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Article

Alignment of Islamic Banking Sustainability Indicators with Sustainable Development Goals: Policy Recommendations for Addressing the COVID-19 Pandemic

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Department of Management and Humanities, Universiti Teknologi PETRONAS, Seri Iskandar 32610, Malaysia
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ISCAL (Lisbon Superior Institute of Accounting and Administration), Polytechnic Institute of Lisbon, 1069-035 Lisboa, Portugal
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Department of Marketing & Supply Chain Management, Appalachian State University, Peacock Hall 4114, ASU Box 32090, Boone, NC 28608-2090, USA
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Instituto Universitário de Lisboa (ISCTE-IUL), Business Research Unit (BRU-IUL), 1069-035 Lisboa, Portugal
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IIUM Institute of Islamic Banking and Finance, International Islamic University Malaysia, Jalan Gombak, Kuala Lumpur 53000, Malaysia
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ESCS—Escola Superior de Comunicação Social, Lisbon Polytechnic Institute, 1549-014 Lisbon, Portugal
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ISTA—University Institute of Lisbon (ISCTE-IUL), 1649-026 Lisbon, Portugal
*
Author to whom correspondence should be addressed.
Academic Editor: Andrea Pérez
Sustainability 2021, 13(5), 2607; https://0-doi-org.brum.beds.ac.uk/10.3390/su13052607
Received: 22 January 2021 / Revised: 18 February 2021 / Accepted: 19 February 2021 / Published: 1 March 2021
This study aims to establish the link of key Islamic banking sustainability indicators with the United Nations’ Sustainable Development Goals (UN SDGs) as a policy recommendation for sustainable development and to mitigate the distressing impacts of the COVID-19 pandemic on the triple bottom line (people, planet, and profit). To identify the key Islamic banking sustainability indicators, the authors selected the most cited sustainability measurement indexes in Islamic banking. Initially, the indexes were divided into 10 broader themes, and then the key Islamic banking sustainability indicators were shortlisted from each theme based on their high-frequency distribution. The shortlisted sustainability indicators were then ratified to be in line with Islamic philosophy based on “Maqasid al-Shariah” (objectives of Shariah) and were subsequently grouped into the three dimensions of economic, environmental, and social sustainability based on the axial coding method. Finally, the categorized sustainability indicators were aligned with the relevant UN SDGs through the axial coding method for policy formulation, and respectively 12 propositions were developed for policy formulation. This study labeled the methodological process of this study as the ECA method (exploration, categorization, alignment). The new ECA method offers a reverse extension in the “SDG compass” developed by the Global Reporting Initiative (GRI) for aligning business policies with the UN SDGs. The process of aligning Islamic banking sustainability indicators with the UN SDGs will provide a roadmap to recovery from the COVID-19 pandemic in terms of economic, environmental, and social issues. Due to the diversity of the UN SDG framework, it covers multiples aspects for sustainable development. Therefore, considering the UN SDGs in terms of various banking instruments will mitigate the multiple distressing impacts of COVID-19 on the triple bottom line (people, planet, and profit), it will also promote a sustainable development agenda. View Full-Text
Keywords: the ECA method; UN SDGs; COVID-19 coronavirus; Islamic banking; Maqasid al-Shariah; sustainability practices; sustainability indicators; SDG governance the ECA method; UN SDGs; COVID-19 coronavirus; Islamic banking; Maqasid al-Shariah; sustainability practices; sustainability indicators; SDG governance
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MDPI and ACS Style

Jan, A.; Mata, M.N.; Albinsson, P.A.; Martins, J.M.; Hassan, R.B.; Mata, P.N. Alignment of Islamic Banking Sustainability Indicators with Sustainable Development Goals: Policy Recommendations for Addressing the COVID-19 Pandemic. Sustainability 2021, 13, 2607. https://0-doi-org.brum.beds.ac.uk/10.3390/su13052607

AMA Style

Jan A, Mata MN, Albinsson PA, Martins JM, Hassan RB, Mata PN. Alignment of Islamic Banking Sustainability Indicators with Sustainable Development Goals: Policy Recommendations for Addressing the COVID-19 Pandemic. Sustainability. 2021; 13(5):2607. https://0-doi-org.brum.beds.ac.uk/10.3390/su13052607

Chicago/Turabian Style

Jan, Amin, Mário N. Mata, Pia A. Albinsson, José M. Martins, Rusni B. Hassan, and Pedro N. Mata 2021. "Alignment of Islamic Banking Sustainability Indicators with Sustainable Development Goals: Policy Recommendations for Addressing the COVID-19 Pandemic" Sustainability 13, no. 5: 2607. https://0-doi-org.brum.beds.ac.uk/10.3390/su13052607

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