Track: Business Management

Abstract

                                                                     ABSTRACT

 

Green Economy deals with human welfare and its care for the preservation of the environment and ecosystem of life in term of economic development but every coin have two side, economic development also affected negatively i.e. depletion of natural resources due to over exploitation, pollution of air , water and land. Green economy refers an economy to promote growth and development, conserve natural capital, mend well-being of human and poverty
alleviation and bring down inequality. Concept of Green economy arise when economy work along the sustainability goals. The core of green economy have low carbon growth, resource efficiency and social inclusive through green business and energy management to implement sustainability. Islam consider human being as superintendent of earth to whom Quran guided, earth is vital defended component for sustain future. In Islamic approaches to sustainable
green life involves living in peace and harmony. This paper aligns triple bottom line rules of sustainable development i.e. profit, people and planets to attain the green economy with fundamental rule of Islam in order to protect the environment and to enhance growth and development. This paper has an attempt to bring in light, how Green banking take along financial stability and economic growth, poverty alleviation and environmental protection that contribute to improves the environment as means of cost and energy savings, preservation of natural resources and the need to respect all living things. Objective of study: To analyses the fundamental rules of Islam in relation to profit, people and planets to attain green economy. To find out relationship between financial stability, economic growth, poverty alleviation, environmental protection and green economy. 

Keywords
Sustainability development, shariat, zakat, Green economy, principles, environment

 

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In the present scenario of degradation, Green economy is a main concern to accomplish because it is a significant instrument to prosper sustainable development. A green economy reveals a clean and energy-efficient economy. UNDP defines Green Economy, as “One that results in improved human well-being and social equity, while significantly reducing environmental risk and ecological scarcities.”  A green economy means low carbon and pollution, resource efficiency and enhance energy and social inclusion, and preventing biodiversity and ecosystem loss. Thus, Presently Green economy gives more emphasis to the utilization of renewable energy for electricity generation rather than Coal.  The application of renewable energy can bring potential climate change mitigation, energy saving, and the ability to make better pollution free environment by taking energy from wind, water, or the sun.  Green Economy deals with human welfare and its care for the preservation of the environment and ecosystem of life in term of economic development. A green economy refers to an economy to promote growth and development, conserve natural capital, mend the well-being of human and poverty alleviation, and bring down inequality. The concept of a Green economy arises when the economy works along the sustainability goals.

Islam considers a human being as the superintendent of the earth to whom the Quran guides, the earth is the vital defended component for sustaining the future. Islamic approaches to sustainable green life involves living in peace and harmony. Islam and green economy are unified that could be prove with great concern given by Quran preach that the existence of God not only for human, but also for universe and for all of His creation i.e. people, animals and plants etc. Islam has define Universe is the main source of human life energy with the following three philosophical ideas:

1. Activities related to saving Universe are considered a part of obedience to God.
2. God’s command to preserve the universe
3. Attitudes of people i.e. mortality and integrity should imitate in their actions towards the universe.

Actually, God creates Universe as a gift to get prosperity, benefits, and sustainability for life and not for exploitation. Quran (al-Ibrahium:32), “It is Allah who created the heavens and the earth and sent down rain from the sky and produced thereby some fruits as provision for you and subjected for you the ships to sail through the sea by his command and subjected for you the rivers”. It means God guides us to form attitudes for

1. With regard to the nature
2. Moral obligation for nature
3. Cosmic harmony for saving the ecosystem

A green economy is directly related to Islamic sharia that forms for the prosperity and benefit of humans both in the world and hereafter. Sustainability development possesses greening, should be elucidated by three pattern:

1. Scarcity and limits
2. Means and ends
3. Reductionism and unity

The green economy is act as an umbrella for achieving environmental sustainability that includes circular economy and bio-economy (eco-efficiency, renewable). Green economy coalition 2019 introduces five principles of the Green economy. Where is something related to environmental and ecological reduction for getting human well-being along social equality.

A green economy has concerned with the health of people and the planet or the interconnection between them to encourage sustainable development. Green economy helps to establish three pillars named social (people), environment (planet), and economy (profit) through implementation in six sectors like renewable energy, green buildings, clean transportation, water management, waste management, and land management. A green economy has a way to protect the ecosystem by keeping economic development and reducing poverty under the head of three moral codes i.e. economic growth, quality of economic growth, and eco-efficiency whereas eco-efficiency aspects include the internalizing cost of biological aspects, efficient use of resources and maximization the impact of pollution.

