Abbas Mirakhor

, 21

Abbasid dynasty

, 55

Account opening

, 210, 217

Accountability

, 11

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

, 230, 244–245

Active partnership

, 8

Adam Smith

, 52–53, 56, 62

Adaptability of Islamic principles

, 30–31

adl (justice)

, 11, 50

Agricultural development

, 157

Agriculture

, 156–157, 164–165

Agroecological strategies

, 159

Agroecology

, 160

Ahkam al-Shari'ah (the rulings of Islamic law)

, 92

Akhuwat Clothes Bank, The

, 97–98

Akhuwat Foundation and use of Qard Hasan

, 114–115

Akhuwat Foundation of Pakistan

, 98

Akhuwat Islamic microfinance loans

, 95–96

Akhuwat Islamic Microfinance program, The

, 99–100

Akhuwat Progress Report

, 114

Al-Ghazali

, 5, 62

Al-Maqrizi

, 60

Al-Qur’an

, 31–32

Al-Rajhi Charitable Foundation

, 78

Algorithmic protocols

, 197–198

Allah

, 6, 30

Amanah (trust)

, 244

Apple Pay

, 179

Application programming interfaces (APIs)

, 211

Arbeitsbeschaffungswechseln

, 39–40

Archetype Model

, 33

Artificial intelligence (AI)

, 176, 191, 209

challenges and opportunities in implementing AI in Islamic banking

, 211–212

data security and privacy

, 214–215

embracing opportunities of

, 216–217

ethical considerations

, 215

financial inclusion

, 209–210

increased productivity and efficiency

, 209

innovation and personalized financial solutions

, 210–211

in Islamic banking

, 208–209

risk management and Shari’ah compliance

, 210

skilled workforce

, 216

transparency and identifiability

, 213–214

transparency and traceability

, 210

Asset backing

, 87

Asset-backed financing

, 145

Asset-Based Community Development (ABCD) model

, 112

Association of Southeast Asian Nations (ASEAN)

, 177

Authentication

, 210

Automated teller machines (ATMs)

, 177

Avicenna

, 31–32

Axiology of Islam

, 44

AYMEN

, 211

Bahrain Islamic Bank (BisB)

, 211

Baitul Maal wa Tamwil (BMT)

, 113–114

Bank Negara Malaysia & Securities Commission of Malaysia

, 183

Banking industry

, 208

Banks

, 142

Barakah-maximization

, 244

Bay’ al-Murabahah

, 9

Bay’ al-Salam

, 9–10

Bay’ bithaman ajil (BBA)

, 128–129

Bayt al-mal (public treasury)

, 123–124

Bigpay

, 209–210

BIMB Investment Management Berhad (BIMB Investment)

, 211

Biodiversity conservation in sustainable agriculture

, 159

Bitcoin

, 190–191, 194

in Islamic Finance

, 196

Blockchain

, 69

blockchain-based digital currencies

, 192

technology

, 113, 176, 210

Borrowers

, 115

Bottom of the pyramid (BoP)

, 223

Bursa Suq al-Sila

, 202

Businesses

, 151

Capitalism

, 50

Case Waqf-linked Sukuk (CWLS)

, 117

CBDCs

, 190–191, 200–201

Cenergi RE

, 150

Central Asia region

, 223

Central Bank of Saudi Arabia

, 183

Challenges

, 182–184

Circular economy

, 246

Classical financial mechanisms

, 16–18

Climate change

, 233

Climate resilience

, 159–160

Climate-related factors

, 142

Cold war

, 19

Collaboration

, 199

Collective Commitment to Climate Action (CCCA)

, 145

Commenda

, 38

Commercial Islamic Banking

, 145–146

Commodity murabahah

, 202

Community empowerment

, 77

Community of Practitioners (COPs)

, 76

Community-supported agriculture (CSA)

, 160

Compatibility of digital currencies with Shari’ah law

, 194–196

Compound Annual Growth Rate (CAGR)

