Why Islamic finance could provide an ethical model for funding the green transition | The-14
Islamic finance offers an ethical, asset-based model to fund the green transition, reducing greenwashing and linking capital to real climate impact.
Decoloniality and Islamic Economics
<p xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" dir="auto" id="d3587181e100">In Islamic thought, the economy is considered an integral part of the spiritual expression
of human consciousness in the mortal world. Islamic economics, as a modern discipline,
is related to the anti-colonial movement in the late nineteenth and early twentieth
century. Scholars of the time envisioned an economic system different from that of
the colonising powers and found the epistemological foundations for one in the Islamic
tradition. Although Islamic banking has come far from its inception, Islamic economic
philosophy has become a niche categorisation in the larger global economic order.
Discourses in Islamic economics have been constructed against neoliberal economics,
within the ontology and epistemology of modernity. The Islamisation of knowledge project
has utilised a singular reliance on fiqh to halal-wash orthodox neoliberal economic
institutions, products, and relations to assimilate them into Islamic economics in
a superficial βIslamicβ dressing of neoliberal economic paradigms. This paper argues
that a decolonial stance in Islamic economics and a focus on epistemologies indigenous
to Islamic discourse can eliminate this issue. Decoloniality in Islamic economics
must counter the traditional dominance of European episteme and the financial interest
in capitalist economics within the Islamic world by norm-setting entities such as
the state of Saudi Arabia.
</p>
The-14
ScienceOpen