Linking Islamic Moral Economics and Circular Economy: A Pathway to Sustainability
This study delves into the simultaneous exploration of the circular economy and Islamic moral economics to uncover how the circular economy can be integrated with Islamic moral economics. It examines the methodology and sources of Islamic moral economy, highlights the distinctions between Islamic economics and capitalist economy, and presents empirical evidence. The research reveals that Islamic moral economy and the circular economy are mutually supportive concepts that can collaborate towards establishing a more sustainable and equitable world. Specifically, Islamic moral economy and the circular economy can be linked through sustainable agriculture, efficient water usage, and fair trade. Hence, policymakers must prioritize the circular economy to positively influence environmental sustain ability within Islamic nations and globally. A socio-cultural setting grounded in shared beliefs and perspectives, where individuals can discover spiritual validation for practices like reducing, reusing, recovering, recycling, and refusing, as well as other principles of circularization, will offer them more profound motivation compared to the role of producers and consumers in a contemporary market-driven society.
Authors
- Sara Alfaihani (ORCID: https://orcid.org/0000-0002-2863-1985)
Institutions
- University of Bahrain (BH)
Publication Details
- Published
- 2024-11-27
- DOI
- https://doi.org/10.1109/sibf63788.2024.10883876
- Citations
- 2
- Primary Topic
- Islamic Finance and Banking Studies
- Type
- article
- Field-Weighted Citation Impact
- 1.89