innovation in Building Designs, 51154, 1-6. IEEE.
Fatemi, A. M. & Fooladi, I. J. (2013). Sustainable finance: A new paradigm. Global Finance Journal, 24(2), 101–113.
Franzoni, S. & Allali, A. A. (2018). Principles of islamic finance and principles of corporate social responsibility: what convergence? Sustainability, 10(3). https://doi.org/10.3390/su10030637.
Harper, M. (1994). Musharaka partnership financing – an approach to venture capital for microenterprise. Small Enterprise Development, 5(4), 27–36. https://doi.org/10.3362/0957-1329.1994.037.
Hasan, A. (2011). Fundamentals of Shariah in Islamic finance. IBFIM.
Hassana, S. H., Bahari, Z., Aziz, A. H., & Doctoralina, C. (2020). Sustainable development of endowment (waqf) properties. International Journal of Innovation, Creativity, and Change, 13(4), 1135–1150.
Hayati, N., Yulianto, E. & Syafdinal. (2020). The role of sustainable finance in the banking industry in supporting sustainable development goals. Journal of Business and Economic Accounting, 6(1).
Huang, C. H., Lu, S. M. & Hsu, N. Y. (2020). Understanding global food surplus and food waste to track economic and environmental sustainability. Sustainability, 12(7), 2892.
Hummel, D. & Hashmi, A. T. (2019). The possibilities of community redevelopment with Islamic finance. Journal of Islamic Accounting and Business Research, 10(2), 259–273. https://doi.org/10.1108/JIABR-07-2016-0086.
International Shariah Research Academy for Islamic Finance. (2011). Islamic Financial System: Principles and Operations.
Iqbal, Z. & Mirakhor, A. (2011). An Introduction to Islamic Finance: Theory and Practice. Wiley Online Library.
IsDB. (2015). Islamic Development Bank.
Iskandar, A., Possumah, B., Aqbar, K., & Yunta, A. H. (2021). Islamic philanthropy and poverty reduction in Indonesia: The role of integrated Islamic social and commercial finance institutions. Al-Ihkam: Journal of Law and Social Institutions, 16(2), 274–301. https://doi.org/10.19105/al-lhkam.v16i2.5026.
Jan, A., Mata, M. N., Albinsson, P. A., Martins, J. M., Hassan, R. B., & Mata, P. N. (2021). Alignment of Islamic banking sustainability indicators with sustainable development goals: Policy recommendations for addressing the covid-19 pandemic. Sustainability, 13(5), 2607.
Jeucken, M. (2001). Sustainable Finance and Banking: The Financial Sector and the Future of the Planet, London. Earthscan Publishing.
Kasim, N., Htay, S. N. & Salman, S. A. (2016). Achieving effective waqf management through compliance with shari'ah governance practices. Proceedings of the 27th International Business Information Management Association Conference - Innovation Management and Education Excellence Vision 2020: From Regional Development Sustainability to Global Economic Growth, IBIMA 2016, 1326–1329.
Kasri, N. S. & Ismail, S. F. A. (2021). Social enterprise and waqf: An alternative sustainable vehicle for Islamic social finance. Foundations of a Sustainable Economy: Moral, Ethical and Religious Perspectives, 288–307.
Khan, M. M. (2013). Developing a conceptual framework to appraise the corporate social responsibility performance of Islamic Banking and Finance Institutions. Accounting and the Public Interest, 13(1), 191–207.
Khan, T. (2019). Reforming Islamic finance for achieving sustainable development goals. Journal of King Abdulaziz University, 32(1), 3–21. https://doi.org/10.4197/Islec.32-1.1.
Khan, T., & Badjie, F. (2022). Islamic blended finance for circular economy impactful SMEs to achieve SDGS. The Singapore Economic Review, 67(01), 219–244. https://doi.org/10.1142/S0217590820420060.
Kholis, N. (2017). Portrait of the development and practice of Islamic finance in the world. Millah: Journal of Religious Studies, 27(1).
