Religion and Development
Investigar, publicar y divulgar. Ciencia en infografíasLas infografías aquí reunidas fueron elaboradas después de hacer un monitoreo permanente durante el 2020 de los artículos publicados por los investigadores de la Universidad EAFIT. Este esfuerzo de divulgación se enmarca en la definición del Sistema de Descubrimiento y Creación (2020) de la Universidad EAFIT que busca, entre otras cosas, la movilización de los proyectos de investigación, investigación-creación y creación, conectados con el entorno local, nacional e internacional. Este libro es una de las acciones que ponen en movilización el subsistema de "Difusión y divulgación del conocimiento”, que pretende generar una cultura de la comunicación de la ciencia a públicos diversos, con contenidos pertinentes y rigurosos, inspirados en la excelencia como principal fundamento de la actividad científica.
Finance alternative : quels sont les avantages?L’Investissement Socialement Responsable (ISR) qui est qualifié d’investissement « éthique », « vert » ou « durable » est établi sur un principe similaire qui repose sur le principe des investissements ESG. Ainsi, la finance islamique, à travers le filtrage sectoriel qu’elle impose, représente une option d’investissement socialement responsable intéressante. On considère qu’à travers le développement durable, les objectifs de l’ISR et de la finance islamique sont convergents. Créé en Janvier 2009, par « Satoshi Nakamoto », de nombreuses devises virtuelles comme Bitcoin sont fortement intéressés à faire partie du portefeuille de services du système financier islamique.La thèse est divisée en quatre chapitres. Dans le premier chapitre, nous illustrons l’histoire et l’expansion de la finance islamique dans le monde entier. Nous montrons la croissance de la finance islamique dans les pays musulmans et les pays non musulmans également. Nous mentionnent également les principales transactions appliquées par les institutions financières islamiques et qui sont fondées sur la loi islamique « Shariah ». Nous mentionnons en conséquence de manière simplifiée les articles interdits dans l’Islam.Dans le deuxième chapitre, nous étudions l’efficacité de 41 banques islamiques pures opérant dans 5 pays du CCG pour la période 2004 et 2017. Nous évaluons la rentabilité de nos banques en tenant compte de trois intrants et de trois extrants. Nous comptons sur deux orientations différenciées en termes de contraintes : orientation des entrées et orientation des sorties. Pour ce faire, nous nous appuyons sur la méthode du coût stochastique frontière et de l’enveloppe des données. De nos résultats, nous voyons que les banques islamiques opérant dans la région du CCG ne fonctionnent pas sur la frontière des coûts efficaces peut-être en raison de l’inefficacité de la gestion et de l’utilisation abusive des facteurs de production. L’utilisation d’une approche axée sur la production ne modifie pas de façon significative les résultats obtenus. Dans ce contexte, les résultats ont montré que les scores d’efficacité ne pouvaient pas être expliqués uniquement par des ratios financiers, car ils sont liés à des facteurs externes correspondant à l’inefficacité X et à l’environnement économique.Dans le troisième chapitre, nous étudions les caractéristiques de Bitcoin comme monnaie virtuelle par rapport à quatre indices islamiques. Nous nous appuyons sur les modèles de la famille Garch pour détecter le niveau et la persistance de la volatilité pendant la période de 2010 à 2018. Nous comptons également sur le modèle de commutation de Markov pour étudier la durée de persistance des indices pendant le régime à faible risque et le régime à haut risque. De nos résultats, nous remarquons que les indices islamiques et Bitcoin ne sont pas immunisés contre les chocs financiers. Cependant, la persistance de la volatilité du Bitcoin est plus importante que le cas du marché boursier islamique. En outre, nous confirmons le rôle de Bitcoin comme couverture pendant les moments normaux et comme refuge pendant les moments d’anxiété.Dans le quatrième chapitre, nous étudions l’interaction entre trois indices islamiques et leurs homologues durables. Nous appliquons le modèle de décalage réparti autorégressif pour voir l’existence de la relation à court et à long terme entre indices. Dans la deuxième étape, nous utilisons la causalité de fréquence de domaine pour étudier la causalité dynamique et sa directe entre chaque indice islamique et sa contrepartie. Nos résultats montrent l’existence d’un équilibre à long terme et la position des marchés boursiers comme compléments principalement à court terme et substituts à long terme. Les résultats de causalité « fréquence par fréquence » montrent l’existence d’une relation de causalité à court terme entre les trois marchés boursiers viables et leurs homologues islamiques.