The principles of Green Economy are:

1. The human well-being principle: it support genuine and prosperous life for human with respect to allover development. It emphasis on the education, knowledge, infrastructure, investment, social, human physical growth, natural capital and sustainable system.
2. The justices’ principles: it promotes for equitable distribution, comprehensive and non-discrimination decision making on sharing basis, and especially support to women’s empowerment.
3. The planetary boundaries principles: it is action to evade the loss of critical natural capital, breaching ecological limits, and climate stability and it recommended protecting, growing, and restructuring biodiversity, soil, water, air, climate, and other natural system.
4. The efficiency and sufficiency principles: it refers the remaining planetary boundaries and decarbonizing economies to shift from consumption of natural resources to physically sustainable levels.
5. The good governance principles: it support by accountable integrated and resilient institute need and public participation, transparency and freedom soon. 

Green economy and Islam sharia principles:

Islamic sharia principles have use to maintain sustainable development for attaining the prosperous life are as follow:

1. Allah own everything: it talk about wealth that is provided by Allah i.e. He is the owner of all thing.

Surah Thaha (20:6), “To Him belong what is in the heavens and what is an the earth and what is between them and what is under the soil”.

2. World’s wealth is for hereafter happiness: it means Human being must use their wealth for attaining good and prosperous life in hereafter.

Surah Al-Nahl 16:97; “whoever does righteous deeds- whether male or female-while he/she is a believers; then We will certainly give them a good life, and we will certainly grant them their rewards in proportion to the best of what they used to do.”  Allah made people rich by reducing their needs. The absolutely rich need absolutely nothing, and that is God. The prophet (PBUH) said, ‘Richness lies not in material acquisition, but in the richness of soul.’

3. World’s Happiness must bring happiness in the hereafter: it is prerequisite for Human being to enjoy happiness in the world.

Surah Al-Maidah (5:87-88), “ O you who have believed, do not prohibit the good things which Allah has made lawful to you and do not transgress. Indeed, Allah does not like transgress, (87) and eat of what Allah has provided for you [which is] lawful and good. And fearful, whom you are believers. (88).”

Al-Baqarah 2:25; “ And give good tidings to those who believe and perform righteous deeds that theirs shall be Gardens underneath which rivers run; whenever they are with fruits therefrom, they shall say, ‘this is the provision we received before’; and they were given a likeness of it.  This love and appraise given

4. Human being should behave in fairly manner: it is clarify from Surah Ar-Rum (30:38), Human being should be kind to others, carry out responsibility toward society and help those in distress. “so give the relative his right, as well as the needy and traveler. That is best for those who desire the countenance of Allah, and it is they who will be the successful.”
5. Not do harm: Allah said in Surah Al-Baqarah (2:188), “And do not consume one another’s wealth unjustly or send it [in bribery] to the rules in order that [they might aid] you [to] consume a portion of wealth of the people in sin, while you know [it is unlawful]”. That refrain human being to do sinful acts i.e. wealth seeking activities, committing fraud and wasting resources and wealth.

Merits of Islam Sharia principles:

 There are following benefit to use the Islam sharia in the green economy:

Scope of Islamic Economic model: it is clarify through the green economic model that based on Quran and Sunnah has following characteristics.

1. Green economy based on Islam should be free from money lending at higher rate of interest, deceive and uncertain, gambles or components that are forbidden in Quran and Sunnah.

According to Yusuf Qardauwi, “environmental sustainability is the basic need of faith, soul, offspring, mind and wealth to fulfil the goal of prosperity and benefit of Muslim as follow:

1. Persevering of faith. People should be to learn what preservice means in Islam is? Prophet (PBUH) said, "I swear by God, if they were to put the sun in my right hand and the moon in my left hand for me to give this matter (spreading the message of Islam) up, I will not give it up until God makes it (Islam) victorious or I die in doing so."  For example, in green economy model electrical, solar energy must be a replacement of old method should be on the basis of perseverance of faith that It contribute in boost up sustainable development.
2. Green economy as persevering one mind: “Surely the worst of beasts in God’s sight are those that are deaf and dumb and do not reason.” (Qur’an 8:22). Reflects mind is the driver, senses, ampule of intellectual and heap of knowledge that should be protected. It is environment that protect human being physically, spiritually and intellectual. Make mandatory for the student to learn about renewable energy soon.

