Volume I: Eco-Theology, Spirituality, and Environmental Ethics

Ethics of Green Investment Based on Islamic Eco-Theology: The Role of Welfare and The Prohibition of Israf for Muslim Investors

  • Nurul Rahmah Kusuma UIN Sunan Gunung Djati Bandung, Indonesia
  • Tajul Arifin UIN Sunan Gunung Djati Bandung, Indonesia
  • Encup Supriatna UIN Sunan Gunung Djati Bandung, Indonesia
  • Setia Mulyawan UIN Sunan Gunung Djati Bandung, Indonesia

Keywords

Islamic Eco-theology, Maqāṣid al-Syari‘ah, Isrāf, Green Investment, TPB.

Abstract

The climate crisis and environmental degradation in Indonesia demand the active role of Muslim investors as the Caliph on earth to protect nature while striving to obtain economic value. This is because green investment decisions are not solely determined by economic rationality. This study aims to offer a conceptual design for green investment decisions rooted in Islamic eco-theology by integrating the principle of Maslahah and the prohibition of isrāf using the Theory of Planned Behavior framework. This research method uses a qualitative descriptive analysis approach, in the form of a literature study from various journals, Quran, reports from authorized institutions, MUI Fatwa and other relevant literature. The results of this study indicate that Islamic eco-theology can be positioned as a shaper of investor attitudes towards green investment, then the principle of maslahah functions as a subjective norm that emphasizes social and spiritual responsibility, while the prohibition of isrāf becomes a behavioral control perceived by Muslim investors to reject destructive and wasteful investments. Therefore, it is necessary to internalize Islamic eco-theology in every economic decision, including green investment. The Novelty of this research is the integration of Islamic ecological theology values into a behavioral economic model by extending the TPB to explain the behavior of Muslim investors. Practically, it can offer recommendations to Islamic financial institutions and governments in designing investment products and policies that align with Islamic ethics and sustainability.

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