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Integrated Islamic Social Finance Approach: The Case for Environment, Social Responsibility, and Governance

Integrated Islamic Social Finance Approach: The Case for Environment, Social Responsibility, and Governance

Syed Musa bin Syed Jaafar Alhabshi
Copyright: © 2021 |Pages: 15
ISBN13: 9781799868118|ISBN10: 1799868117|ISBN13 Softcover: 9781799868125|EISBN13: 9781799868132
DOI: 10.4018/978-1-7998-6811-8.ch001
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MLA

Alhabshi, Syed Musa bin Syed Jaafar. "Integrated Islamic Social Finance Approach: The Case for Environment, Social Responsibility, and Governance." Handbook of Research on Islamic Social Finance and Economic Recovery After a Global Health Crisis, edited by Salina Kassim, et al., IGI Global, 2021, pp. 1-15. https://doi.org/10.4018/978-1-7998-6811-8.ch001

APA

Alhabshi, S. M. (2021). Integrated Islamic Social Finance Approach: The Case for Environment, Social Responsibility, and Governance. In S. Kassim, A. Othman, & R. Haron (Eds.), Handbook of Research on Islamic Social Finance and Economic Recovery After a Global Health Crisis (pp. 1-15). IGI Global. https://doi.org/10.4018/978-1-7998-6811-8.ch001

Chicago

Alhabshi, Syed Musa bin Syed Jaafar. "Integrated Islamic Social Finance Approach: The Case for Environment, Social Responsibility, and Governance." In Handbook of Research on Islamic Social Finance and Economic Recovery After a Global Health Crisis, edited by Salina Kassim, Anwar Hasan Abdullah Othman, and Razali Haron, 1-15. Hershey, PA: IGI Global, 2021. https://doi.org/10.4018/978-1-7998-6811-8.ch001

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Abstract

This chapter assesses the Islamic social financial approach by reviewing the concepts of nature, society, and environment of the current social reporting models such as triple bottom line and environmental, social, and governance (ESG) and integrated (corporate) value reporting. These are examined to analyse the limitations of the capital centric and profit motive focus of shareholder wealth approach. Based on the current ‘responsible investor' and ‘social responsibility investment' principles, the view of environment as ‘externality' has impeded the potential realization of social good from an ‘eclectic paradigm' of integrated reporting. An eclectic paradigm is adopted for the integrated Islamic social financial reporting approach by the internalization of environment as part of socio-economic goals to attain social harmony. It offers an opportunity for higher commitment to a more sustainable Islamic social finance development using the principles derived from Infaq, Sadaqah, Hiba, and Waqf. COVID-19 pandemic is particularly unique and to a certain extent has stalled profit motive commercial efforts to activate social funding responses. A more sustainable response is attainable from social market community-based system rather than market-based system. With Islamic social finance approach to COVID-19 pandemic, a more integrated, inclusive, and sustainable reporting is proposed.

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