Alternative finance : what are the advantages?Socially Responsible Investing (SRI) which is described as “ethical”, “green” or “sustainable” investing is established on a similar principal which is based on the principle of ESG investments. Thus, Islamic finance, through the sector filtering it imposes, represents an interesting socially responsible investment option. It is considered that through sustainable development, the objectives of SRI and Islamic finance are converged. Created in January 2009, by “Satoshi Nakamoto”,many virtual currencies like Bitcoin are strongly interested to be a part of the services portfolio of the Islamic Financial system.The thesis is divided into four chapters. In the first chapter, we illustrate the history and the expansion of Islamic finance worldwide. We show the growth in terms of Islamic finance in Muslim countries and non-Muslim countries as well. Wealso mention the main transactions applied by Islamic financial institutions and which are based on the Islamic law “Shariah”. We mention accordingly in a simplified manner the prohibited items in Islam.In the second chapter, we study the efficiency of 41 pure Islamic banks operating in in 5 GCC countries for the period 2004 and 2017. We estimate the cost efficiency of our banks by considering three inputs and three outputs. We rely on twoorientations which differentiate in terms of constraints: input orientation and output orientation. In order to do this, we rely on the cost stochastic frontier and data envelopment method. From our results, we see that the Islamic banks operating in the GCC region do not operate on the efficient cost frontier maybe due to managerial inefficiency and misuse of production factors. The use of the output-oriented does not change the obtained results significantly. In this context, the results showed that the efficiency scores could not be explained solely by financial ratios, as they are related to external factors corresponding to the X-inefficiency and economic environment.In the third chapter, we study the characteristics of Bitcoin as a virtual currency versus four Islamic indices. We rely on Garch family models to detect the level and the persistence of volatility during the period 2010 until 2018. We also rely onthe Markov switching model to study the duration of persistence of the indices during low risk regime and high risk regime. From our results, we notice that Islamic indices and Bitcoin are not immune to financial shocks. However, thevolatility persistence of Bitcoin is more important than the case of Islamic stock market. In addition, we confirm the role of Bitcoin as a hedge during normal moments and as a safe haven during moment of anxiety.In the fourth chapter, we study the interaction between three Islamic indices versus their sustainable counterparts. We apply the autoregressive distributed lag model to see the existence of the short-run and long-run relationship between theindices. In the second step, we use the Domain frequency causality to study the dynamic causality and its directness between each Islamic index and its counterpart. Our results show the existence of a long-run equilibrium and the position of the stock markets as complements mainly on the short term and substitutes on the long-term. The “frequency-byfrequency” causality outputs show the existence of a causal relationship on the Short-term between the three sustainable stock market and their Islamic counterparts.
Walk the talk : Africa-Asia focus : report of the international online conferences January-March 2021Covid-19 Pandemic creates worldwide turbulences in health, economy, politics, education, religious answers and much more. Allocation of resources: capital, natural, human and religious resources with the best impact on development becomes even more important. Churches, church-related partners and inves- tors have great potential to contribute to faithdriven and impactful investing. The focus of the two online conferences 2021 was on ‘Walk the Talk’ by sharing experiences of successful and challenging investment projects, strengthening impactful cooperation between faith partners and investors, and presenting tools to make projects investable in Africa and Asia. This report summarizes rich presentations and discussions on subjects such as health, agro food, renewable energy, finance fintech (financial technology), covered by experts around the world.
Policy Monitor, Issue 8 No. 4, April-June 2017 Islamic Finance: New Opportunities for Driving Development AgendaThe Kenya Institute for Public Policy Research and Analysis (KIPPRA), 2020-11-25This edition also highlights the prospects of lowering transaction costs through trade facilitation to promote intra-regional trade. Despite regional integration initiatives in the continent, intra-African trade remains relatively low given the high trade costs, especially the cost of compliance associated with collection and processing of information and charges for trade-related services, and indirect costs resulting from administrative processes and inventory charges. It is the government’s objective to enhance growth in trade by deepening economic integration especially at regional level.
What role does the church have in promoting the SDGs?What role does the church have in promoting the SDGs? This presentation will use the case study of The Community of St Luke, a local church attended by the presenters and explore the way it promotes SD Goal 16: Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels. The church has often been accused of being part of the problem but we will explore the ways in which it promotes peace, inclusivity, and social justice. It does this through being an inclusive community; running programmes on progressive theology, interfaith development and restorative justice; and taking action on issues such as sexuality and gender injustice. We will also explore an emerging commitment to Te Tiriti o Waitangi.
