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Abstract
In this study, we investigate how Islamic banks in Jordan are implementing sustainability reporting methods. With a focus on the dynamic interaction between ethical principles, regulatory frameworks, and stakeholder expectations, this study adopts a qualitative methodology by combining a comprehensive literature review with in-depth interviews to provide a thorough understanding of these challenges, alignments, and opportunities.
Islamic finance principles and sustainability goals are shown to be aligned in the reviewed literature, demonstrating the congruence between moral financial behavior and responsible policies. This congruence is confirmed through interviews with relevant parties such as practitioners, regulatory bodies, and customers, demonstrating the innate compatibility of Islamic beliefs with environmental objectives. This congruence places Islamic finance in a distinct position to advance social welfare while also assisting in the achievement of international sustainability goals.
However, there are obstacles to overcome in actually putting sustainability reporting into practice. The interviews show how difficult it is to measure the social and environmental effects of a project while still being in accordance with Shariah law. One of the most prominent themes is the requirement for more niche measurements. Through an examination of regulatory dynamics from the viewpoints of regulatory authorities, we learn how crucial it is to strike a balance between promoting ethical and sustainable finance and ensuring full adherence to Shariah standards.
Customer feedback reinforces the need of open reporting since it reflects the opinions of stakeholders. Islamic banking’s ethical tenets align with the modern trend toward more moral and environmentally responsible financial enterprises.
This study concludes that Islamic banking has a double role in advancing both sustainable finance and ethical banking practices. Findings from the literature research and interviews were synthesized to highlight the need of working together to solve problems, provide uniform criteria, and promote a fair regulatory climate. This research aids the continuous effort to bring Islamic banking in line with ethical and environmentally sound banking standards.
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