Quran (17:70), “Indeed, We honored the progeny of Adam, and bore them across land and sea and provided them with good things for their sustenance, and exalted them above many of creatures.”

3. Preserving of soul:  Abu Huraira reported: The Prophet, peace and blessings be upon him, said, “Wealth is not in having many possessions. Rather, true wealth is the richness of the soul.”

Protecting the earth is the part of human soul. Keep the soul means maintain safety, health, and also human life. If environment has damaged, I will become thread to human life as mention in:

Al-Maidah:32, “because of that, we decreed upon the children of Israel that whoever kills a soul unless for a soul or for corruption [done] in land- it is as if he had saved mankind entirely. And our messenger had certainly come to them with clear proofs. Then indeed many of them [even] after that, through the land, were transgression.”

4. Preserving of offspring: it deals maintenance of human life and its development that survival oriented of the human generation. E.g. built energy saver and unit on the basis of kinship, friendship and good relation.

Quran provide various verse for being grateful

Human active arise multidimensional crisis or disaster i.e. crop failure, global warming, erosion, flooding etc. that are not able to maintain balance of natural component rather than exploiting

Quran versa (QS Ar.Rum:41) is, “Corruption has appeared throughout the land and Sea by [reason of] what the hands of people have earned so he may let them taste part of [the consequence of] what they have done that perhaps they will return [to righteousness].”

Recommendation: God bless Human with great fortune by installing natural resource on earth so it act most care by utilizing the environment friendly technology and maintain its sustainability. 

In Quran, God order Human to not to waste of natural resources and frivolous for the sake of moments and if they are not oriented towards the survival of life.

Quran an Nahl: 112:,“ And Allah presents an example, a city which was safe and secure, its provision coming to it abundance from every location, but it denied the favors of Allah. So Allah made it taste the envelopment of hunger and fear for they had been doing”

Recommendation: In reference to God’s existence and Prophets apostleship that mention human and universe in Quran AL-Anam: 6:141, Human should respect, appreciates and not over exploit , “And he it is who causes gardens to grow,[both] trellised and untrellised and palm trees and crops of different [kinds] food and olives and pomegranates, similar and dissimilar. Eat of [each of] its fruit when it yields and give it due [Zakah] on the day of its harvest. And be not excessive, Indeed, He does not like those who commit excess.”

Following the Prophet (SAW) to prosper the earth: there is a following example through the Prophets (SAW) enlighten about the significance of earth’s prosperity strive sustainable earth because nature’s destruction grounds various problem that should be forbids or preach social damage shall be a cause of deprivation of the rights of the entire population of the earth.

Abdullah ibn Amr reported, the messenger of Allah (SAW) passed by Sad while he was performing ablution. The prophet said, “what is this excess? Sad said, “Is there excess with water in ablution”? The prophet said, “Yes, even if you were on the banks of flowing river.”

Some environmentalist have list few principles on the basis of unity concept (i.e. Oneness of God), cosmic balance, stewardship and human responsibility and accountability to God to legitimate a duty of care for the environment. In addition of this, ethical guidance induce behaviour/attitude like work for the common good, refrain from evil, preserve life and avoid harm, abuse and waste fullness.

Hima and waqaf are two important sharia tools to deal with land, water and resources management and conservation planning purposes.

Green Economy and Islam:

A green economy is having main concern to achieve because it is a significant development. Green economy reflects clean and energy efficient economy.

UNDP define Green economy, “one that results in improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities.”

Green economy means low carbon, pollution, resources efficient and enhance social energy, social inclusive and prevent biodiversity and ecosystem loss.

Quran promotes sustainable development because Quran states conservation of Natural resources from misuse is mandatory. Different verses of Quran reflects us, importance of environment and its damages are dislike.

Surah Al-Araf 7:31 , Al Anam 6:141, “ Eat and drink; but be not excessive. Indeed, Allah does not like those who cannot excess.”

Surah Al Isra 17:27’ “The wasteful are brothers of devils, and ever has Satan been to his Lord ungrateful.”

Islamic Principles for conservation of Natural environment: IPCBNE 1983/94

There are following principle for conservation of Natural Environment

• They give more emphasis on the unity concept and also support Tawhid which means interconnected of creation
• Next principle relate to Khalifa rule that refers stewardship and trusteeship
• Third principle is Akrah include human responsibility towards maintaining balance and harmony in creation, human accountability to God.
• Lastly, principles lies in general injunctions to avoid harm and wastefulness.

