Islam and Environmental Economics

Shaikh, Salman (2013): Islam and Environmental Economics. Published in: Journal of Islamic Banking & Finance , Vol. 30, No. 1 (1 January 2013): pp. 35-43.

Abstract

Economic choices influenced by animalistic instincts in an ethically neutral framework have not only resulted in huge disparity in distribution of income, wealth and standard of living, but, as we now realize, it has also resulted in unprecedented loss to ecology and environment with catastrophic consequences for future generations. More than ever, Economics as a discipline of knowledge needs an ethical base to rekindle spiritual rationality that can enable us to take into account equity considerations more explicitly. This paper explains how Islamic economics can help in bridging the gap. Section 1 explains the philosophy of Islamic economics and the role of market mechanism in an Islamic economy. Section 2 explores briefly the environmental issues faced currently and provides a brief literature review. Section 3 discusses the teachings of Islam on different environmental issues and how Islamic teachings can help in encouraging and reinforcing environmental friendly choices and behavior.

• Item Type: MPRA Paper
• Language: English
• Keywords: Environmental Economics, Resource Economics, Welfare Economics, Climate Change, Stern Review, Islamic Economics
• Subjects: Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q2 - Renewable Resources and Conservation; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q3 - Nonrenewable Resources and Conservation; Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q5 - Environmental Economics

References

ASTRÖM, Z. Hafsa (2011). ‘Paradigm Shift for Sustainable Development: The Contribution of Islamic Economics’. Journal of Economic and Social Studies. Vol 1 (1), pp. 73-82.

Hassan, Zubair. (2006). ‘Sustainable Development from an Islamic Perspective: Meaning Implications and Policy Concerns’. Journal of King Abdul Aziz University: Islamic Economics, Vol. 19 (1), pp: 3-18.

Khalid, M. Fazlun (2002). ‘Islam and the Environment’. Social & Economic Dimensions of Global Environmental Change, Encyclopedia of Global Environmental Change, Vol (5), pp 332–339.

Mortazavi, Saeed (2004). ‘Islamic Economics: A Solution for Environmental Protection’. Trade, Growth and the Environment. Oxford University.

Na’iya, I. Ibrahim (2007). ‘Environmental Issues & Islamic Economics: Nature & Solutions’. Proceedings of the 2nd Islamic Conference. Islamic Science University, Malaysia.

Stern Review: The Economics of Climate Change.

The World Bank (2006). “World Development Indicators”.