Lukšić, I., Bošković, B., Novikova, A., & Vrbensky, R. (2022). Innovative financing of the sustainable development goals in the countries of the Western Balkans. Energy, Sustainability and Society, 12(1), 1–19. https://doi.org/10.1186/s13705-022-00340-w.
Moretti, F., Vliet, L. van, Bensing, J., Deledda, G., Mazzi, M., Rimondini, M., Zimmerman, C., & Fletcher, I. (2011). A standardized approach to qualitative content analysis of focus discussions from different countries. Patient Education and Counseling, 8(3), 420–428.
Noor, A. H. B. M., Arshad, R. M. & Salleh, N. (2016). Religious based charity and transparency: A content analysis of waqf organizations website. Proceedings of the 27th International Business Information Management Association Conference - Innovation Management and Education Excellence Vision 2020: From Regional Development Sustainability to Global Economic Growth, IBIMA 2016, 1509–1516.
Nur, M. (2021). Indonesia Won First Place in the Islamic Finance Country Index (IFCI) in the 2021 Global Islamic Finance Report [online]. [Accessed 2022 Mar 22]. Retrieved from https://www.bi.go.id.
[OJK] Otoritas Jasa Keuangan. (2022). Readiness of the Islamic Financial Services Industry in supporting Sustainable Finance. Jakarta (ID), OJK Institute Financial Services Authority.
Raimi, L. (2015). Waqf and zakat as social safety net for poverty reduction in Nigeria. WIEF-UiTM Occasional Papers, 89–103.
Rarasati, A. & Sambilal, F. (2019). Sharia-compliant financing of infrastructure development in rural areas. IOP Conference Series: Earth and Environmental Science, 258, 012014. https://doi.org/10.1088/1755-1315/258/1/012014.
Rosman, R., Haron, R., & Othman, N. B. M (2019). The impact of zakat contribution on the financial performance of Islamic banks in Malaysia. Al-Shajarah: Journal of Islamic Thought and Civilization, 1–21.
Sadiq, R. & Mushtaq, A. (2015). The role of Islamic finance in sustainable development. Journal of Islamic Thought and Civilization, 5(1), 46–55.
Saleem, A., Sági, J., & Setiawan, B. (2021). Islamic financial depth, financial intermediation, and sustainable economic growth: ARDL approach. Economies, 9(2), 49. https://doi.org/10.3390/economies9020049.
Shanmugam, B. & Zahari, Z. R. (2009). A Primer on Islamic Finance. The Research Foundation of the CFA Institute.
Shihadeh, F. H. (2019). Individual's behavior and access to finance: Evidence from Palestine. Singapore Economic Review. https://doi.org/10.1142/S0217590819420025.
Siddique, M. A., Haq, M. & Rahim, M. (2022). The contribution of shariah-compliant products to SDGs attending through the pace of economic growth: An empirical evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management. https://doi.org/10.1108/IMEFM-02-2020-0062.
Sinha, A., Mishra, S., Sharif, A., & Yarovaya, L. (2021). Does green financing help to improve environmental & social responsibility? Designing SDG framework through advanced quantile modeling. Journal of Environmental Management, 292 (May), 112751. https://doi.org/10.1016/j.jenvman.2021.112751.
Sugiyono, M. P. P. (2007). Quantitative Approach. Qualitative, and R&D. Bandung (ID), Alfabeta.
Sulaiman, S., Hasan, A., Noor, A. M., Ismail, M., & Noordin, N. (2019). Proposed models for unit trust waqf and the parameters for their application. ISRA: International Journal of Islamic Finance, 11(1), 62–81.
Tajudin, M., Omar, R., Smedlund, A., & Aziz, R. . (2020). Financing with heart and intelligence: augmenting intimacy and sustainability through Islamic fintech. International Journal of Advanced Science and Technology, 29(9), 1638–1664.
Ul-Hassan, M., & Usman, M. (2013). Building the entrepreneurship through non-banking institution: An empirical study on the contribution of gear for economic development in Islamic way. Middle East Journal of Scientific Research, 15(10), 1353-1362.
