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All Journal Priviet Social Sciences Journal JIAN (Jurnal Ilmiah Administrasi Negara)
Munir, Ayesha
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Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences

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Regulating Blockchain-Enabled Green Finance: A Comparative Analysis of Emerging vs. Developed Markets Munir, Ayesha; Barrow, Aisha
JIAN (Jurnal Ilmiah Administrasi Negara) Vol. 9 No. 1 (2025): February 2025
Publisher : Universitas Bojonegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56071/jian.v9i2.1206

Abstract

The potential for blockchain technology to revolutionize green finance is its capacity for enhanced transparency, efficiency, and accountability for sustainable investments. However, the adoption is hindered by the heterogeneity of regulatory frameworks for various economies. This paper undertakes comparative analysis of regulations around blockchain-facilitated green finance for emerging and developed economies. It examines the main regulatory hurdles, differences in the structure of policies, and implications for the mandates for complying with blockchain-led sustainable finance activities. Based on the analysis through the lens of European Union, United States, Indonesia, Pakistan, and UAE, this study sketches best practice and hurdles for the adoption of blockchain for the adoption of green finance. Additionally, the study reflects upon the impact of the government and financial institutions towards the adoption of blockchain for the cases of ESG investments, green bonds, and the carbon market. Suggestive policies for resolving regulatory disparities and global harmonization for the adoption of blockchain for sustainable finance are given.
Islamic finance and ESG: Panel analysis of sustainability in OIC countries Khan, Mian Muhammad Ajmal; Munir, Ayesha
Priviet Social Sciences Journal Vol. 5 No. 11 (2025): November 2025
Publisher : Privietlab

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55942/pssj.v5i11.765

Abstract

This study investigates the relationship between Islamic finance development and environmental performance in ten Organisation of Islamic Cooperation (OIC) countries from 2010 to 2023, focusing on the moderating role of governance quality. Using the Environmental Performance Index (EPI) as a composite measure of sustainability, we employ fixed-effects panel regression models to test whether a higher share of Islamic finance in national banking sectors is associated with improved environmental outcomes and whether governance quality strengthens this relationship. Contrary to prevailing theoretical expectations, the results reveal a persistent and statistically significant negative association between the Islamic finance share and environmental performance across all model specifications. Governance quality shows a modest, positive direct effect on environmental performance, but fails to moderate the Islamic finance environment nexus in a statistically significant way. GDP per capita consistently negatively influences EPI scores, indicating a growth environment trade-off, while foreign direct investment remains insignificant. These findings challenge the assumption that Islamic finance is inherently aligned with environmental goals and highlight the need for targeted policy interventions, such as explicit environmental screening in Shariah governance, development of green Islamic finance products, and integrated sustainability mandates that the sector contributes meaningfully to environmental sustainability in OIC countries.
Co-Authors Barrow, Aisha Khan, Mian Muhammad Ajmal