Maqāṣid al-Sharīʿah as the Foundation of Green Financing in Supporting the Sustainable Development Goals (SDGs)
Keywords:
Green Financing, Maqāṣid al-Sharīʿah, Sustainable Development Goals (SDGs), Islamic Sustainable Finance, Sustainable FinanceAbstract
Purpose: This study examines the role of Maqāṣid al-Sharīʿah as the philosophical foundation of green financing in supporting the Sustainable Development Goals (SDGs) and proposes a conceptual framework for Maqāṣid al-Sharīʿah-based green financing. Method: A qualitative library research approach was employed by reviewing scholarly literature, regulations, and institutional reports, which were analyzed using content analysis and conceptual synthesis. Findings: The results demonstrate that Maqāṣid al-Sharīʿah provides a philosophical, normative, and operational foundation for green financing by integrating the values of ʿadl (justice), maṣlaḥah (public welfare), mīzān (balance), and environmental stewardship. The proposed conceptual model connects Islamic values, Maqāṣid al-Sharīʿah, green financing instruments, and the SDGs within the framework of Islamic Sustainable Finance. Implications: The findings offer guidance for policymakers and Islamic financial institutions to incorporate Maqāṣid al-Sharīʿah into green financing policies and evaluation frameworks. Originality: This study proposes a comprehensive conceptual model that positions Maqāṣid al-Sharīʿah as the primary foundation of green financing, extending beyond conventional ESG-based and green sukuk-oriented approaches.
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