, 177

Contracts, sanctity of

, 7–8

Conventional banks

, 125–126

Conventional commercial banks

, 129

Conventional crypto

, 201

Conventional economic paradigm

, 16

Conventional economics

, 56

Conventional finance

, 16, 42, 87

comprehensive critique of conventional finance post GFC

, 16–18

Conventional financial system

, 22–23, 131–132

Conventional financing methods

, 21–22

Conventional microfinance

, 86–87

Corporations

, 145

Cost-plus financing

, 9

Costs of Shari’ah-compliance

, 247

COVID-19 pandemic

, 1–2, 16, 59–60, 74, 104, 117, 222

Credit Guarantee Corporation Malaysia (CGC)

, 150

Crédit Mobilier

, 38

Credit rating agencies

, 18

Crowdfunding

, 105

Crypto

, 201

Cryptocurrency

, 192, 194

as medium of exchange

, 195

Customers

, 234–235

Cybersecurity

, 183

Daruriyyat

, 5–6

Data security

, 214–215

Data-driven AI

, 211

Dayn

, 43

Debt

, 42

financing

, 42

Decentralization and examination under Shari’ah Law

, 196

Dharuriyyat (primary/essentials)

, 233

Digital assets

, 192

Digital currencies

, 190

case studies

, 201–203

challenges of digital currency integration in Islamic Finance

, 196–198

compatibility of digital currencies with Shari’ah law

, 194–196

implications of digital currencies on global finance

, 190–192

in Islamic Finance

, 196

obstacles in way of adoption of digital currencies in Islamic Finance

, 198–200

opportunities by digital currencies in Islamic Finance

, 200–201

potential impacts of digital currencies on Islamic finance

, 192–194

Digital economy

, 245–246

Digital finance

, 73

Digital instruments

, 69

Digital money

, 194

Digital payments

, 176

Digital technologies

, 69, 231

Digital transactions

, 197

Digital transformation

, 208

Digitalization

, 222, 228, 230

Digitization

, 197

Dinars

, 60

Dirhams

, 60

Distributed ledger technology

, 113

Division of labor

, 62

Dompet Dhuafa Republika (DDR)

, 117

Ecological Footprint

, 225–228

Ecological integrity

, 159

Economic development

, 61–62

Economic empowerment

, 73

Economic growth phenomenon

, 12

Economic historians

, 51–52

Economic issues through works of Muslim scholars

, 56–62

Economic metrics

, 13

Economic science

, 51

Economic system

, 50, 118

Economic theories

, 16

Ecosystem Enablers

, 234–235

Education and human capital development

, 72–73

Educational and awareness advocacy

, 199

Egyptian Mit Ghamr Saving Bank

, 222

Enabling Technologies

, 234–235

Enlightenment

, 51

Environmental, social and governance (ESG)

, 4, 79, 142, 167, 233, 245

Environmental conservation

, 74

Environmental degradation

, 68

Epistemology of Islam

, 44

Equality

, 22

Eqypt

, 24

Eternality of Islamic teachings

adapting Islamic finance principles to modern financial practices

, 36–40

challenges and opportunities in implementing Islamic finance

, 40–44

concept of eternality and universality of knowledge as source of Islam

, 31–36

Ethical alignment

, 162

Ethical investments

, 147

Ethical-financial system

, 92

Ethics

, 16

Ethis Robo

, 211

Exchange-traded funds (ETFs)

, 4

Extensive ethical business

, 66

Fairness

, 215, 243–244

Falah (success)

, 244

Falah-maximization

, 244

Fard al-kifayah (collective obligation)

, 61

Farmer empowerment through zakah

, 116

Farmers

, 161–162

Fatima al-Fihri

, 50–51

Fatwa (Shari’ah resolutions)

, 200–201, 247

Finance

, 53–55

between aspirations and realities

, 127–132

sustainable agriculture initiatives

, 167

Financial Conduct Authority (FCA)

, 183

Financial crisis of 2007–2008

, 176

Financial distress

, 42–43

Financial globalization impact

, 18

Financial inclusion

, 85, 176, 209–210, 222, 225, 231

Financial industry

, 130–131

Financial instability hypothesis

, 21

Financial intermediary theory

, 42

Financial Services Authority of Indonesia

, 183

Financial systems

, 67

Financial technology (fintech)

