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The Potential of Islamic Finance for Environmental Sustainability and Social Equity in Iran

Zarbakhsh, Hallie Ida
http://rave.ohiolink.edu/etdc/view?acc_num=ouhonors1461334909

Abstract Details

2016, Bachelor of Arts (BA), Ohio University, Environmental Studies.
Although 80 percent of Muslims live outside of the Middle East and North Africa (MENA) in Southeast Asia, China, and the West, an assumed correlation exists between Islam and the Middle East. Between analyses of terror, war, and fundamentalism in the region, there is significantly less discussion of the potential for human development and possibilities of stability in the MENA region. Despite this misconception, these prospects are available through Islamic principles - more specifically Islamic finance. In MENA, Southeast Asia and even in the Western world, Islamic banking is increasingly popular. Due to the seemingly altruistic nature of Islamic finance, there are high hopes that it might provide a way out of poverty and conflict. At its core, the argument presented is that Islamic finance can and has been used to promote social and environmental justice. Unfortunately, a post 9/11 Western world has had its views on Islam largely shaped by terror attacks2 in the Middle East, the United States, and Europe, largely committed by Islamic fundamentalist organizations. To illustrate, the Islamic State of Iraq and Syria (ISIS, or IS) not only reigns terror in the region and threatens indefinite expansion, together with the brutal Assad regime, has created six million refugees. Border struggles, lack of resources, unfair burden sharing, and recent outbreaks of rape and harassment by a handful of immigrants from MENA, have given the West more fuel to turn against Islam. Before analyzing Islamic finance within the current political conjuncture, one should look at the contemporary politics of oil. Despite a growing demand for oil from the Middle East, falling prices are hurting the profits of main exporters such as Saudi Arabia and Yemen. After the Iran Nuclear Deal lifted sanctions on Iranian production, the price of a barrel of oil in Western Europe fell by the equivalent of a US dollar. Three quarters of Iranian oil is yet to be recovered, and does not require cutting edge technology used for hydraulic fracturing and off-shore oil drilling. Anyone with a basic understanding of macroeconomics understands that a surplus of a good is bad for the seller. On the other hand, with such high outputs, the supply will eventually run out. In response to a seemingly inevitable economic crisis in the Gulf Region, Oman and Yemen have invested billions in solar panels. Across Southeast Asia, Islamic microfinance loans for the poor – especially women – are arguably raising the standard of living. As Islamic finance and its endeavors steadily grow, the ease of applying social and environmental justice becomes apparent.
Nukhet Sandal, Dr. (Advisor)
91 p.
Alternative Energy; Ecology; Economics; Environmental Economics; Environmental Law; Environmental Studies; International Relations; Islamic Studies; Middle Eastern Studies; Near Eastern Studies; Peace Studies; Public Health; Religion; Spirituality; Sustainability; Urban Planning; Water Resource Management; Wildlife Conservation
Islamic finance; environment; Islam; religion; Iran; environmental degradation; Iran Nuclear Deal

Recommended Citations

Citations

  • Zarbakhsh, H. I. (2016). The Potential of Islamic Finance for Environmental Sustainability and Social Equity in Iran [Undergraduate thesis, Ohio University]. OhioLINK Electronic Theses and Dissertations Center. http://rave.ohiolink.edu/etdc/view?acc_num=ouhonors1461334909

    APA Style (7th edition)

  • Zarbakhsh, Hallie. The Potential of Islamic Finance for Environmental Sustainability and Social Equity in Iran. 2016. Ohio University, Undergraduate thesis. OhioLINK Electronic Theses and Dissertations Center, http://rave.ohiolink.edu/etdc/view?acc_num=ouhonors1461334909.

    MLA Style (8th edition)

  • Zarbakhsh, Hallie. "The Potential of Islamic Finance for Environmental Sustainability and Social Equity in Iran." Undergraduate thesis, Ohio University, 2016. http://rave.ohiolink.edu/etdc/view?acc_num=ouhonors1461334909

    Chicago Manual of Style (17th edition)

ouhonors1461334909
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© 2016, all rights reserved.
This open access ETD is published by Ohio University Honors Tutorial College and OhioLINK.