Umar, U. & Danlami, M. (2022). The need for revitalization of Islamic social finance instruments in the Covid-19 period in Nigeria: The role of digitalization. Lecture Notes in Networks and Systems, 177–187.
Visser, H. (2009). Islamic Finance: Principles and Practice. Cheltenham (UK), Edward Elgar Publishing.
Wulandari, P., & Prijadi, R. (2021). A review of risk rationing practice in Islamic microfinance to achieve sustainable development goals in the Term of Poverty in Indonesia. IOP Conference Series: Earth and Environmental Science, 716(1), 012107. https://doi.org/10.1088/1755-1315/716/1/012107.
Yildiz, B. (2014). Basic terminology in Islamic finance and Turkish perspective. Palgrave MacMillan, New York, 58-73.
Young, K. E. (2018). Prioritizing renewable energy in a time of fiscal austerity. The Economics of Renewable Energy in the Gulf, 77–99. https://doi.org/10.4324/9780429434976.
Zain, N. R. M., Mahadi, N. F. & Noor, A. M. (2019). The potential in reviving waqf through crowdfunding technology: The case study of Thailand. Al-Shajarah: Journal of Islamic Thought and Civilization, 2019 (Special Issue), 89–106.
Zain, N. S. & Sori, Z. M. (2020). An exploratory study on Musharakah SRI Sukuk for the development of Waqf properties/assets in Malaysia. Qualitative Research in Financial Markets, 12(3), 301–314.
Abduh, M. (2019). The role of Islamic social finance in achieving SDG number 2: End hunger, achieve food security and improve nutrition and promote sustainable agriculture. Al-Shajarah: Journal of Islamic Thought and Civilization, 185–206.
Abdullah, R. (2014). Al-tawhid in relation to the economic order of microfinance institutions. Humanomics , 30(4), 325–348.
Adewale, A. S. & Zubaedy, A. R. A.G. (2019). Islamic finance instruments as alternative financing for sustainable higher education in Nigeria. Global Journal Al-Thaqafah , 9(1), 35–48.
Adnan, R. A. bint R., Mutalib, M. A. & Aziz, M. R. A (2021). Factors necessary for effective corporate waqf management for Malaysian public healthcare. ISRA: International Journal of Islamic Finance, 14(1), 73–88.
Ahmad, M., & Hassan, Y. B. (2015). Funding the sub-Saharan African education sector with waqf: Experiences from Al-Azhar university and selected universities in Malaysia. Journal of Creative Writing, 1(2), 40–54.
Ahmed, A. (2010). Global financial crisis: an Islamic finance perspective. International Journal of Islamic and Middle Eastern Finance and Management, 3(4), 306–320. https://doi.org/10.1108/17538391011093252.
Ahmed, S. (2021). Inclusive and sustainable growth with Islamic finance. In Contemporary Issues in Islamic Social Finance (pp. 150–168). Routledge. https://doi.org/10.4324/9781003050209-10.
Alhammadi, S. (2022). Analyzing the role of Islamic finance in Kuwait regarding sustainable economic development in the covid-19 era. Sustainability, 14(2), 701. https://doi.org/10.3390/su14020701.
Ali, A. E. E. S. (2017). The challenges facing poverty alleviation and financial inclusion in North-East Kenya Province (NEKP). International Journal of Social Economics, 44(12), 2208-2223. https://doi.org/10.1108/IJSE-05-2016-0133.
Ali, Q., Parveen, S., Monday, A. A., & Zaini, M. Z. (2020). Islamic bankers' green behavior for the growth of green banking in Malaysia. International Journal of Environment and Sustainable Development, 19(4), 393–411. https://doi.org/10.1504/IJESD.2020.110650.
Alqahtani, D. S. (2011). Islamic investment and finance post-2009–2010and beyond: A sustainable alternative. The Journal of Investing, 20(3), 85-88.
Al-roubaie, A. & Sarea, A. M. (2019). Green investment and sustainable development: The case of Islamic finance. Journal of Islamic Business and Management, 9(1), 14–24.