, 23, 69, 176, 208, 229, 246

applications

, 178–179

evolution

, 176–177

high-level overview of Islamic Fintech

, 179–184

stakeholders

, 177–178

Financing

, 69

Fiqh (Islamic jurisprudence)

, 41

Fiqh muamalat

, 41

Fiscal policy

, 39, 42

Fourth industrial revolution (4IR)

, 209

Free market capitalism

, 57

Free trade

development of modern economic discipline

, 55–56

economic development

, 61–62

economic issues through works of Muslim scholars

, 56–62

Islamic economics and finance

, 53–55

monetary policy

, 59–61

private property, Laissez-Faire, and question of state intervention

, 56–57

role of state in market

, 59

Schumpeterian gap

, 51–53

taxation and division of labor

, 62

theory of price

, 57–59

Funding mechanisms of microfinance institutions

, 84

Gatehouse Bank

, 76

Gender equality

, 74–75

Generation Z

, 231

Genetically modified organisms (GMOs)

, 160

Geographical information system (GIS)

, 113

Germany

, 38

Gharar

, 87, 194

in cryptocurrency

, 195

Global finances

, 3–4

implications of digital currencies on

, 190–192

Global financial crisis

, 19

Global health crisis (GHC)

, 16, 19

Global Islamic finance industry

, 67–68

Global Islamic Fintech (GIFT) Index

, 229

Global Islamic Fintech Ecosystem

, 234–235

Globalization

, 18, 69

Google Wallet

, 179

Government

, 42

Government regulation

, 196

Grameen Bank

, 84

Great Depression

, 1–2

Green banking practices

, 142

Green corporate financing

, 146–148

Green finance schemes

, 246

Green Islamic commercial banking

, 145

Green loans

, 147–148

Green Project Finance

, 149–150

Green sukuk

, 167

Green syndicated financing

, 148–149

Gresham’s Law

, 60

Gross domestic product (GDP)

, 182

Guidance

, 200

Gulf Cooperation Council (GCC)

, 223

Hadith

, 247

Hajiyyat (secondary/complementaries)

, 233

Halal (permissible)

, 197

Halalness (permissibility)

, 196

HAQQ native coin

, 201

Haraj (land tax)

, 62

Haram (forbidden)

, 213

Harmonization

, 230

Harmonization of Shari’ah standards

, 244–245

Harmonized/Standardized Islamic Financial Industry

, 236

Healthcare

, 74

Healthcare, Malaysian Waqf in

, 115–116

Hifz al aql

, 94

Hifz al mal

, 94

Hifz al nafs

, 94

Hifz al nasl

, 94

Hisba

, 124

Hisbah (market regulation)

, 123–124

Historians

, 36

Home Purchase Plans (HPP)

, 183

Homo economicus principle

, 126–127

Homo islamicus

, 126–127

Human capital development, education and

, 72–73

Human development

, 39

Human Development Index (HDI)

, 85, 223–227

Human life protection

, 97–98

Ibn Al-Qayyim

, 57

Ibn Khaldun

, 57

Ibn Miskawayh

, 60

Ibn Taymiyyah

, 57

Identifiability

, 213–214

iFinTech Operations

, 234–235

IFIs sector

, 5

Ijarah (leasing)

, 10

Ijarah wa Iqtina

, 10

Ijma (consensus)

, 2–3

Ijtihad (reasoning)

, 54

Incentive structure

, 35

Inclusive Islamic finance

, 231–232

Inclusive wealth

, 246

Inclusivity

, 215

Indonesia

, 5, 74

Indonesian Waqf Board (BWI)

, 117

Industry 5.0

, 246–247

Inertia of Islamic Banks

, 198

Information friction

, 84

Innovation

, 210–211

Innovative financing instruments

, 146–147

Innovative Lab

, 211

Institutional scaffolding

, 33–34

Institutions

, 37, 79

Insuretechs

, 178–179

Integration, key areas of

, 72–75

Integration of Islamic finance with SDGs, case studies in

, 76–78

Intellectual well-being

, 96–97

Interest rate

, 38–39

Interest rate-based contracts

, 36–37

Interest-based transactions

, 36–37

Interest-free housing loans

, 95–96

International Federation of Red Cross and Red Crescent Societies (IFRC)