A common good principle: - it is further classified under cosmic symbiosis to maintain balance between all living beings and this implies God sustains all by means of one another. i.e. “God created all beings to best serve Him, but also to serve each other.”

It realm of ‘Universal common good is a principle that pervades the universe ‘and cosmic symbiosis is use to poverty alleviation and insurance schemes.

Creation is made to serve man principle: - “Man is allowed to utilize this gift of God, the bounty of the earth, its fruits and resources for his own livelihood to utilize this gift and for the benefit of the rest of creation. Is “Man is therefore encouraged to ‘cultivate the lands and cause it to flourish through agriculture, cultivation and construction and to improve all aspects of life for man’s benefit and welfare and betterment of life for all future generations”.

Man’s activities are limited by ‘trust with God. And ultimately, it is also stressed: Creation belongs to God alone, man is not proprietor.

It is concluded, IPCNE is consider the best foundation for Islamic legitimization of sustainability development like

1. Future generations and limit
2. Concept of divine ownership
3. Man’s role within creation

‘Islamic environmental Ethos’ is founded on the six principles of a Green Deen which together serve as ethical guide for Muslims’ in their interactions with the world.

1. Understanding the oneness of God and his creation  called Tawhid
2. Seeing signs of God called Ayat every where
3. Being a steward of earth called Khalifa
4. Honoring the covenant or trust we have with God called Amana to be protections of the planets
5. Moving towards justice called Adl and living in balance with nature called Mizan

According to WWF report beyond belief (2005) essential issue of ecology that highlighted in the Islamic condition as follows.

1. Water is to be protected as the definitive sources of life.

Islamic State _ water sources such as rivers and lakhs, should have an inviolable zone around them (a buffer) to prevent damage.

2. Planting trees is look upon as good practice and an acceptable substitute for alms (fifth’s pillar Islam) whilst cutting down trees without strong and legitimate reasons is considered as destroying Allah’s creation.
3. Kindness towards animals and killing them for play is forbidden.
   1. Bird’s sing is considered praises to God.
   2. Prophet Muhammed (SAW) put back pigeon nestlings to their nest.
   3. Muhammed (SAW) also forbade Muslims to kill Hooper.
4. Earth and it surrounding (air) are part of God’s creation, however Muhammed (SAW) state, “If someone is able to return barren level to productivity, then land becomes rightfully theirs, a ruling with important implications for property rights.
5. Air tainting is an infringement a nature and a threat to life of mankind and all other living things.

Environmental sustainability content the natural capital that consist  of soil, water ,air, genetic, minerals etc. although man’s optimal utilization of natural resources are blessing from Creator and guide to man for equitable distribution and promotion. It develops awareness about production and consumption system i.e. it would improve as to make them ecological sustainable. But trouble is increase rate of natural resources utilization that depriving the future generations of a living standard and create inequity among the inter-generations. In comparison to this, capitalist reflects ignorance and manipulations of environment for the sake of profit and development. Communist has made strategy to ensure the effective management governance of natural resources. Scarcity has been increasing with economic growth and ecological degradation over the time. it is common good management that helps to prevent scarcity as it ensures us to providing preventive measure to degradation or investing in provision. In present business orient environment, most resources are allocated through market that based on private property rights i.e. one person or one group can use a resources while denying the access others. One person can exploit other by imposing extra cost in which is unjust , inefficient and unsustainable public ownership involve some other problems, but communisis can bring resources that bind to manage them for equal benefit to all in present and future.

Economic sustainability includes entrepreneurial, financial activities and capital mobilization to generate income, revenue and wealth. But Islamic gifted economy bring the concept of economic capital for sustainability. It includes micro, small, medium and large multinational enterprise related to manufacturing and services that generating profit. Economist thin, sustainability shall be achieved through proper governance of all accumulate profit and prosperity must be distribution at equal level in whole society.

When entrepreneurship runs on the basis of Tawheed principles make it like

1. 1. They will integrate with world without sacrificing religious belief and values.
   2. They may empowers the Ummah
   3. They encourages profit and less sharing which is the foundation stone for cooperative society
   4. They operates an mutual assistant and cooperation principles among member of society for common good.

Thus, Islam gives a supportive value system that boost up a person emotionally and spiritually. Islam embraced free market economy where entrepreneur can operate with minimum outside interference. Land and capital along with labor support production rather than ownership alone, so it is necessary to focus on the sharing of risk and basic principles of justice and equity.

