Economic Opportunities for Islamic Financing-From Green to Blue Economy

Abstract

Disproportional exploitation and scarcity of land resources has forced maritime states to look towards oceans to sustain their economic development.  This concept is known as “Blue Economy”. Subject research focusses the importance of shifting from Green economy to Blue economy, while emphasizing the potential and challenges being faced by Pakistan Blue Economy as a case study. Pakistan has yet to tap its rich resources to the optimum advantage. The data collected during the course of subject research dictates that the resources of blue economy are not being exploited due to various challenges being faced by Pakistan. Whereas this is simply a myth, in reality these challenges are already being thwarted. The actual reason for not exploiting these resources is the absence of WILL at all levels. It is concluded that major hurdle in development of Pakistan Maritime Sector is lack of maritime awareness and vision to look towards sea often referred to as Sea Blindness. Islamic countries must join hands to develop a common strategy to shift from Green Economy to Blue Economy to meet the future requirements using Islamic financing through musharka, ijar and sukuk.