, 116

International financial system

, 1–2

Islamic principles and overhaul of

, 19–22

International funding organizations

, 84

International trade

, 151

Intragenerational risk

, 40

Investment

, 87

in education

, 44

management challenge

, 184

Invisible hand

, 56

Iqtisad (economics)

, 56

Irving Fisher

, 21

Islam

, 20, 22, 33–36, 50, 56, 61–62, 91, 111–112

concept of eternality and universality of knowledge as source of

, 31–36

in finance

, 30

Islamic banking

, 4, 23, 125, 152

artificial intelligence in

, 208–209

challenges and opportunities in implementing AI in

, 211–212

example of AI application in

, 211

and finance between aspirations and realities

, 127–132

global trend

, 130–132

institutions

, 125

instruments

, 73

Shari’ah compliance landscape

, 212–213

Islamic banks

, 24, 128–129, 145–146, 148–150, 208

Islamic bond

, 10–11

Islamic certificate

, 10–11

Islamic coin

, 201–202

Islamic commercial financing

, 74

Islamic Cooperation Humanitarian Affairs Department (ICHAD)

, 104

Islamic development bank (IDB)

, 72

Islamic Development Bank (IsDB)

, 130, 147

Islamic digital finance

, 234–236

Islamic economics

, 12, 19, 35, 53–55

critique of Islamic finance

, 22–23

and finance

, 53–55

framework

, 244

Islamic finance

, 23–24

Islamic principles and overhaul of international financial system

, 19–22

literature

, 126–127

principles

, 12

system

, 16, 87, 91

theory

, 130

unveiling systemic weaknesses

, 16–18

Islamic economy

, 19, 22

Islamic finance

, 23–24, 37, 66–68, 70, 73, 79, 92, 122, 128, 132–133, 147, 165, 176, 200–201, 222, 243–244

basic modes of

, 8–11

Bay’ al-Murabahah

, 9

Bay’ al-Salam

, 9–10

case studies in integration of Islamic finance with SDGs

, 76–78

challenges and opportunities in implementing

, 40–44

challenges of digital currency integration in

, 196–198

champions

, 118

critique of

, 22–23

and digitalization

, 228–230

ethical and socio-economic foundations of

, 126–127

and financial inclusion

, 222–225

in future

, 230–236

identifying alignment between Islamic finance principles and SDGs

, 69–70

IFS

, 2–5

Ijarah

, 10

Ijarah wa Iqtina

, 10

industry

, 143, 244–246

intersection of SDGs and

, 69–72

Istisna

, 10

Madinah market to wall street

, 11–12

Maqasid al-Shari’ah

, 5–6

to modern financial practices

, 36–40

Mudarabah

, 9

Musharakah

, 9

Musharakah Mutanaqisah

, 9

obstacles in way of adoption of digital currencies in

, 198–200

opportunities offered by digital currencies in

, 200–201

potential impacts of digital currencies on

, 192–194

principles

, 41–42, 45

prohibition of Gharar

, 7

prohibition of maysir

, 7

prohibition of riba

, 6–7

projects

, 80

in promoting sustainable agriculture in selected OIC member states

, 164–166

Qard Hasan

, 8

regulatory framework of Malaysia

, 76

risk-and-return sharing

, 7

sanctity of contracts

, 7–8

Shari’ah-compliant activities

, 7

social justice

, 8

specific SDGs

, 70–72

and standardization

, 230

strategies in promoting sustainable agriculture via

, 166–167

Sukuk

, 10–11

and sustainability

, 225–228

with sustainable agriculture

, 162–164

Islamic Finance Development Report (2023)

, 12

Islamic financial administrative area

, 131

Islamic financial industry (IFI)

, 23, 244

Islamic financial institutions (IFIs)