Alshaleel, M. . (2019). Islamic finance, sustainable development, and developing countries: Linkages and potential. Corporate Social Responsibility in Developing and Emerging Markets: Institutions, Actors and Sustainable Development, 281–305. https://doi.org/10.1017/9781108579360.016.
Angriani, D. (2021). Global Islamic Finance Assets Translucent USD 3.69 Trillion. Medcom. Id.
Arslan-Ayaydin, O., Bejaoui, M., Dorsman, A. B., & Shahzad, K. (2016). Islamic finance versus conventional finance. Springer International Publishing. https://doi.org/10.1007/978-3-319-32268-1_11.
Ascarya, A. (2021). The role of Islamic social finance during the covid-19 pandemic in Indonesia's economic recovery. International Journal of Islamic and Middle Eastern Finance and Management, 15(2), 386–405.
Askari, H., Iqbal, Z., Krichenne, N., & Mirakhor, A. (2010). The Stability of Islamic Finance: Creating a Resilient Financial Environment for a Secure Future. Wiley Online Libraries.
Aslam, G. G. A. & Bhatti, M. I. (2021). Role of Islamic banking during covid-19 on political and financial events: Application of impulse indicator saturation. Sustainability (Switzerland), 13 (21). https://doi.org/10.3390/su132111619.
Bella, V. D. & Al-Fayoumi, N. (2016). Perception of stakeholders on corporate social responsibility of Islamic Banks in Jordan. EuroMed Journal of Business, 11(1), 30–56. https://doi.org/10.1108/EMJB-01-2015-0003.
Brescia, V., Adam, A., Hassan, R. B., Musa, S., Syed, B., & Alhabshi, J. (2021). Exploring sustainability from the Islamic finance perspective. European Journal of Islamic Finance, 19, 45–53. https://doi.org/10.13135/2421-2172/6107.
Budalamah, L. H., El-Kholei, A. O. & Al-Jayoussi, O. R. (2019). Harnessing value-based financing for achieving SDGs: Social innovation model for Arab municipalities. Arab Gulf Journal of Scientific Research, 37(3), 1-19.
Budiarto, U. (2021). Development of Digitalization and Integration of National Waqf Data. National Committee on Islamic Economy and Finance.
Cizakca, M. (2004). Ottoman Cash Waqf Revisited: The Case of Bursa 1555-1823. Foundation for Science Technology and Civilization.
Ebrahim, R., Abdulla, Y. & Kumaraswamy, S. (2021). Islamic finance and sustainable development goals in Bahrain. In 2021 International Conference on Sustainable Islamic Business and Finance, 8–13.
Farooq, M. O. & Selim, M. (2020). Issues in endogenizing relevant systematic risk in Islamic sustainable finance. In 2020 Second International Sustainability and Resilience Conference: Technology and Innovation in Building Designs, 51154, 1-6. IEEE.
Fatemi, A. M. & Fooladi, I. J. (2013). Sustainable finance: A new paradigm. Global Finance Journal, 24(2), 101–113.
Franzoni, S. & Allali, A. A. (2018). Principles of islamic finance and principles of corporate social responsibility: what convergence? Sustainability, 10(3). https://doi.org/10.3390/su10030637.
Harper, M. (1994). Musharaka partnership financing – an approach to venture capital for microenterprise. Small Enterprise Development, 5(4), 27–36. https://doi.org/10.3362/0957-1329.1994.037.
Hasan, A. (2011). Fundamentals of Shariah in Islamic finance. IBFIM.
Hassana, S. H., Bahari, Z., Aziz, A. H., & Doctoralina, C. (2020). Sustainable development of endowment (waqf) properties. International Journal of Innovation, Creativity, and Change, 13(4), 1135–1150.
Hayati, N., Yulianto, E. & Syafdinal. (2020). The role of sustainable finance in the banking industry in supporting sustainable development goals. Journal of Business and Economic Accounting, 6(1).
Huang, C. H., Lu, S. M. & Hsu, N. Y. (2020). Understanding global food surplus and food waste to track economic and environmental sustainability. Sustainability, 12(7), 2892.
