Housing Redevelopment Schemes (HRS):Islamic green finance perspective

A considerable number of residential housing projects exhibit an antiquity exceedingly almost three decades. This temporal protraction raises concerns regarding the structural integrity of these buildings and underscores the compounded ramifications associated with their aged infrastructure. Islamic green-compliant financing plays centric role in offering dynamic schemes aimed to upscale the societal welfare holistically. Literature proves strong nexus exists between Islamic finance and green finance. This study intends to explore the viability of HRS (Housing Redevelopment Scheme) model in the redevelopment initiatives in Klang Valley, Malaysia. HRS model applying Shariah compliant arrangement has been proposed to efficiently deal with the issue. The research involves primary data which is collected from semi-structured interviews conducted with experts from various backgrounds. Thematic analysis was used to examine the data. Potentially the experts portray their support on the suitability of HRS model as it benefits the stakeholders on the housing sustainability, house quality improvement, addresses housing shortages, enhance neighborhood, and eventually brings economic prosper to the nation. This paper adds to the literature on Islamic green finance in cultivating sustainable development.