Response to International and Local BidsSeveral stakeholders in the Pakistan
construction industry have expressed concern about the
apparent poor response to recent international and local
bids. The objectives of the study were to evaluate the level
of response to recent international and local tenders and to
assess the level of interest of international firms to bid
on projects in Pakistan. The response to recent invitations
to bid on projects across Pakistan has been poor from both
international and local firms. Although, tendering was open
to both international and local contractors, most firms that
submitted bids have been local. Generally, the same set of
four or so contractors repeatedly bid for projects across
the country, and the lowest bidder always won the contract.
There was apparently minimum weight-age given to an
evaluation of the technical capability of the lowest bidder.
The lack of response in bids and the high prices being
quoted can be considered as indicators of supply and demand
gaps. There seem to be abundant opportunities for work, and
limitations in the contractor ' s capacity to do work
are being tested by the current market situation, where
there is ample work and the contractors are in a position to
choose the works which interest them. In such circumstances,
the short-term implications are clear-contractors will
demand high premiums for less attractive work and response
to bids for work in difficult remote areas with higher risks
shall remain especially poor. In a market driven economy, it
will take some time until the supply demand situation
achieves stability, while for the short term, the clients
will be faced with accepting higher bid rates in order to
deliver upon their development goals and also accept the
risk that the limited pool of contractors may not be able to deliver.
Local Case StudiesThe local case studies for projects in
different sectors were prepared to document the bottlenecks
which occurred during the various processes involved in the
life cycle of infrastructure projects. Identifying such
processes allows a better understanding of the capacity
constraints in planning, designing, programming,
procurement, contract administration, financing and
budgeting, execution, and other stages in a project cycle.
The case studies clearly demonstrate the presence of deep
rooted systematic problems related to: (1) inadequate client
capacity to plan, procure, program, administer, and manage
projects; (2) imbalanced conditions of contracts; (3) flawed
procurement procedures (pre-qualification, bid evaluation,
negotiations, and re-negotiations with the lowest bidder)
causing significant delays; (4) mismatched project funding
needs and actual availability of funds; (5) commencement of
projects without ensuring that required funds are in place;
(6) delay in making running payments; (7) insufficient time
given for detailed design and variations in contract due to
inadequacies in design; (8) limited capacity of local
contractors; and (9) poor international bid response in mega
projects related to credibility issues.
Business Environment and Cost of Doing BusinessThe objective of the Pakistan
Infrastructure Implementation Capacity Assessment (PIICA)
study was to identify and ascertain the extent to which
certain complex and dysfunctional business processes in fact
contribute to the overall delays caused in completion of
infrastructure projects. The primary focus was to understand
and document the business processes relating to the life
cycle of infrastructure projects, especially processes that
involve an interface with external agencies. The study was
further extended to assess the resultant impact of the
delays caused on overall capacity, efficiency, and costs of
the project. The study identifies areas that contain
business processes and which relative to other processes in
the life cycle of a project are disproportionate, or a cause
of significant time delays in completion of such projects.
Such disproportionate business processes that are
unpredictable and vary greatly from the planned time or
inputs are areas that can be the focus for selective and
further analysis, process re-engineering and
recommendations. Such areas can be targeted to improve the
overall business and regulatory environment applicable to
players and stakeholders relevant to infrastructure
projects. The study identifies that corruption in the
overall environment exists which over time has become
embedded and is accepted as necessary, if a project is to be
successfully won and then executed with minimum hindrances
from the government. These practices cannot be called
business processes but are an integral and unavoidable
reality of the current business environment. The PIICA study
highlights: (i) the business processes and relative time and
effort required at different steps during a project life
cycle, under normal or prevailing business environment in
the country; (ii) the business processes and relative time
and effort required at different steps during a project life
cycle, under normal or prevailing business environment in
the country; and (iii) the defined and undefined procedures
that exist, many of which are not stated in contract
documents, neither in project plans nor subjected to risk
analysis and risk mitigation at the outset. These appear to
render the best of project time lines and budgeted plans as
A Review of Allocations and Expenditures in the Public SectorThe purpose of the study is to obtain an
understanding of Pakistan's economy, its budgetary
process and structure, and allocations and expenditures in
the previous Public Sector Development Programs (PSDP). It
aims to provide an insight into the planning process;
project cycles allocation and expenditure patterns which
would be useful in the overall context of the study on the
Pakistan Infrastructure Implementation Capacity Assessment
(PIICA), for the planned Medium Term Development Framework
