Volume V: Economy, Politics, and Environmental Governance

The Principles of Green Islamic Microfinance in a Philosophical, Normative, and Sociological Context

  • Ahmad Luqman Hakim Universitas Padjadjaran, Indonesia
  • Mohamad Anton Athoillah UIN Sunan Gunung Djati Bandung, Indonesia
  • Ahmad Hasan Ridwan UIN Sunan Gunung Djati Bandung, Indonesia
  • Mustofa Hasan UIN Sunan Gunung Djati Bandung, Indonesia

Keywords

Green Islamic Microfinance; Green Finance; Sharia Microfinance Institutions; Sustainable Development.

Abstract

The global environmental crisis has become a threat that disrupts macroeconomic stability and oppresses marginalized groups in developing countries. In this context, green finance has been developed as an instrument that supports the financing of economic activities oriented towards environmental conservation and the achievement of the Sustainable Development Goals (SDGs). On the other hand, Islamic financial principles based on maqashid sharia are aligned with these goals through an emphasis on welfare, justice, and environmental responsibility. Sharia Microfinance Institutions (MFIs) have a strategic role in expanding access to financing for communities and MSMEs, but the implementation of green finance principles in MFIs is still fragmented and has not been supported by a comprehensive Green Islamic Microfinance model. This study aims to outline the philosophical, normative, and sociological foundations of Green Islamic Microfinance and formulate a structural model built on Islamic finance principles and environmental aspirations. This study uses a qualitative approach with the grounded theory (GT) method with literature review and in-depth interviews as data sources. The results of the research show that there are 10 main principles that are the basis of green Islamic microfinance, namely: (1) Tauhid and Istikhlaf , (2) Maqashid Orientation - Hifz al-Bi’ah, (3) Riba-free, Gharar, Maysir, and Tadlis, (4) Justice and Balance (Mizan), (5) La Dharar wa La Dhirār, (6) Ta’awun and Takaful, (7) Sidq, Amanah, and Transparency, (8) Falah (Holistic Well-Being), (9) Tadarruj wa Taysir, dan (10) Shariah Environmental Governance (SEG). The ten principles are the normative and operational basis for Green MFIs in integrating economic, social, and environmental sustainability goals in a balanced manner in accordance with sharia values.

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