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Conceptual and Practical Dimensions of Islamic Finance for Sustainable Blue Economy for Halal Sustainability

In: Green and Blue Economy Frameworks for Halal Industry Sustainability

Author

Listed:
  • Ibrahim Adeniyi Abdur-Rauf

    (Universiti Sultan Zainal Abidin
    Universiti Sultan Zainal Abidin)

  • Engku Muhammad Tajuddin Engku Ali

    (Universiti Sultan Zainal Abidin
    Universiti Sultan Zainal Abidin)

  • Sekinah Adenike Yusuf-Saba

    (INCEIF University)

  • Rafiu Kunle Showole

    (International Islamic University Malaysia (IIUM))

Abstract

The integration of Islamic finance into the blue economy reflects a growing commitment to fostering economic growth while ensuring that sustainable finance practices, projects, and product portfolios align with ethical and environmental standards. This study, examines the conceptual and practical dimensions of Islamic finance within the framework of a sustainable blue economy, emphasizing halal sustainability. Through qualitative analysis, the study conducts a critical literature review (CLR) that incorporates conceptual, theoretical, and empirical perspectives. The research identifies the key principles of Islamic finance, such as risk sharing and the prohibition of riba (interest), and explores their application to marine resource management, environmental conservation, and economic activities within the blue economy. The findings highlight the potential for Islamic finance to support sustainable development in marine-based industries, while also addressing the challenges and opportunities in aligning these practices with Shariah principles. This research contributes to the broader discourse on sustainable development by revealing the synergies between Islamic finance and the blue economy, offering new perspectives and practical models for achieving Halal sustainability.

Suggested Citation

  • Ibrahim Adeniyi Abdur-Rauf & Engku Muhammad Tajuddin Engku Ali & Sekinah Adenike Yusuf-Saba & Rafiu Kunle Showole, 2025. "Conceptual and Practical Dimensions of Islamic Finance for Sustainable Blue Economy for Halal Sustainability," Springer Books, in: Monsuru Adekunle Salisu & Lukman Raimi & Nurudeen Babatunde Bamiro & Isa Olalekan Elegbede (ed.), Green and Blue Economy Frameworks for Halal Industry Sustainability, pages 347-367, Springer.
    • Handle: RePEc:spr:sprchp:978-981-96-1729-6_18
    DOI: 10.1007/978-981-96-1729-6_18
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