Guidelines and Methodologies for Conflict ManagementThese Guidelines seek to enable wider
and more consistent engagement in the realm of conflict
management within the sector. The objective is to achieve,
as far as possible, negotiated settlements in the resolution
of disputes. The primary aim is to minimize the adversarial
characteristic of conflict in this sector through proactive
communication and open information sharing. These Guidelines
are the first step at an operational level in managing
conflict consistently and according to the principles of
sustainability. They may, in time, need to be expanded and
to evolve as legislation develops and changes and as the
industry undergoes the transformation dictated by the
Does TRIPS (agreement on trade‐related aspects of intellectual property rights) prevent COVID‐19 vaccines as a global public good?The article analyses the global public goods approach to COVID‐19 technologies, embedded in 2020 affirmations by the World Health Assembly (WHA), the UN Human Rights Council and G20 on broad immunization against COVID‐19. After identifying the access to COVID‐19 tools (ACT) Accelerator members, the UN efforts are identified, focusing primarily on the UN human rights bodies, acknowledging how these and the WHA have mutually reinforced each others' efforts. The article finds that the global public goods terminology appeared in UN resolutions in 2020, while wording that included vaccines—on an equal footing as medicines—appeared in 2016, and recognition of generic medicines appeared in 2019. The so‐ called Trilateral Cooperation on IP and public health between two UN specialized agencies and the World Trade Organization (WTO) has increased awareness of the flexibilities within WTO's TRIPS Agreement. These flexibilities are explained. With notable exceptions, like India, these flexibilities are not widely applied in domestic legislation. A different emphasis characterizes the millennium development goals era as compared to the sustainable development goals era, and this shift is explained by applyin relevant theories. Among pro‐TRIPS developed countries there is an acknowledgment of obstacles created by the IP system, but their overall position has not change.
The Past in the PresentThe Past in the Present deals with the complexities in the operation and management of living heritage sites. It presents a new interpretation of such sites based on the concept of continuity, and its evolution to the present. It is demonstrated that the current theoretical framework and practice of conservation, as best epitomised in a values-based approach and the World Heritage concept, is based on discontinuity created between the monuments (considered to belong to the past) and the people of the present, thus seemingly unable to embrace living heritage sites. From this position, the study suggests an innovative approach that views communities and sites as an inseparable entity: a Living Heritage Approach. This approach brings a new insight into key concepts such as authenticity and sustainable development. Through the use of the monastic site of Meteora, Greece, as a case study, the discussion generated aims to shift the focus of conservation from ‘preservation’ towards a continual process of ‘creation’ in an ongoing present, attempting to change the way heritage is perceived, protected and, more importantly, further created.
“The Past in the Present is an important and much-needed contribution to the debate about living heritage – and it is particularly significant in the context of the heritage of the past in the modern world. Anyone concerned with how the past is, or should be, integrated within modern lives and identities will need to read this book.” – Leslie Brubaker, Director, Centre for Byzantine, Ottoman and Modern Greek Studies, University of Birmingham, UK.
“This interesting and thoroughly researched book by Ioannis Poulios is a useful tool in promoting the Living Heritage Approach, and provides a sound theoretical basis for future work. Living Heritage Approach is a paradigm shift that suggests a new way of addressing conservation for our heritage. ICCROM is proud to have introduced this approach, also with the contribution of Ioannis.” – Gamini Wijesuriya, Project Manager, ICCROM.
Studierendenmigration und EntwicklungWie tragen internationale Studierende und Alumni zur Entwicklung in ihren Herkunftsländern bei? Ist der Entwicklungseffekt am größten, wenn Studierende direkt nach Beendigung ihres Studiums wieder in ihre Herkunftsländer zurückkehren und sich dort vor Ort engagieren oder können sie die Entwicklung ihres Herkunftslandes auch unterstützen, wenn sie nach dem Studium im Ausland bleiben und sich mit ihrem Wissen und Kapital über transnationale Netzwerke in den Entwicklungsprozess ihres Herkunftslandes einbringen? Konkret wird diese Frage in dieser Open Access Publikation am Beispiel der Stipendien- und Alumniarbeit des Katholischen Akademischen Ausländer-Dienstes (KAAD) in fünf Ländern unterschiedlicher Entwicklungsregionen untersucht: Georgien, Ghana, Indonesien, Kolumbien und Palästina. ; Wie tragen internationale Studierende und Alumni zur Entwicklung in ihren Herkunftsländern bei? Ist der Entwicklungseffekt am größten, wenn Studierende direkt nach Beendigung ihres Studiums wieder in ihre Herkunftsländer zurückkehren und sich dort vor Ort engagieren oder können sie die Entwicklung ihres Herkunftslandes auch unterstützen, wenn sie nach dem Studium im Ausland bleiben und sich mit ihrem Wissen und Kapital über transnationale Netzwerke in den Entwicklungsprozess ihres Herkunftslandes einbringen? Konkret wird diese Frage in dieser Open Access Publikation am Beispiel der Stipendien- und Alumniarbeit des Katholischen Akademischen Ausländer-Dienstes (KAAD) in fünf Ländern unterschiedlicher Entwicklungsregionen untersucht: Georgien, Ghana, Indonesien, Kolumbien und Palästina.
