SUSTAINABLE DEVELOPMENT AND THE SHIFT FROM A GREEN TO A BLUE ECONOMY: AN ISLAMIC DISCOURSE

Abstract

This study aims to enhance the literature of economic and Islamic economic particularly on the role of blue economy as its main objective to increase economic growth, the standard of living and social inclusion without disturbing the environmental balance. Although conventional economic literatures have widely discussed the importance of shifting to blue economy, there was a short of discussion to it from Islamic point view. The methodology employed in this study is via the inductive approach. Consequently, a major finding of this study is that Quran and Sunnah have generously pointed out to the main principal sets of ocean activities including fisheries, economy and transportation where ocean can be an essential source of people welfare and growth of trade. It also reveals that Islamic sources support moving to blue economy as it is ethical and moral practices that additionally support SDGs. Unlike the conventional economic practices, Islamic economic is more resilient and sustainable as it has different structure that based on universal teaching via Quran and Sunnah. These sources prohibit all means to harm people or other creators and encourage their protection. It also highlights the contributions of Islamic finance industry towards providing more sustainable financial products and services like blue bonds. Therefore, this study would give a path for further studies in the field