In this economy, accumulated wealth must be distributed and reinvested for the upliftment socio-economic condition of the poor and needy in the communities through the promotion of common good. They use charity, endowments, gift giving and bequests as a mean of distribution. It must be guided by core principles of individual and collective responsibility, empowerment and participation.

Islamic gift economy reflects collective ownership and management such as Zakat institute, cooperatives and Baitulmul to care the poor and the marginalized through sharing resources and financial contribution of Zakat and waqofa  key concept in Islam that need to be harnessed through institutional innovation and reform of governance.

Cooperative is the institutional innovations that generate jobs, enhance growth and with people oriented objective very popular in village (community – centered financial initiative) is slander and other then waqaf and form of innovation that based on risk sharing participation and entrepreneurship principles.

Waqaf system shape capitalism that include plurality, market and non-market, semi-capitalist and non-capitalist, formal and informal.

It act as link diverse economic, social and religious interests to promote access to finance and property.  

New consumption pattern and productive technique to get sustainable development is essential like replace expensive goods with homemade come invest in new skills and expand the scope of shared goods that will strengthen community along the environmental efficiency.

 

Social dimension of sustainability: social capital as essential ingredient it. It involve complex and massive interdependence of actors and factors including extensive cooperation at various level, political commitment, stewardship and energy for its successful implementation.

According Tan Sr Dato, Seri Ranjit Ajit Singh, Chairman, Securities Commission Malaysia- “Islamic Finance share similar underlying principles as that of sustainable finance i.e. financial stability and economic growth, poverty alleviation and social inclusion as well as environment preservation. This has therefore allowed for Islamic finance to capitalize can these similarities to become a natural vehicle to propagate the elements of green finance.”

 

The United Nations, the 2030 Agenda for sustainable development suggests, world community to reaffirm its commitment to sustainable development.

It lead to take pledged that ensure a sustained and inclusive economic growth, social inclusion, and environmental protection, fostering peaceful, just and inclusive societies through global partnership.

Muslim communities have live life on the basis of two scriptural sources:

1. The Quran, comprehend as God’s revelation to Prophet Mohammad
2. The Sunna representing a collection of Hadiths based on practices and word of Prophet Mohammad.

The religious practices of Islam i.e. to submit to God have five pillars of Islam or five obligation of Islam on which whole Islam preach based and must be followed are as follows:

1. The profession of faith (shahada) i.e. there is no God but Allah and Muhammad is his Prophet
2. Daily prayers (Salat) [ i.e. pray five times a day]
3. Charity for the poor (zakat) -> Muslim believes, wealth should be shares with less fortunate.
4. Fasting during the month of Ramadhan (sawm) [practice for the man to prohibits the own self from food and evils doing and pray for hereafter from dawn to dusk).
5. Hajj (pilgrimage) to Mecca (kabba) means going to auspicious places at least once in life time.

Motive behind is to remind that all men are equal before God.

 

Environmentalist who follow Quran and Sunna draw some environmental principle, environmental ethic and ecological interpretations named: Taweed and Khalifa

Their role within Islamic environmentalism is interrelated with other important principles: Mizan and Maslahah

Principle	Meaning	Interpretation by Muslim Environmentalist
Tawheed	Oneness of God	Unity of creation in duely human and nature
Mizan	Balance	Harmony of all parts of creation
Khalifa	Human as God’s vicegerents	Human as stewards of God’s creation
Maslahah	Public interest	Care for future generation

 

Whereas Environmentalist interpreted Tawheed indicates everything comes from oneness of creator and is connected to its including nature. It is clarify the unity of all creation to which human belong.

Mizan means balance that bring harmony in the universe i.e. every facet of creation has been created to stand in perfect relationship interconnectedness of ecosystems. For example Global warming as greenhouse gases impacting the balance of the interconnected creation.

Khalifa indicates relationship between Islam (human) and ecology. It reflects to the protagonist and vicegerents of God on earth (or planet) which is called stewards of God’s creation. God bestow humans with place of guardianship over creation to influence nature. Thus caring for nature associate to service the God.

Further, Human have to carefully mange natural resources because different verses of Quran repeatedly against over exploitation and wastage.

In some word, human had been failed in assigned guardianship (trusteeship) that bring climate change.

