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Framework of Islamic sustainable and responsible investment based on environment, social and governance concept

Sustainable and responsible investment (SRI) and environment, social, and governance (ESG) are two concepts which, presently are frequently being discussed, especially in the investment sector. The United Nations developed both concepts - Principles for Responsible Investment (UN-PRI) to create bett...

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Main Author: Muhammad Zarunnaim, Haji Wahab
Format: Thesis
Language:English
English
English
Published: 2023
Subjects:
BP174 The practice of Islam
HG Finance
Online Access:https://etd.uum.edu.my/10569/1/permission%20to%20deposit-embargo%2030%20months-s901864.pdf
https://etd.uum.edu.my/10569/2/s901864_01.pdf
https://etd.uum.edu.my/10569/3/s901864_02.pdf
https://etd.uum.edu.my/10569/
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spelling my.uum.etd.105692023-07-16T01:28:14Z https://etd.uum.edu.my/10569/ Framework of Islamic sustainable and responsible investment based on environment, social and governance concept Muhammad Zarunnaim, Haji Wahab BP174 The practice of Islam HG Finance Sustainable and responsible investment (SRI) and environment, social, and governance (ESG) are two concepts which, presently are frequently being discussed, especially in the investment sector. The United Nations developed both concepts - Principles for Responsible Investment (UN-PRI) to create better practices in managing investment funds. Thus, this study attempts to explore these two concepts and analyses their criteria from Shariah perspectives. This research aims to answer four main objectives, which are; to examine the concept of SRI and its relationship with ESG and sustainable development goals (SDG), to explore the current scenario and existing practices of SRI issuance, to determine the criteria of Islamic SRI based on the ESG concept and to develop Islamic SRI framework and its components as a regulation or guidance to the industry. This study applied a qualitative method comprising document analysis and expert interviews. The study found that there were significant differences between SDGs, ESGs and SRIs concepts, especially in terms of aims, scopes, year of establishment and their principles. Besides clarifying three ASEAN standards and two local guidelines, the study confirmed the theory of stakeholders as the main theory applied in expanding the ESG and SRI development whereby the governments of ASEAN countries collectively agreed to develop ASEAN standards that govern the current SRI practices. This study also analysed the issuance of four projects under those standards and guidelines, in which two issuances were at the ASEAN level, and the other two were at the local level. This study found that some of the existing criteria of ESG, such as human rights, freedom of censorship, freedom of association and freedom of expression, are not per Islamic teachings and are not suitable to be matched with Islamic ESG criteria. Therefore, this study contributes an Islamic SRI framework as a new regulated framework or as a new guidance to the industry. 2023 Thesis NonPeerReviewed text en https://etd.uum.edu.my/10569/1/permission%20to%20deposit-embargo%2030%20months-s901864.pdf text en https://etd.uum.edu.my/10569/2/s901864_01.pdf text en https://etd.uum.edu.my/10569/3/s901864_02.pdf Muhammad Zarunnaim, Haji Wahab (2023) Framework of Islamic sustainable and responsible investment based on environment, social and governance concept. Doctoral thesis, Universiti Utara Malaysia.
institution Universiti Utara Malaysia
building UUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Utara Malaysia
content_source UUM Electronic Theses
url_provider http://etd.uum.edu.my/
language English
English
English
topic BP174 The practice of Islam
HG Finance
spellingShingle BP174 The practice of Islam
HG Finance
Muhammad Zarunnaim, Haji Wahab
Framework of Islamic sustainable and responsible investment based on environment, social and governance concept
description Sustainable and responsible investment (SRI) and environment, social, and governance (ESG) are two concepts which, presently are frequently being discussed, especially in the investment sector. The United Nations developed both concepts - Principles for Responsible Investment (UN-PRI) to create better practices in managing investment funds. Thus, this study attempts to explore these two concepts and analyses their criteria from Shariah perspectives. This research aims to answer four main objectives, which are; to examine the concept of SRI and its relationship with ESG and sustainable development goals (SDG), to explore the current scenario and existing practices of SRI issuance, to determine the criteria of Islamic SRI based on the ESG concept and to develop Islamic SRI framework and its components as a regulation or guidance to the industry. This study applied a qualitative method comprising document analysis and expert interviews. The study found that there were significant differences between SDGs, ESGs and SRIs concepts, especially in terms of aims, scopes, year of establishment and their principles. Besides clarifying three ASEAN standards and two local guidelines, the study confirmed the theory of stakeholders as the main theory applied in expanding the ESG and SRI development whereby the governments of ASEAN countries collectively agreed to develop ASEAN standards that govern the current SRI practices. This study also analysed the issuance of four projects under those standards and guidelines, in which two issuances were at the ASEAN level, and the other two were at the local level. This study found that some of the existing criteria of ESG, such as human rights, freedom of censorship, freedom of association and freedom of expression, are not per Islamic teachings and are not suitable to be matched with Islamic ESG criteria. Therefore, this study contributes an Islamic SRI framework as a new regulated framework or as a new guidance to the industry.
format Thesis
author Muhammad Zarunnaim, Haji Wahab
author_facet Muhammad Zarunnaim, Haji Wahab
author_sort Muhammad Zarunnaim, Haji Wahab
title Framework of Islamic sustainable and responsible investment based on environment, social and governance concept
title_short Framework of Islamic sustainable and responsible investment based on environment, social and governance concept
title_full Framework of Islamic sustainable and responsible investment based on environment, social and governance concept
title_fullStr Framework of Islamic sustainable and responsible investment based on environment, social and governance concept
title_full_unstemmed Framework of Islamic sustainable and responsible investment based on environment, social and governance concept
title_sort framework of islamic sustainable and responsible investment based on environment, social and governance concept
publishDate 2023
url https://etd.uum.edu.my/10569/1/permission%20to%20deposit-embargo%2030%20months-s901864.pdf
https://etd.uum.edu.my/10569/2/s901864_01.pdf
https://etd.uum.edu.my/10569/3/s901864_02.pdf
https://etd.uum.edu.my/10569/
_version_ 1772814580582449152
score 13.211869

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