Development Between Two Concepts: A Comparative Presentation of the Foundations of Sustainable Development in the Traditional and Islamic Economic Perspectives, and its Potential in the Islamic Perspective - Sukuk as a Model

Abstract

The main research idea revolves around the role of sukuk (Islamic bonds) in achieving sustainable development from an Islamic perspective. The importance of the research lies in highlighting the effective impact of sukuk in achieving sustainable development by supporting the general budget and securing the necessary financing. The research problem lies in the lack of sufficient awareness of this role. The research aims to highlight sukuk as a legitimate and reliable means of financing the general budget. The nature of the research necessitated adopting a descriptive, analytical, and deductive approach. Among the most prominent findings of the researcher is that Islamic principles and rules represent a flexible basis for creating diverse Islamic financial products, which increases the need to exert more effort in the field of Islamic finance and its development. The basis for judging new contracts, complex contracts, and combined contracts as permissible or prohibited is their compliance with the general Islamic economic system. Sukuk contribute to securing the necessary liquidity in national economies at the individual, corporate, and governmental levels by enabling the injection of cash liquidity into the economy. Given the ever-evolving and increasingly pressing needs, the researcher sees a necessity to develop the infrastructure of the Islamic finance industry, while simultaneously raising awareness of the role that Islamic financial products in general, and sukuk in particular, can play in sustainably mobilizing the necessary financial resources to finance deficits and achieve development.