Sukuk-Waqf: The Islamic Solution for Public Finance DeficitsThe majority of Muslim countries face increasing pressure on their budget, which pushes to more public spending. Eventually, the main victim of this situation will be the welfare of Muslim communities. Despite Islam does not tolerate negligence regarding the importance of State as major player in preserving the welfare of Muslim communities, it offers a third option to support public effort through the institution of Waqf. Indeed, this institution has played a crucial role all along Muslim civilization and it is invited to more innovation to answer to today’s challenges. Sukuk-Waqf can be seen as the perfect sustainable financing instrument offered by Islam to help sustain public spending by the people and for the people. It presents. This paper will try to examine the concept of Waqf, cash Waqf and Sukuk Waqf is Islam and their evolution during Muslim civilization. Finally, it will go through modern attempts to implement this model that can answer the need for financing to support public effort to preserve the welfare of Muslim citizens.
Social Finance And Unconventional Financing Alternatives: An OverviewThe economic crisis, the increment of poverty and unemployment, the emergence of several social problems, and the limitations of the public spending have all called for exploring innovative and alternative ways of social financing. Such enterprises face many challenges in accessing finance due to that high risk regarding generating profit, problems of governance model, and lacks of performance measurement valuations especially when it comes to measuring social value. There is a need for finance impact driven businesses and this requires the reinforcement of current funding alternatives and usage of innovative financing alternatives. Islamic finance with its unconventional wide range instruments represents a possible potentiality for offering innovative financing alternative. The paper is exploratory and should give insights to the emerging interest in both social impact finance and Islamic finance with its innovative tools that focus on risk sharing and social impact. This paper argues that unconventional financing alternatives could positively impact international economies and be a viable potential alternative for financing with its diversified instruments for social enterprises development. The paper explores the different unconventional instruments of financing as well as the criteria of accessing them. The paper provides insights for researchers, decision makers, and practitioners of how could be unconventional financing used as valid financing tool for social impact businesses.
Cultivating a Jewish Eco- Education Framework: The Toronto Heschel School’s Teaching and Learning GardenOver the last century, global food systems have increasingly shifted towards a scientific, input-based industrial paradigm whose adverse ecological impacts are well documented. In response, global agricultural movements, such as the agroecology movement, have sought an integration of contemporary science and indigenous agricultural knowledges. Scholars in the field of Jewish ecology similarly propose that biblical Hebrew scripture may provide a framework for thinking about, and acting upon, issues of ecological sustainability in agriculture. In educational settings too, learning about ecology is increasingly approached in an intimate and tangible way in the form of school garden programs. In this work, we highlight the case of the Toronto Heschel School, a Canadian Jewish day school for children in which a Teaching and Learning Garden fosters student learning on ecology and their Jewish identity in tandem. Reporting the thematic results of qualitative interviews with two educators and five alumni from the Heschel School, this study highlights key similarities and differences between this school’s garden program and those taking place in secular school settings. Like secular school gardens, the Heschel program implements experiential, interdisciplinary learning activities within a scientific ecological knowledge (SEK) framework. That said, the Heschel program supplements and deepens these SEK activities with traditional ecological knowledge (TEK) rooted in Judaic traditional teachings. The resulting educational outcomes appear at once universally applicable while specifically relevant to the Jewish identities of learners.