, 75, 122–123, 148, 222, 245

Islamic financial instruments

, 3, 24

Islamic Financial Investment

, 12

Islamic financial methodologies

, 127

Islamic financial principles

, 3

Islamic financial products

, 128–129

Islamic financial sector

, 125

Islamic Financial Services Board (IFSB)

, 230

Islamic Financial System (IFS)

, 2, 5, 24, 70, 122–123

Islamic fintech (iFintech)

, 12

challenges

, 182–184

existing Islamic finance products

, 179–181

high-level overview

, 179–184

opportunities

, 181–182

regulation challenges

, 183

services

, 234–235

Islamic Green Bonds

, 246

Islamic green finance

, 152

Islamic insurance

, 122

Islamic law

, 11, 30, 87–88

Islamic legal system

, 162

Islamic microfinance

, 223

in achieving Maqasid al-Shari’ah

, 91–93

aspects of Maqasid al-Shari’ah

, 89–91

case study of successful Islamic microfinance initiative

, 93–100

overview and principles of

, 86–93

principles of

, 86–87

protecting human life

, 97–98

protection of family

, 98–99

protection of religion

, 99–100

safeguarding intellectual well-being

, 96–97

safeguarding wealth

, 94–96

social well-being perspective of

, 87–88

Islamic moral economy (IME)

, 92, 123, 126

Islamic perspective, sustainable agriculture from

, 161

Islamic principles

, 122–123

need for new paradigm

and overhaul of international financial system

, 19–22

paradigm

, 20, 22

Islamic Quadruple Helix

, 232

Islamic Research and Training Institute (IRTI)

, 93

Islamic scholars

, 58

Islamic social finance (ISF)

, 72, 105–106, 110–113, 247

Akhuwat Foundation and use of Qard Hasan

, 114–115

BMT

, 113–114

case studies of Islamic social finance practice

, 113–118

ethical and socio-economic foundations of Islamic finance

, 126–127

instruments

, 74

Islamic banking and finance between aspirations and realities

, 127–132

Islamic Moral economy and sustainability

, 123–126

Kenya Red Cross and farmer empowerment through zakah

, 116

Malaysian Waqf in Healthcare

, 115–116

sector

, 93

Sukuk Prihatin Malaysia

, 117–118

tools

, 124

tools of Islamic sustainable development

, 132–134

Waqf

, 110–111

Waqf-Linked Sukuk

, 117

Zakah

, 110

Islamic Social Finance Report (ISFR)

, 93

Islamic Spain

, 50–51

Islamic sustainable development

, 134

tools of

, 132–134

Islamic sustainable finance

, 233

Islamic system

, 8

Islamic tenets

, 122

Islamicity

, 246

Israf (wastefulness)

, 133

Istisna

, 10

Jarir

, 211

Jizyah

, 62

Justice

, 243–244

Kafalah

, 93

Karl Marx

, 56, 62

Kenya Red Cross

, 116

Keynes

, 21, 56

Khalifah

, 127, 133

Kitab al-Amwal

, 55

Kitab al-Haraj (The Book of Taxation)

, 55

Knowledge as source of Islam, concept of eternality and universality of

, 31–36

KYC verification

, 217

Laffer Curve

, 62

Laissez-faire system

, 56–57

Lease ending in ownership

, 10

Leasing

, 10

Legal authorities

, 196

Legal framework

, 110

Legal maxim

, 37

Lenin

, 56

Loan Market Association (LMA)

, 148

Local resource

, 124–125

London Stock Exchange Group (LSEG)

, 3

Low Carbon Transition Facilities (LCTFs)

, 77

Low interest rates

, 17

Low-carbon economy

, 146–147

Madinah

, 3

Madinah Market

, 11–12

Maghreb region

, 223

Malaysia

, 5

Malaysian State of Perlis (MAIPS)

, 116

Malaysian Waqf in Healthcare

, 115–116

Maqasid al-Shari’ah (objectives of Shari’ah)

