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...

Full description

Saved in:

Bibliographic Details
Main Author:	Muhammad Zarunnaim, Haji Wahab
Format:	Thesis
Language:	eng eng eng
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
Tags:	Add Tag and 1 islam 1 sdgs 1

id	my-uum-etd.10569
record_format	uketd_dc
spelling	my-uum-etd.105692023-07-16T01:28:14Z Framework of Islamic sustainable and responsible investment based on environment, social and governance concept 2023 Muhammad Zarunnaim, Haji Wahab Mohamed Naim, Asmadi College of Business (COB) College of Business 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 https://etd.uum.edu.my/10569/ https://etd.uum.edu.my/10569/1/permission%20to%20deposit-embargo%2030%20months-s901864.pdf text eng 2025-12-27 staffonly https://etd.uum.edu.my/10569/2/s901864_01.pdf text eng 2025-12-27 staffonly https://etd.uum.edu.my/10569/3/s901864_02.pdf text eng public other doctoral Universiti Utara Malaysia
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng eng
advisor	Mohamed Naim, Asmadi
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
qualification_name	other
qualification_level	Doctorate
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
granting_institution	Universiti Utara Malaysia
granting_department	College of Business (COB)
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
_version_	1776103844888969216

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

Similar Items