Smart Cities and Sustainable Finance
The Islamic Perspective
DOI:
https://doi.org/10.13135/2421-2172/6167Keywords:
Islamic Finance, Green Sukuk, Smart Cities SustainabilityAbstract
In the current global context, policymakers are called to face complex and numerous challenges in achieving sustainable development with rapid urbanization and industrialization. The world’s population is growing, and cities will be increasingly condensed in the future. Nowadays, cutting-edge technologies and digitalization are radically changing urban life and how cities are planned, financed, and managed. A new urban model, known as a “smart city”, is being developed throughout Europe and elsewhere worldwide. In a smart city, all the infrastructures are interconnected and integrated in an efficient and functional way through ICT by optimizing resource consumption, enhancing the quality of public services (Government services) through participatory governance, and increasing citizens’ security. Indeed, urban transformation requires multiple stakeholders to come together toward shared and common goals. City leaders face challenges in enacting changes in balancing the needs of citizens, government, businesses, NGOs, and others: smart city development requires a strategic, long-term vision to create inclusive, fully integrated and synergistic systems. Technological progress is a fundamental requirement for the development of smart cities, but it must be supported by sustainable financial instruments. This paper aims to conduct a comparative analysis of the smart cities’ projects and financial instruments used for implementing those models, traditional as well as innovative and sustainable. In particular, the analysis aims to highlight the ethical financial approach -having in mind the European and Islamic models- that characterizes some of these smart city models and the underlying idea of sustainability.
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[26] Chapra, M.U. The Islamic Vision of Development in The Light of The Maqasid alShariah. The International Institute of Islamic Thought (IIIT), London, 2008
[27] M. O. Mohammad and S. Shahwan, “The objective of Islamic economic and Islamic banking in light of Maqasid Al-Shariah: A critical review,” Middle East Journal of Scientific Research., vol. 13, no. 13, pp. 75–84, 2013
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[31] N.S. Jayasena, H. Mallawaarachchi, K.G.A.S. Waidyasekara ‘‘Stakeholder Analysis for Smart City Development Project: An Extensive Literature Review’’, MATEC Web of Conferences 266, EDP Sciences, 2019
[32] G. Viale Pereira, M.A. Cunha, T.J. Lampoltshammer, P. Parycek, ‘‘M. Gregianin Testa ‘Increasing collaboration and participation in smart city governance: a cross-case analysis of smart city initiatives’’ Information Technology for Development, Vol. 23, Issue 3, pp. 526-553 Taylor& Francis Online, 2017
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[34] R. Wilhelm S. Ruhlandt ‘‘The governance of smart cities: A systematic literature review’’ Cities, The International Journal of Urban Policy and Planning, Vol. 81, pp. 1-23, Amsterdam, Elsevier, 2018
[35] N.S. Jayasena, D.W.M. Chan, M.Kumaraswamy, ‘‘A systematic literature review and analysis towards developing PPP models for delivering smart infrastructure’’, Built Environment Project and Asset Management, Emerald Publishing Limited, Online, 2020
[36] M. Sarmento, ‘Reforming traditional PPP models to cope with the challenges of smart cities’, Competition and Regulation in Network Industries Vol .18, Issue 1-2, pp. 94-114, Sage Journals, Online, 2017
[37] S.Secinaro, V. Brescia, D.Calandra, P. Biancone, Towards a hybrid model for the management of smart city initiatives, Cities, Vol.116, pp. 1-13, Emerald 2021
[38] T.Liu, S.Mostafa, S. Mohamed, T.S. Nguyen, ‘‘Emerging themes of public-private partnership application in developing smart city projects: a conceptual framework’’, Built Environmental Project and Asset Management, Emerald Publishing Limited, Online, 2020
[39] L.Corvo, L. Pastore, “The challenge of Social Impact Bond: the state of the art of the Italian context” European Journal of Islamic Finance, 2019