, 5–6, 69, 76, 88, 96–97, 126, 134, 195, 197–198, 212, 244, 246

aspects of

, 89–91

discrepancy

, 197–198

Islamic microfinance in achieving

, 91–93

Maqasid 'ammah (general objectives)

, 88

Maqasid juz’iyyah (partial objectives)

, 88

Maqasid khassah (specific objectives)

, 88

Market, role of state in

, 59

Maslahah

, 87–88

Max Weber

, 50

Maysir

, 87

Mecca

, 50

Merchants of debt

, 21

Message transmission

, 210

Meta framework

, 30

Micro, small and medium enterprise (MSME)

, 232

Microcredits

, 125–126

Microfinance

, 84

institutions’ debt financing

, 84

Middle East and North Africa (MENA)

, 228

Millennium Development Goals

, 68

Minsky

, 21

Mit Ghamr

, 3, 24

Mobile banking applications

, 209–210

Modern economic discipline, development of

, 55–56

Modern financial practices, Islamic finance principles to

, 36–40

Monetary policy

, 17, 38–39, 59, 61

Monetary system

, 42

Money

, 60

Moral economy

, 123

Mu’amalat

, 127

Mudarabah (silent partnership)

, 184

Mudarib

, 9

Mufsid (corruption)

, 133

Muhammad

, 11, 19, 31, 53–54, 99

Muhtasib (market inspector)

, 124

Multiple lenders

, 149

Muqaddimah

, 62

Murabahah

, 87, 125

Musharakah

, 9

Musharakah mutanaqisah (diminishing partnership) contracts

, 9, 245

Muslim civilization

, 123

Muslim community

, 54, 73

Muslim scholars

, 50–51, 54

economic issues through works of

, 56–62

Mutual fund

, 4

Nasir Social Bank

, 24

Nasser Social Bank

, 130

National Economic Recovery Plan

, 117

National expenditures

, 39–40

National Financial Inclusion Strategy (NFIS)

, 85

Neobanks

, 209–210

Niche market

, 23

Nisab assets

, 106

Non-recourse finance (see Project finance)

Nongovernmental organizations (NGOs)

, 85

Nonprofit microfinance institutions

, 85

Novelties and scale of Islamic Finance Market

, 197

Objectives of Shari’ah

, 88

“Occupy Wall Street” movement

, 20

OneGram

, 202–203

OneGram Coin (OGC)

, 202

Online payment services

, 176

Ontology of Islam

, 44

Opportunities

, 181–182

Optimism

, 223–225

Organization of Islamic Cooperation (OIC)

, 104, 130, 181, 223

countries

, 157–158, 166–167

practices of Islamic finance in promoting sustainable agriculture in selected

, 164–166

Ownership, lease ending in

, 10

Pandemic

, 59–60

Paradigm

, 20, 22

Paradigm shift

, 19

Paradigmatic revolution

, 20

Paris Agreement

, 143, 152, 222

Passive partnership

, 9

Peer-to-peer lending (P2P lending)

, 176, 232

People participation

, 37–38, 40

Perennial values

, 243–244

Permissibility of cryptocurrencies

, 197

Personalized financial solutions

, 210–211

Philanthropy platforms

, 232

Poverty alleviation

, 73

Primary Islamic social finance instruments

, 105–110

Nisab and Zakatable assets

, 106

Qard Hasan

, 109

recipients of zakah

, 107–108

Sadaqah

, 108

Takaful

, 109–110

Waqf

, 108–109

Zakah

, 106–108

Zakatable assets

, 107

Principles for Responsible Banking (PRB)

, 76–77

Principles of Sustainable Islamic Banking (PSIB)

, 143–144

Privacy

, 214–215

Private property

, 56–57

Profit-and-loss sharing contracts (PLS contracts)

, 165

Profit-sharing financing

, 70

Prohibited transactions

, 195–196

Project finance

, 149

Proof of work (PoW)

, 202

Proof-of-Stake (PoS)

, 201

Prophet, the

, 12, 33, 62

Pseudo-Islamic products

, 128–129

Public perceptions

, 41

Public/private partnerships (PPPs)