Maslahah refers association with public interests that purses “sustainable development of good welfare advantage and benefits of creatures”. They prefer public welfare rather individual or private welfare because of global climate threats it think and care for future generations.

Sustainable development means fulfil the need of present without compromising the ability of future generations.

In Quran versa

• Al-Quran 6:165, “Islam propagates the idea of mankind as a trustee, of the earth in that trust will be questioned in the day of Resurrection.”
• Al-Quran 20-6, “Being a trustee, the absolute owner of the universe is Allah the Almighty.”
• Al-Quran 45:13, “This universe is created by Allah the Almighty.”
• Al-Quran 16:65-69, “Asign of His greatness.”
• Al-Quran 7:10, “Place for the sustenance of life.”
• Al-Quran 30:41, “The trust must be executed wisely and appropriately as ruled out by Allah the Almighty, failing which the consequence or the impact is on us.”
• Al-Quran 54:49, “The universe is created by in due proportion and measurement.” And

It is concluded from the above analysis, Islam helps in developing conceptual relationship between the three environments, social, economy and sustainability to mitigate the crises of development and environmental degradation.

The concept of environmentalist sustainability and Islam reflects environment in term of ecology means a place where organisms use to live over the time. It content all physicochemical and biological components of the ecosystem like soil, flora, fauna, water, air and light.

Al- Quran 38:27, “Natural resources have been created by Allah the Almighty with purpose.”

• Al-Quran 2:60, “Principles to provide substance to man’s life on earth.”

By providing beautiful nature and its resources, Allah wants morality of human being should be testified in executing his trusteeship role.  Meanwhile, earth shows great distress due to increasing depletion of natural resources, acid rain, loss of ecosystem, pollution air, lend, rivers and ocean. Although, Quran continuously indicate not to do evil and mark mischief on earth because resultant should be against the Human being.

• Al Quran 7:56, “Meanwhile, earth shows great distressed due to increasingly depletion of natural resources, acid rain, loss of ecosystem, polluted air, land, rivers and ocean. Although, Quran continuously indicates not to do evil and make mischief on earth because resultant should be against the human being”.
• Al Quran 30:41, “mischief has appeared on land and sea because of what the hands of men have done, that Allah give them a taste of some of their deeds, in order that they may turn back.”

In conclusion, man are bound to handle with care and wise to manifest their guardianship to Allah. So Human attitude should mound towards environment ethic and morality.

Allah consider, Man are mentally capable and have capacities and enough competency to deal with environment because of this Allah bestow. Man as trustee (Amanah) to mankind that no other creations are prepare to undertake it except human beings.

Al-Maududi 30:72, “we offered the trust to the heavens and earth and mountains, but refused to carry it and were afraid of doing so but man carried it. Surely he is wrong- doing, ignorant.

Human existence is for good as mention in Surah Al-Isra[17:70]; And we have certainly honoured the children of Adam and carried them on the land and sea and provided for them of the good things and preferred them over much of what we have created, with preference.

Surah,Al-Araf [7:56], “And cause not corruption upon the earth after its reformation. And invoke Him in fear and aspiration. Indeed, the mercy of Allah is near to doers of Good.”

Human and environment together build social and economic activities recreation, housing, commercial, industry, transportation, and tourism etc. and in the concept of sustainability, environment is the place where Human perform their social and economic activities for survival means it is a third pillar of sustainability development.

Social Sustainability and Islam:

Below verse reflects principles of Islam for society that involve human relationship with the environment. Surah Al-Hujurat [49:13], “O mankind, indeed we have created you from male and female and made you peoples and tribes that you may know one another. Indeed, the most noble of you in the sight of Allah is the most righteous of you. Indeed, Allah is knowing and acquainted.

These verses make us sentient or provide necessary instruction to safeguard the entire Muslim community against the social evils like race, colors, language, country and nationality are prejudice that arise a need of reform for whole of mankind to prevent universal disruption in the world.  All these prejudice have been arise on the basis of birth and not on rational and moral grounds. This discrimination between one own people and other is worst forms of hatred, enmity, contempt and tyranny.

The Quran set out complete and moral guideline for man. He told to walk humbly prevent them self from corruption and sustain environment. Al- Luqman, 3:19, “not to be wasteful or extravagant; not to disrupt the balance that exist in nature and not to change the creation of Allah.

Al-Rum 30:41, “corruption has spread on land and sea as a result of what people’s hands done, so that Allah may cause them to taste the consequences of some of their deeds and perhaps they might return to the right path.”