Model strateškog upravljanja destinacijom vjerskog turizmaVjera je jedan je od najstarijih motiva putovanja. Takva putovanja su našla mjesto u složenom mehanizmu turističkih migracija, kao selektivni oblik turizma pod nazivom vjerski turizam. Republika Hrvatska, kao zemlja koja obiluje povijesno i umjetnički izrazito vrijednim sakralnim objektima i već dobro posjećenim svetištima, ima velik potencijal za daljnje razvijanje vjerskog turizma, međutim, izostala je znanstvena revalorizacija razvoja vjerskog turizma. Kao u svakoj selektivnoj turističkoj ponudi, tako je i vjerskim turizmom potrebno upravljati kako bi se osigurao efikasan i održiv ekonomski razvitak. Stoga je potrebno istražiti destinacije vjerskog turizma, sagledati parametre koji utječu na efikasno sinergijsko djelovanje čimbenika turističke ponude u destinaciji vjerskog turizma te sagledati same potrebe posjetitelja – vjerskih turista, a što bi u konačnici tim destinacijama osiguralo pozitivne ekonomske učinke uz održivi razvitak. Prema tome, u fokusu planiranog istraživanja je iznalaženje optimalnog modela strateškog upravljanja destinacijama vjerskog turizma. Predmet istraživanja za potrebe izrade rada u sklopu iskazane problematike jeste istražiti teorijske i praktične aktualnosti vezane uz vjerski turizam te na sustavan način formulirati rezultate istraživanja o vjerskom turizmu u kontekstu koncepta održivog razvoja, te organizaciju i upravljanje razvojem destinacija vjerskog turizma uvažavajući povijesno iskustvo razvoja turizma u Republici Hrvatskoj, međunarodno iskustvo te izabrane ekonomske i društvene kriterije. Na temelju proučavanja dostupne znanstvene literature i spoznaja iz područja vjerskog turizma ukazalo bi se u disertaciji na nepostojanje sinergije između dionika (stakeholdera) ove vrste turizma koja se odražava u nedovoljnoj konkurentnosti vjerskog turizma, neefektivnom marketingu, niskoj razini produktivnosti i neuspješnom menadžmentu za jedan prikladan i kvalitativan razvoj vjerskog turizma u Republici Hrvatskoj. Sinergija svih dionika vjerskog turizma odnosno suradnja i partnerstvo u turizmu imperativ je bez kojeg nije moguće postići napredak. U tom segmentu ključna je uloga destinacijskog menadžmenta koji može uspješno ostvariti suradnju i partnerstvo svih dionika vjerskog turizma te primjereno kreirati adekvatnu organizaciju modela strateškog upravljanja destinacijom vjerskog turizma na principu održivog razvoja. Naglasak istraživanja, dakle, usmjeren je na povijesnu i teorijsku metodološku analizu održivog razvoja u turizmu, posebice vjerskom, uz primjenu optimalne strategije razvoja u okviru strateškog menadžmenta destinacije, na analizu vjerskog turizma kao posebnog socio-kulturnog fenomena, te pronalaženje i uspostavu održivog razvojnog modela strateškog upravljanja u destinacijama vjerskog turizma.
Can the Dow Jones Sustainable Index be useful for evaluating Dow Jones Islamic Market companies?In recent years, the focus on sustainability and social impact has increased, companies through environmental programs and social practices have also begun to change their model in response to the demands of stakeholders and the market. A more sustainable approach is also driven by the 17 goals defined by UNESCO in the Sustainable Development Goals. The idea of sustainability derives directly from the concept of CSR (Corporate Social Responsibility), a real way of doing business in a strategic way, which consists in acting responsibly from a social and environmental point of view and in building solid and long-term relationships between companies and stakeholders, from the supplier to the final consumer. The "Mediterranean Commission for Sustainable Development" (MCSD) established in 1995 started the project "Sustainable development indicators" (SDI), which aims to develop indicators of progress towards sustainable development in the countries of Europe, Africa and Asia that face the Mediterranean, offering the great opportunity to compare developments in the process of integrating the environment into profoundly different national reality policies. Currently, the most widespread worldwide of all the SDI indicators is the Dow Jones Sustainability Index (DJSI), established in 1999. The index is the first to assess the financial performance of global companies that follow sustainable principles. Unfortunately, all the studies conducted through the use of DJSI to evaluate the main sustainable firms do not consider the Sharia compliant market but are based only on the Dow Jones market. Therefore, there is no sustainability model that takes into account the companies that have had access to the Dow Jones Islamic Market. This Gap in literature and in practice does not allow us to confirm or contribute further to the use of the sustainability indicator with models that are particularly sensitive to the sharia compliant criteria. The statistical analysis has verified a difference between companies belonging to the Dow Jones Market and the Dow Jones Islamic Market model. This difference confirms the interest in testing the behaviour of the social and environmental sustainability index as well as the economic one even in companies belonging to the sharia-compliant market. The qualitative analysis of the models allows a possible future adoption in these markets based on scientific and literary evidence.