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0.444
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This Author published in this journals
All Journal Journal of Islamic Economics and Philanthropy
Rizwan Ahmed
Shaheed Benazir Bhutto University

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Green Sukuk and Infrastructure Expansion: The Mediating Role of ESG Compliance in Pakistan’s sustainable development Rizwan Ahmed
Journal of Islamic Economics and Philanthropy Vol. 8 No. 4 (2026): May
Publisher : Universitas Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/jiep.v8i4.14

Abstract

This paper examines how Green Sukuk (GS) can finance infrastructure expansion and sustainable development in Pakistan’s renewable energy sector, with a focus on the role of ESG compliance. Using data from 233 managers, investors, and policymakers, the study applies structural equation modelling (SEM) to test relationships between GS, ESG, and sustainable infrastructure. The findings show that GS significantly supports renewable energy development and contributes to sustainability goals. However, its full potential is only realized when integrated with ESG frameworks. ESG compliance plays a strong mediating role by enhancing transparency, accountability, and alignment with global sustainability standards. The study highlights that combining GS with ESG can increase investor confidence, attract international funding, and accelerate Pakistan’s transition to clean energy. Overall, the paper proposes an integrated approach linking Islamic finance and ESG principles to effectively mobilize green capital and promote sustainable infrastructure in emerging economies.
Mobilizing Green Capital in Emerging Economies: Green Sukuk, ESG Principles, and Sustainable Infrastructure Rizwan Ahmed
Journal of Islamic Economics and Philanthropy Vol. 8 No. 2 (2025): November
Publisher : Universitas Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This paper discusses how Green Sukuk (GS) can be used to fund infrastructure expansion (IE) and sustainable development in Pakistan and specifically renewable energy sector. It also addresses the role played by Environmental, Social and Governance (ESG) compliance in enhancing the effects of Islamic finance on sustainability outcomes. The respondents were interviewed face-to-face and comprised 233 managers, investors, and policymakers who are engaged directly in the renewable energy projects and Sukuk financing. The hypothesised relationship among GS, ESG compliance and sustainable infrastructure development were tested by means of structural equation modelling (SEM). The findings show that GS would play a significant role in renewable energy IE, which would help in promoting the sustainable development agenda of Pakistan. Additionally, the compliance with ESG shows a high level of mediation, which improves accountability, transparency, and consistency with global sustainability-related standards. The results show that the potential of GS to lead renewable energy projects might not fully be achieved, unless it is integrated with ESG. The paper emphasises the role of integrating ESG frameworks within GS structures as a way of enhancing investor confidence, boosting international investment and expediting the process of making Pakistan a clean energy nation. This paper can offer a new approach to mobilising green capital and promoting sustainable infrastructure in an emerging economy by connecting Islamic finance and ESG principles to renewable energy markets.
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