Achieving the Maqasid of Islamic Finance through Social Impact Bonds (SIB) and Sustainable and Responsible Investment (SRI) Sukuk

Syed Marwan, Aslam Haneef, Engku Adawiah, Suhaiza Ismail

2019

Abstract

This paper looks into the underlying principles of Social Impact Bond (SIB) and Sustainable and Responsible Investment (SRI) sukuk as compared to the values embodied within maqasid al-Shari‘ah and maslahah. Through a critical review of literature related to SIB, SRI sukuk, maqasid al-Shari'ah and maslahah, the paper attempts to delineate the elements embedded within these financial tools from an Islamic perspective. The paper explicates that SIB and SRI sukuk are financial mechanisms that epitomises the ethical and moral framework of the Shari‘ah as their underlying principles are congruent with the concepts within maqasid al-Shari'ah and maslahah. Thus, the SIB and SRI sukuk models should be given more attention by Islamic banks and Islamic financial institutions whose philosophical foundation is built upon the principles of maqasid al-Shari'ah and maslahah.

Paper Citation

in Harvard Style

Marwan S., Haneef A., Adawiah E. and Ismail S. (2019). Achieving the Maqasid of Islamic Finance through Social Impact Bonds (SIB) and Sustainable and Responsible Investment (SRI) Sukuk. In Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance - Volume 1: 7th AICIF, ISBN 978-989-758-473-2, pages 152-159. DOI: 10.5220/0010118500002898

in Bibtex Style

@conference{7th aicif19,
author={Syed Marwan and Aslam Haneef and Engku Adawiah and Suhaiza Ismail},
title={Achieving the Maqasid of Islamic Finance through Social Impact Bonds (SIB) and Sustainable and Responsible Investment (SRI) Sukuk},
booktitle={Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance - Volume 1: 7th AICIF,},
year={2019},
pages={152-159},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0010118500002898},
isbn={978-989-758-473-2},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance - Volume 1: 7th AICIF,
TI - Achieving the Maqasid of Islamic Finance through Social Impact Bonds (SIB) and Sustainable and Responsible Investment (SRI) Sukuk
SN - 978-989-758-473-2
AU - Marwan S.
AU - Haneef A.
AU - Adawiah E.
AU - Ismail S.
PY - 2019
SP - 152
EP - 159
DO - 10.5220/0010118500002898