, 80

Qard

, 43

Qard hasan

, 86–87

Akhuwat Foundation and use of

, 114–115

primary Islamic social finance instruments

, 109

Qard Hasan

, 8

Qiyas (analogy)

, 2–3, 6, 53–54

Quantitative theory of money

, 60

Qur’an

, 6, 16, 32–33

Rabb al-mal

, 9

Rating agencies

, 18

Reform and impact maximization, opportunities for

, 110

Regenerative agriculture

, 160–161

Regulators

, 79–80

Regulatory framework

, 24

Religion, protection of

, 99–100

Renaissance

, 51

Renewable energy, infrastructure and

, 73–74

Resource efficiency

, 159

Riba

, 86–87

in cryptocurrency

, 195

Riba al-Fadl

, 6

Riba al-Nasi’ah

, 6

Risk management

, 199–200, 210

challenges

, 184

Risk sharing

, 44, 87

in finance transactions

, 36

fiscal system

, 39–40

macroeconomic policy

, 38–39

mechanism

, 70

policy

, 40

principle

, 40

system

, 37–38

Risk-shifting

, 36

Risk-transfer

, 36

Robo-advisors

, 209–210

Rule compliance

, 34

Rule compliant

, 34–35

Sadaqah

, 108, 245, 247

Sakk (cheque)

, 52

Salam

, 11

Samsung Pay

, 179

Sanctity of contracts

, 7–8

Scholars

, 61

Schumpeter, Joseph

, 50

Schumpeterian gap

, 51–53

Scientific revolution

, 20

Securitization

, 17

Shari’ah

, 23

scholars’ profundity, need for

, 198

Shari’ah-based products

, 128–129

Shari’ah AI

, 212

Shari’ah compliance

, 86–87, 210

landscape

, 212–213

Shari’ah law

, 210, 214

compatibility of digital currencies with

, 194–196

Shari’ah-compliance

, 195, 245

in blockchain transactions

, 197

Shari’ah-compliant

, 193, 244

activities

, 7

banks

, 67–68

cryptocurrencies

, 199

products

, 128–129

Shari’atization technique

, 25

Shari’ah governance

, 144

Skilled workforce

, 216

Small and medium enterprises (SMEs)

, 177

Smart contracts

, 113, 194

Social awareness

, 243–244

Social capital

, 231

Social development, leveraging Islamic social finance for

, 72

Social finance

, 122–123, 128

Social inclusion

, 74–75

Social justice

, 8, 57

Social loans

, 147–148

Social media platforms

, 112

Social services

, 124

Social value system

, 91

Social wellbeing

, 85–87

perspective of Islamic microfinance

, 87–88

Socialism

, 19

Socially responsible investments (SRIs)

, 125

Solar energy

, 245

South East Asia region

, 223

Sovereign digital currencies (SDCs)

, 191

St. Thomas Aquinas

, 50

Stakeholder engagement

, 111

Standard setting organizations (SSOs)

, 230

Standardization

, 222, 230

State Bank of Pakistan

, 85

State Islamic Religious Council (SIRC)

, 116

State of the Global Islamic Economy Report 2023/24 (SGIER)

, 184

Subprime mortgages

, 17

Suftajah

, 52

Sukuk

, 4, 10–11, 105, 133, 166

Sukuk Prihatin Malaysia

, 117–118

Sulaiman Al-Rajhi Charitable Foundation

, 78

Sunnah

, 2–3

Sustainability

, 123, 126, 158–159, 225, 228

Sustainability-linked loans

, 147–148

Sustainable agriculture

, 158, 160–161

aligning Islamic finance with

, 162–164

from Islamic perspective

, 161

practices of Islamic finance in promoting

, 164–166

projects

, 163

strategies in promoting sustainable agriculture via Islamic finance

, 166–167

Sustainable banking practices

, 142

Sustainable development

, 66, 69, 118, 123, 128, 133, 245–246

agenda

, 122

case studies of Islamic social finance practice

, 113–118

Islamic social finance

, 110–111

opportunities for reform and impact maximization

, 110

primary Islamic social finance instruments

, 105–110

research

, 66

Sustainable Development Goals (SDGs)