Hummel, D. & Hashmi, A. T. (2019). The possibilities of community redevelopment with Islamic finance. Journal of Islamic Accounting and Business Research, 10(2), 259–273. https://doi.org/10.1108/JIABR-07-2016-0086.
International Shariah Research Academy for Islamic Finance. (2011). Islamic Financial System: Principles and Operations.
Iqbal, Z. & Mirakhor, A. (2011). An Introduction to Islamic Finance: Theory and Practice. Wiley Online Library.
IsDB. (2015). Islamic Development Bank.
Iskandar, A., Possumah, B., Aqbar, K., & Yunta, A. H. (2021). Islamic philanthropy and poverty reduction in Indonesia: The role of integrated Islamic social and commercial finance institutions. Al-Ihkam: Journal of Law and Social Institutions, 16(2), 274–301. https://doi.org/10.19105/al-lhkam.v16i2.5026.
Jan, A., Mata, M. N., Albinsson, P. A., Martins, J. M., Hassan, R. B., & Mata, P. N. (2021). Alignment of Islamic banking sustainability indicators with sustainable development goals: Policy recommendations for addressing the covid-19 pandemic. Sustainability, 13(5), 2607.
Jeucken, M. (2001). Sustainable Finance and Banking: The Financial Sector and the Future of the Planet, London. Earthscan Publishing.
Kasim, N., Htay, S. N. & Salman, S. A. (2016). Achieving effective waqf management through compliance with shari'ah governance practices. Proceedings of the 27th International Business Information Management Association Conference - Innovation Management and Education Excellence Vision 2020: From Regional Development Sustainability to Global Economic Growth, IBIMA 2016, 1326–1329.
Kasri, N. S. & Ismail, S. F. A. (2021). Social enterprise and waqf: An alternative sustainable vehicle for Islamic social finance. Foundations of a Sustainable Economy: Moral, Ethical and Religious Perspectives, 288–307.
Khan, M. M. (2013). Developing a conceptual framework to appraise the corporate social responsibility performance of Islamic Banking and Finance Institutions. Accounting and the Public Interest, 13(1), 191–207.
Khan, T. (2019). Reforming Islamic finance for achieving sustainable development goals. Journal of King Abdulaziz University, 32(1), 3–21. https://doi.org/10.4197/Islec.32-1.1.
Khan, T., & Badjie, F. (2022). Islamic blended finance for circular economy impactful SMEs to achieve SDGS. The Singapore Economic Review, 67(01), 219–244. https://doi.org/10.1142/S0217590820420060.
Kholis, N. (2017). Portrait of the development and practice of Islamic finance in the world. Millah: Journal of Religious Studies, 27(1).
Lukšić, I., Bošković, B., Novikova, A., & Vrbensky, R. (2022). Innovative financing of the sustainable development goals in the countries of the Western Balkans. Energy, Sustainability and Society, 12(1), 1–19. https://doi.org/10.1186/s13705-022-00340-w.
Moretti, F., Vliet, L. van, Bensing, J., Deledda, G., Mazzi, M., Rimondini, M., Zimmerman, C., & Fletcher, I. (2011). A standardized approach to qualitative content analysis of focus discussions from different countries. Patient Education and Counseling, 8(3), 420–428.
Noor, A. H. B. M., Arshad, R. M. & Salleh, N. (2016). Religious based charity and transparency: A content analysis of waqf organizations website. Proceedings of the 27th International Business Information Management Association Conference - Innovation Management and Education Excellence Vision 2020: From Regional Development Sustainability to Global Economic Growth, IBIMA 2016, 1509–1516.
Nur, M. (2021). Indonesia Won First Place in the Islamic Finance Country Index (IFCI) in the 2021 Global Islamic Finance Report [online]. [Accessed 2022 Mar 22]. Retrieved from https://www.bi.go.id.
[OJK] Otoritas Jasa Keuangan. (2022). Readiness of the Islamic Financial Services Industry in supporting Sustainable Finance. Jakarta (ID), OJK Institute Financial Services Authority.
Raimi, L. (2015). Waqf and zakat as social safety net for poverty reduction in Nigeria. WIEF-UiTM Occasional Papers, 89–103.
