Islamic Finance and Economic Resilience: Responding to the Climate Crisis with Maqāṣid Principles
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Abstract
Background: The escalating global climate crisis, with warming already exceeding 1.1°C above pre-industrial levels and projections of 3–4°C rise without drastic action, poses severe threats to food security, economic stability, and resilience, particularly in developing and Muslim-majority nations like Indonesia. Conventional finance often overlooks long-term environmental externalities, exacerbating vulnerabilities. Islamic finance, rooted in Maqāṣid al-Syarī'ah (objectives of sharia), offers an ethical alternative by expanding maqāṣid to include ḥifẓ al-bī'ah (environmental preservation) as a prerequisite for protecting life (ḥifẓ al-nafs), wealth (ḥifẓ al-māl), and other essentials, enabling mobilization of funds via green sukuk and social instruments (ZISWAF: zakat, infaq, sadaqah, waqf) for climate adaptation and mitigation.
Purpose: This study analyzes the philosophical relevance of reconceptualized Maqāṣid al-Syarī'ah in addressing climate crises, explores the synergistic role of commercial (green sukuk) and social Islamic finance instruments in building economic resilience, and proposes an applicable framework to integrate these for green economic transitions in Indonesia and globally.
Methods: Employing qualitative library research with a descriptive-analytical approach, this study synthesizes classical scholarship (Al-Ghazali, Al-Shatibi), contemporary literature (Jasser Auda et al.), policy documents (IPCC, IDB, IFSB), and recent empirical data from Scopus and Google Scholar. The descriptive-analytical method traces the transformation of Islamic legal principles from classical texts to modern policy frameworks, while intertextuality compares their meanings and legal objectives across contexts. Content and thematic analysis identify recurring patterns, and triangulation ensures validity. These methods are employed to produce a new legal synthesis linking classical Islamic jurisprudence with contemporary sustainability discourse.
Results: Maqāṣid al-Syarī'ah evolves into an operational paradigm with ḥifẓ al-bī'ah as a foundational pillar supporting classical protections. Indonesia's sovereign green sukuk reached cumulative ~USD 7.7 billion by 2025 (including USD 1.1 billion issuance), financing renewable energy, climate-resilient infrastructure, and SDGs alignment. ZISWAF complements via disaster response, productive waqf (e.g., forest conservation), qard hasan, and sharia crowdfunding for grassroots adaptation. Investor behavior in green sukuk remains pragmatic (returns/ESG-driven), highlighting ethical gaps.
Implication: The proposed Maqāṣid-Linked Green Hybrid Finance Framework (MLGHFF) integrates macro-level green sukuk with micro-level Perpetual Green Cash Waqf Linked Sukuk (CWLS) under ḥifẓ al-bī'ah governance, fostering transparent, equitable, and resilient Islamic finance ecosystems. This supports Indonesia's NDCs, Paris Agreement, and SDGs while addressing financing gaps amid global Islamic assets nearing USD 6 trillion.
Originality: This research introduces MLGHFF as a novel hybrid model bridging commercial and social Islamic instruments under a reconceptualized maqāṣid framework, emphasizing balanced application (including ḥifẓ al-'aql) to overcome siloed approaches and pragmatic investor motivations, offering actionable contributions to sustainable Islamic finance discourse and policy in climate-vulnerable contexts.
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