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The potential of innovative financial tools: Social Impact Bond (SIB) and Sustainable and Responsible Investment (SRI) sukuk, towards the sustainable growth of the Islamic finance industry
European Journal of Islamic Finance
View Archive Info| Field | Value | |
| Title |
The potential of innovative financial tools: Social Impact Bond (SIB) and Sustainable and Responsible Investment (SRI) sukuk, towards the sustainable growth of the Islamic finance industry
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| Creator |
Syed Azman, Syed Marwan; Institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia (IIUM)
Engku Ali, Engku Rabiah Adawiah; Institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia (IIUM) |
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| Subject |
Social Impact Bonds; SRI sukuk; Risk-sharing; Innovative financial tools; Social responsibility.
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| Description |
The purpose of this paper is to explicate the congruence of innovative financial tools: Social Impact Bond (SIB) and Sustainable and Responsible Investment (SRI) sukuk with the principles of Islamic Finance, and explore their potential contribution towards the sustainable growth of the Islamic finance and societal wellbeing. Using various literature, the paper takes a comparative approach in explaining and relating the two innovative tools with the development of Islamic finance. The paper finds that there is a growing interest in innovative tools such as SIB and SRI sukuk globally. Furthermore, these tools exemplify the spirit of risk-sharing and social responsibility which are the major essences of Islamic finance that are currently missing in practice. The paper provides a reference towards understanding the mechanism and concepts of SIB and SRI sukuk. It also provides insight to the emerging interest in these innovative tools, and assesses the current innovative efforts in the Islamic finance industry. Additionally, it highlights the potential of these tools towards the sustainable growth of the Islamic finance industry through risk-sharing and societal impact. The paper is exploratory and conceptual in nature therefore further empirical studies can be done.
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| Publisher |
University of Turin - Italy
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| Contributor |
—
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| Date |
2016-04-29
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion Peer-reviewed Article |
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| Format |
application/pdf
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| Identifier |
http://www.ojs.unito.it/index.php/EJIF/article/view/1644
10.13135/2421-2172/1644 http://www.ojs.unito.it/index.php/EJIF/article/download/1644/1438 |
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| Source |
European Journal of Islamic Finance; No 4 (2016): EJIF - European Journal of Islamic Finance, 4, 2016
European Journal of Islamic Finance; No 4 (2016): EJIF - European Journal of Islamic Finance, 4, 2016 2421-2172 |
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| Language |
eng
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| Relation |
http://www.ojs.unito.it/index.php/EJIF/article/view/1644/1438
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| Rights |
Copyright (c) 2016 European Journal of Islamic Finance
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