, 68–69, 122–123, 157

Al-Rajhi Awqaf

, 78

case studies in integration of Islamic finance with

, 76–78

challenges and opportunities

, 75

education and human capital development

, 72–73

environmental conservation

, 74

gender equality and social inclusion

, 74–75

healthcare and well-being

, 74

identifying alignment between Islamic finance principles and

, 69–70

infrastructure and renewable energy

, 73–74

intersection of Islamic finance and

, 69–72

Islamic finance

, 67–68

and Islamic Finance

, 71

Islamic finance contribute to specific

, 70–72

key areas of integration

, 72–75

lessons learned in practice

, 78–79

leveraging Islamic social finance for social development

, 72

policy recommendations

, 79–80

poverty alleviation and economic empowerment

, 73

Sukuk Prihatin

, 77–78

value-based intermediation and value-based intermediation takaful

, 76–77

Sustainable Development Goals Index (SDGi)

, 225–227

Sustainable finance

, 225

Sustainable Finance Framework

, 147

Sustainable Investment Funds

, 246

Sustainable investments

, 132–133

Sustainable Islamic Banking, principles of

, 142–145

Sustainable shipment letter of credit (SSLC)

, 151–152

Sustainable synergy

banks, ESG and climate-related factors

, 142

commercial Islamic Banking

, 145–146

green, social and sustainability-linked loans

, 147–148

green corporate financing

, 146–148

Green Project Finance

, 149–150

green syndicated financing

, 148–149

incorporating green and sustainable practices in Islamic banks

, 143

principles of Sustainable Islamic Banking

, 142–145

sustainable shipment letter of credit

, 151–152

sustainable trade finance

, 150–152

Sustainable trade finance

, 150–152

Syndicated loan

, 148

Tabung Haji

, 130

Tahsiniyyat (desirables)

, 233

Takaful (Islamic insurance)

, 4, 165

operators

, 109–110

primary Islamic social finance instruments

, 109–110

Tangible assets

, 195

Tariff

, 52

Tawarruq (monetization)

, 202

Tawhid (the oneness of God)

, 133

Taxation

, 62

Teamwork

, 80

Theory of price

, 57–59

Thomas Kuhn

, 20

Toyota

, 146–147

Traceability

, 210

Traditional financial system

, 18

Traditional welfare policies

, 112

Transaction processing

, 217

Transformational solutions

, 208

Transition bonds

, 142

Transparency

, 199, 210, 213–214

Trust

, 43, 215

in “invisibility” of AI

, 213–214

Turkey (Turkiye)

, 164–165

Udovitch, Abraham

, 38

Ulama (scholars)

, 59

Ummah

, 88

UN Sustainable Development Summit

, 104

United Kingdom (UK)

, 76

United Nations (UN)

, 157

Universality of knowledge as source of Islam, concept of eternality and

, 31–36

Universiti Sains Islam Malaysia (USIM)

, 115

University of Al-Qarawiyyin

, 50–51

Unsustainable agricultural practices

, 156–157

Usury (riba)

, 223

absence of

, 195

Utilitarianism

, 34

Value-based intermediation

, 76–77

Value-based intermediation takaful (VBIT)

, 76–77

Virtual banking

, 177

Virtual currencies

, 190

Voluntary charity

, 108

Wahed Invest

, 211

Wall Street, Madinah market to

, 11–12

Waqf (endowment)

, 245, 247

Islamic social finance

, 110–111

primary Islamic social finance instruments

, 108–109

system

, 124

Waqf-Linked Sukuk

, 117

Water management

, 159

Well-being

, 74

Western paradigm

, 21

Western scholars

, 51, 56

Wise

, 209–210

World Bank

, 122

World Trade Organisation

, 151

Zakah

Islamic social finance

, 110

Kenya Red Cross and farmer empowerment through

, 116

primary Islamic social finance instruments

, 106–108

recipients of

, 107–108

Zakat (almsgiving)

, 245, 247

management

, 114

Zakatable assets

, 106–107