Surah AL-Tin [95:4], “we have certainly created man in the best of stature.” It interpreted as, there is no creation of Allah more beautiful than man because Allah (SWT) endowed him with knowledge, power of reasoning, speedy sight, hearing, intellect and wisdom.

Allah the almighty, examine that Human being should have all the above qualities and submission of towards Allah. When man starts abusing above qualities and become ignorant, puffed with egotism, and self-exaltation, it will bring men’s up self-destruction.

Islam offers a broad –based for sustainable development and issue deserves to be explore extensively in mitigating the present crises of development and environment degradation.

The objective of this study is to create the AWOL link between the anticipated concept of sustainability with its three pillars of social, environments, and economy in context of Islamic and rest of the world. Here we can elaborate under different forms:

 

1. Islamic bank and Green Economy:

Islamic bank should follow various green economy principle and also Islamic banks should segregate their green banking cells, awareness campaigns, training initiatives, green banking funds, and risk funds. They added that there is no opposition between Islamic banks and green banking in their response. Green banking is Islamic banking. Finally, it may be said that Bangladesh's shari'ah-based banks offer a good atmosphere for green banking.

Green banking practices in Islamic banks has been judge on the Green office guide, Green training and awareness program, E-banking in operational activities, On-line banking in operational activities, On-line advertisement, Waste management, Energy & water savings, Paper consumption, Renewable energy savings and Green travel. With 99% result it explores the practices of several green banking components. The majority of bankers firmly feel that Islamic banking and other practices are associated with green banking and green banking also referred to as environmentally friendly banking, ethical banking, or sustainable banking. It can be defined in a variety of ways, from a larger perspective, it is the environment-friendly banking practices that encourage their clients to lower their carbon footprint through their banking activities (Tara et al., 2015).

The study find out Islamic banks have very strong management's perspectives on investment's green characteristics i.e. Cleaning and hygienic business environment, Green factory buildings, Reforestation around the factory, Installation of solar penal on the roof of the factory, Using the high mileage vehicles, Reducing the sound pollution, Video conference instead of physical meeting, Water contamination, Soil contamination, Air pollution, Energy savings, Tree plantations, Production of green products, and Reduction of carbon.it indicates, The green investment climate is pre-requisite for green investment. Before making an investment decision, management ought to carefully assess the environmental factors.

Bank emphasis on "green investments" (finance) refers to financial services provided to organisations and initiatives that both protect the environment and do not harm it. It includes Projects having zig zag kiln and tunnel kiln, Projects having ETP, Waste and hazards disposal plant, Waste battery recycling plant, Waste paper recycling plant, PET bottle recycling plant, Solar system, Bio fertilizer plant, Bio gas, Energy saving bulbs production plant, Clean water supply projects, Clean water supply projects and soon.

The majority of investors are interested in making green investments, thus the study on investors in Islamic banking to determine their level of green awareness in the investment world has produced extremely important results in this regard. Islamic bank imposed Shari’ah, and Environmental compliance, Green Mortgage (It guarantees investment security and also protects the environment), and Cost of finance.

2. Bibliometric Analysis:

The analyzed papers were obtained from a dimensional database. It contains a broader range of publications. A literature search was conducted online in May 14 2023 with key statements, namely Fundamental Rule Of Islam to Achieve Green Economy, To discover the relationship between Financial Stability, Economic Growth, Poverty Alleviation, Environmental Protection And Green Economy, Sustainable Development and Islamic and Bank Green Economy and Islamic Bank. Specific literature for articles, chapters, proceedings, edited books, monographs, and years had been searched. In the initial search, 12742 publications were discovered. The articles were downloaded in CSV format to be visualised and analysed in bibliometric form using VOSviewer. Researchers in this paper used VOSviewer software to generate a country-based publication map (co-citation). It generates maps with 100 elements and 8 clusters.

Researchers utilised VOSviewer for mapping to visualise the topic "An Attempt to Sustain the Future through Green Economy," where all of the keywords of the subject of research can be seen in figure 1.

 

 

 

Figure-I  Clusters of Green Environments.

