Islamic Finance and Renewable Energy: A Mini-Review

Abstract

The purpose of the concerned report has been to explore different works of literature and scholarly evidence to assess the importance of Islamic finance and the contribution of the same on the development of environmental projects, especially emphasizing on renewable sources of energy. This report also sheds light on the different recent practices of Islamic banking and its influence on clean energy. 22 different sources of information have been searched, studied and discussed to build a strong background and understanding about the issue of concern, which were brought from Scopus, Emerald, Research gate and SSRN databases. There are different remarkable insights obtained from the articles and other sources studied in the concerned report. Sustainable financing has increased over the period and there is an upward trend worldwide of which the primary focus is on green energy. Climate change, global warming has dire concerns and different financial practices and investments are being developed in the present period, which is used to increase the investments in different business practices like energy efficiency, waste management, treatment, and lower capital project costs. This has helped in increasing energy efficiency in favoring green energy thereby helping in increasing sustainability holistically.