Rarasati, A. & Sambilal, F. (2019). Sharia-compliant financing of infrastructure development in rural areas. IOP Conference Series: Earth and Environmental Science, 258, 012014. https://doi.org/10.1088/1755-1315/258/1/012014.
Rosman, R., Haron, R., & Othman, N. B. M (2019). The impact of zakat contribution on the financial performance of Islamic banks in Malaysia. Al-Shajarah: Journal of Islamic Thought and Civilization, 1–21.
Sadiq, R. & Mushtaq, A. (2015). The role of Islamic finance in sustainable development. Journal of Islamic Thought and Civilization, 5(1), 46–55.
Saleem, A., Sági, J., & Setiawan, B. (2021). Islamic financial depth, financial intermediation, and sustainable economic growth: ARDL approach. Economies, 9(2), 49. https://doi.org/10.3390/economies9020049.
Shanmugam, B. & Zahari, Z. R. (2009). A Primer on Islamic Finance. The Research Foundation of the CFA Institute.
Shihadeh, F. H. (2019). Individual's behavior and access to finance: Evidence from Palestine. Singapore Economic Review. https://doi.org/10.1142/S0217590819420025.
Siddique, M. A., Haq, M. & Rahim, M. (2022). The contribution of shariah-compliant products to SDGs attending through the pace of economic growth: An empirical evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management. https://doi.org/10.1108/IMEFM-02-2020-0062.
Sinha, A., Mishra, S., Sharif, A., & Yarovaya, L. (2021). Does green financing help to improve environmental & social responsibility? Designing SDG framework through advanced quantile modeling. Journal of Environmental Management, 292 (May), 112751. https://doi.org/10.1016/j.jenvman.2021.112751.
Sugiyono, M. P. P. (2007). Quantitative Approach. Qualitative, and R&D. Bandung (ID), Alfabeta.
Sulaiman, S., Hasan, A., Noor, A. M., Ismail, M., & Noordin, N. (2019). Proposed models for unit trust waqf and the parameters for their application. ISRA: International Journal of Islamic Finance, 11(1), 62–81.
Tajudin, M., Omar, R., Smedlund, A., & Aziz, R. . (2020). Financing with heart and intelligence: augmenting intimacy and sustainability through Islamic fintech. International Journal of Advanced Science and Technology, 29(9), 1638–1664.
Ul-Hassan, M., & Usman, M. (2013). Building the entrepreneurship through non-banking institution: An empirical study on the contribution of gear for economic development in Islamic way. Middle East Journal of Scientific Research, 15(10), 1353-1362.
Umar, U. & Danlami, M. (2022). The need for revitalization of Islamic social finance instruments in the Covid-19 period in Nigeria: The role of digitalization. Lecture Notes in Networks and Systems, 177–187.
Visser, H. (2009). Islamic Finance: Principles and Practice. Cheltenham (UK), Edward Elgar Publishing.
Wulandari, P., & Prijadi, R. (2021). A review of risk rationing practice in Islamic microfinance to achieve sustainable development goals in the Term of Poverty in Indonesia. IOP Conference Series: Earth and Environmental Science, 716(1), 012107. https://doi.org/10.1088/1755-1315/716/1/012107.
Yildiz, B. (2014). Basic terminology in Islamic finance and Turkish perspective. Palgrave MacMillan, New York, 58-73.
Young, K. E. (2018). Prioritizing renewable energy in a time of fiscal austerity. The Economics of Renewable Energy in the Gulf, 77–99. https://doi.org/10.4324/9780429434976.
Zain, N. R. M., Mahadi, N. F. & Noor, A. M. (2019). The potential in reviving waqf through crowdfunding technology: The case study of Thailand. Al-Shajarah: Journal of Islamic Thought and Civilization, 2019 (Special Issue), 89–106.
Zain, N. S. & Sori, Z. M. (2020). An exploratory study on Musharakah SRI Sukuk for the development of Waqf properties/assets in Malaysia. Qualitative Research in Financial Markets, 12(3), 301–314.