 

In the mapping of all themes (green, red, orange, purple, yellow, and brown), 100 counties, 8 clusters, and 1277 linkages were found after analysis. The clusters demonstrated a connection between one topic and another. The width of the connecting line indicated how strong a pair of topic areas or keywords was. In addition to clusters and lines, the sizes of the nodes show how frequently a keyword or topic appears. Total link strength is 3364 in 8 clusters, including the United States (563 total link strength and 359 documents), the United Kingdom (499 total link strength and 284 documents), Pakistan (310 total link strength and 196 documents), Iran (292 total link strength and 284 documents), China (289 total link strength and 214 documents), Australia (284 total link strength and 184 documents), Malaysia (240 total link strength and 241 documents), and Switzerland (237 total link strength and 241 documents), South Africa (162 total link strength and 68 document), Nigeria(147 total link strength and 90 document)), Germany (138 total link strength and 71 document), Italy (124 total link strength and 49 document), Bangladesh (122 total link strength and 78 document), Saudi Arabia (118 total link strength and 74 document), Indonesia (104 total link strength and 205 document), etc. are some of the main countries where study on the same issue has been conducted the most, as illustrated in Figure 1 from 2023 to 2015.

The top 100 most cited articles received 34 citations (range: 5-34).This signifies that all of these topics are being researched, and nodes and keywords do not have a network with other keywords that have the potential to become new study topics in the future.

Figure 2 shows the year to year related to the research topic area or keyword. The colors in the keywords indicate the period of research.

 

 

Figure-II Periodical research areas

 

Figure 3 demonstrates the breadth of the topic's research. The number of researchers studying the subject matter increases as the colour concentration increases.  Countries that are frequently mentioned in our research topic include the UK, USA, Canada, China, India, Switzerland, Pakistan, Germany, Iran, and Italy.

 

 

Figure-III Breadth of the Research Topic

 

Conclusion:

In nutshell we can conclude that when it comes to improving the environment through cost and energy savings, the preservation of natural resources, and the need to respect all living things, green banking combines financial stability, economic growth, poverty reduction, and environmental protection. Out of which Islamic banking, which is one of the major ingredients, includes green banking, can actively contribute to sustainable development in emerging economies. Islamic banking is becoming more popular, which benefits sustainable development and environmental conservation. Unplanned city growth, deforestation, hill tract excavating, natural disasters, and deregulation are all contributing to daily social structural changes that are becoming increasingly noticeable. These elements have been placing greater demands on a nation's ecosystem, which has seriously hampered sustainable growth. In order for the environment to stay in a sustainable state and for civilization to be safe from environmental dangers, banks should be severe about their borrowers' adherence to environmental protection standards.

Islamic banks favor green banking as a conformity to "Shari'ah." Green banking has a stronger relationship to Islam since it upholds the principles of green banking, including social responsibility, cleanliness, reducing resource waste, and upholding ethics (Masukujjaman, 2016). Islamic banks are closely adhering to the principles of green banking. The state of green banking found that it is prerequisite for Islamic banking. It is clear that the primary barriers to green banking practices are ignorance, a lack of understanding, green risk, etc.

Some specific recommendations for Islamic banking. It should practice green banking both internally and externally to safeguard the environment for sustainable growth. Few actions are essential have been taken by stakeholders: First, the scheduled and Islamic banks should be offer comprehensive green banking services to their clients in order to promote sustainable development. Through seminars, symposiums, and training programmes, Islamic banks should raise awareness of green banking among their employees and clients. Third, the Islamic Bank should set up short courses, diploma programmes, and training programmes on green banking to educate officials of scheduled banks on the subject.

According to the analysis' conclusions, there are several prospects for further study as it is an important field. Parameter of to ascertain the connection between green economy, poverty alleviation, environmental protection, and financial stability. Islamic Bank and Sustainable Development are burning parameters although there is still very little research on Islamic banks and the green economy.

Recent trends include the application of the Fundamental Law of Islam to the Green Economy considering that there is a lot of research that has been done. But this can be a chance for future study to produce the most recent research.

 

 

 

 

 

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In the present scenario of degradation, Green economy is a main concern to accomplish because it is a significant instrument to prosper the sustainable development. Green economy reveals clean and energy efficient economy. UNDP define Green Economy, “One that results in improved human well-being and social equity, while significantly reducing environmental risk and ecological scarcities.”  Green economy means low carbon and pollution, resources efficient and enhance energy and social inclusive and prevent biodiversity and ecosystem loss. Thus, Presently Green economy gives more emphasis to utilization of renewable energy for the electricity generation rather than Coal.  Application of renewable energy can bring a potentia