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The Alignment of Social, Economic and Environmental Aspects in Sustainable Finance of Islamic Green Banking

In: Proceedings of the 2022 Brawijaya International Conference (BIC 2022)

Author

Listed:
  • Siti Hamidah

    (Universitry of Brawijaya, Faculty of Law)

  • Reka Dewantara

    (Universitry of Brawijaya, Faculty of Law)

Abstract

One of the paths towards its achievement is Islamic banking financial institutions which have a special concept based on Islamic law which is different from conventional banking. Aligning and unifying the 3 (three) fields, economic, social, and environmental, in a balanced way is not a simple matter. The three have different rationales and backgrounds, so this study aimed to examine the alignment of the three and seek guidelines as the basis for their alignment. This was normative legal research that applied statutory and analytical approaches. The main legal material was regulation which was processed using teleological and systematic interpretation analysis techniques. The research results show that Sustainable Finance in Islamic banking is a form of responsibility and a form of participation from Islamic financial institutions in improving green economic such as life systems, social systems, environmental problems, and the economy. In general, the values contained in the goals and principles of Sustainable Finance are in line with the goals and principles of Islamic law, namely benefit. However, there are fundamental differences in terms of transcendental value. Islam contains basic values that are comprehensive, thorough and balanced in all dimensions of life in the present, the world, and the hereafter.

Suggested Citation

  • Siti Hamidah & Reka Dewantara, 2023. "The Alignment of Social, Economic and Environmental Aspects in Sustainable Finance of Islamic Green Banking," Advances in Economics, Business and Management Research, in: Yusfan Adeputera Yusran & Femiana Gapsari Madhi Fitri & Titin Andri Wihastuti & Fajar Ari Nugroho & (ed.), Proceedings of the 2022 Brawijaya International Conference (BIC 2022), pages 199-214, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-140-1_20
    DOI: 10.2991/978-94-6463-140-1_20
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