[40] P. Biancone, S. Secinaro, S. Islamic Finance and Globalisation through Halal Tourism. Quaderni di Diritto e Politica Ecclesiastica, 131-142, 2021
[41] A. Saniotis, ‘‘Muslims and ecology: fostering Islamic environmental ethics’’ Contemporary Islam, Vol. 6, pp. 155–171, 2012
[42] Sayed Sikandar Shah Haneef, ‘‘Principles of Environmental Law in Islam’’ Arab Law Quarterly Vol. 17, No. 3, pp. 241-254, Brill, 2002
[43] Al-Damkhi A.M. ‘‘Environmental ethics in Islam: Principles, violations, and future perspectives’’ International Journal of Environmental Studies, Vol. 65, Issue 1, pp. 11 – 31, 2008
[44] Mansor H. M., Abbas ‘‘Islamic finance: an overview’’, Pacific-Basin Finance Journal, Vol. 28, pp- 2-6, Amsterdam, Elsevier, 2014
[45] A. Hassan, S Mollah, ‘‘Islamic Finance: A Global Alternative’’ Islamic Finance. Palgrave Macmillan, Cham, pp. 19-30, 2018
[46] R. Wilson, “Islamic finance and ethical investment", International Journal of Social Economics, Vol. 24 No. 11, pp. 1325-1342, MCB UP, emerald, 2017
[47] M. L. Tabash, R.S. Dhankar, ‘‘The Relevance of Islamic Finance Principles in Economic Growth’’ International Journal of Emerging Research in Management &Technology, Vol.3 Issue 2, pp. 49-54
[48] G. Rexhepi and N. Ramadani, “Ethics and Social Responsibility in Islamic Finance,” Entrepreneurship and Management in an Islamic Context, Springer, 2017, pp. 133–142
[49] L. Bollani, F. Chmet, “Bibliometric analysis of Islamic finance.” European Journal of Islamic Finance, 2020
[50] D. Iannaci, G.M. Jonathan, “Islamic finance and social finance, an opportunity for social enterprises”. European Journal of Islamic Finance, 2020
[51] Paresh Kumar Narayan, Dinh Hoang BachPhan, ‘‘A survey of Islamic banking and finance literature: Issues, challenges and future directions’’ Pacific-Basin Finance Journal, Vol. 53, pp. 484-496, Amsterdam, Elsevier, 2019
[52] P.P. Biancone, B Saiti, D. Petricean, F. Chmet “The bibliometric analysis of Islamic Banking and Finance”, Journal of Islamic Accounting and Business Research, Vol 11, pp.2069-2086 Emerald, 2020
[53] N. Schoon, ‘‘Islamic Finance - An Overview’’ European Business Organization Law Review, Vol.9, pp. 621–635, Springer, 2008
[54] Mansor H.Ibrahim, ‘‘ Issues in Islamic banking and finance: Islamic banks, Shari’ah-compliant investment and sukuk’’ Pacific-Basin Finance Journal, Vol. 34, pp. 185-191, Amsterdam, Elsevier, 2015
[55] M. Abdullah ‘‘Waqf, Sustainable Development Goals (SDGs) and Maqasid al-Shariah’’ International Journal of Social Economics, Vol. 45, Issue 1, pp 158-172, Emerald, 2018
[56] L. Raimi, A.Patel, I. Adelopo, I. “Corporate social responsibility, Waqf system and zakat system as faith-based model for poverty reduction”, World Journal of Entrepreneurship, Management and Sustainability, Vol. 10 No. 3, pp. 228-242, 2014
[57] T. Al-Mubarak, “The Maqasid of Zakah and Awqaf and Their Roles in Inclusive Finance” Islam and Civilisational Renewal Journal (ICR Journal) Vol.7 Issue 2. pp. 217- 230, 2016
[58] S. Azmat, M. Skully, K. Brown, ‘‘Issuer's choice of Islamic bond type’’ Pacific-Basin Finance Journal, Vol. 28 pp. 122-135, Amsterdam Elsevier, 2014
[59] Mansor H.Ibrahim‘‘Issues in Islamic banking and finance: Islamic banks, Shari’ah-compliant investment and sukuk’’ Pacific-Basin Finance Journal Vol. 34, pp.185-191, Amsterdam, Elsevier, 2015
[60] Jikon Lai, Lena Rethel, Kerstin Steiner ‘'Conceptualizing dynamic challenges to global financial diffusion: Islamic finance and the grafting of sukuk’’ Review of International Political Economy,Vol. 24, Issue 6 pp 958-979, Taylor & Francis Online, 2017
[61] Safari, Meysam, ‘‘Contractual Structures and Payoff Patterns of Sukuk Securities’’ International Journal of Banking and Finance, Vol. 10, Issue 2, pp 81-110, SSRN, Elsevier, 2013
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Published
2022-07-19
How to Cite
Papa, C., & Rossi, N. (2022). Smart Cities and Sustainable Finance: The Islamic Perspective. European Journal of Islamic Finance, 9(2), 18–26. https://doi.org/10.13135/2421-2172/6167
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