Ecofitting Circular Economy: An alternative approach to market, consumption, and design towards zero emissions

This study explores how Islamic Finance Modes can provide alternative sources of financing business models in a circular economy. A comparative analysis of the Islamic Finance Modes such as Musharakah, (Equity Sharing), (Mudarabah), (Silent partnership), Forward sale (Salam), Manufacturing Financing (Istisna), Leasing (Ijarah), Sukuk (Investment Certificate), Qard Hassan (Beneficence Loans), Wakalah, (Agency contract) Kafalah (Suretyship Contract), and Ju’ala (Service Agency) were undertaken in relation to its suitability as a source of financing businesses in a circular economy. This study relies heavily on secondary data through literature reviews and research works of authors and researchers on Islamic Finance and Circular Economy. The study concludes that Ijarah, Sukuk, Qard Hassan, Istisna, Musharakah, Mudarabah, Wakalah, Kafalah, and Ju’ala financing modes are essential for providing alternative solutions to financing challenges confronting business models such as balance sheet extension, working capital, and increased credit risk in a circular economy. This paper recommends that Islamic Banks should review and redesign their products and services in order to cater for financing businesses in a circular economy and also support them by providing professional services in analyzing the creditworthiness of companies and viability of projects.

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Integrating the circular economy into engineering programs in India: A study of students’ familiarity with the concept

Industry and Higher Education ◽

10.1177/0950422220967542 ◽

2020 ◽

pp. 095042222096754

Author(s):

Pingali Venugopal ◽

Harwinder Kour

Keyword(s):

Circular Economy ◽

Engineering Students ◽

Phase 1 ◽

Environmental Conservation ◽

Regeneration Capacity ◽

Two Phase ◽

Engineering Programs ◽

Production And Consumption ◽

Alternative Approach ◽

Institute Of Technology

Human production and consumption activities are depleting the earth’s resources faster than they are being replenished. The Global Footprint network estimates “Earth Overshoot Day 2020” (the day the use of natural resources during the year crosses the regeneration capacity for the year) to be 22 August. A shift from linear to circular economy (CE) practices offers an alternative approach that favors environmental conservation, integrating economic growth with environmental protection. While it is important to educate engineering students about sustainable models, environmental education is mandatory in India and a 6-month module introduces various concepts in all university programs. This article examines the extent of familiarity of Indian engineering students with the concept of a circular economy. A two-phase methodology was used, with 148 students of a National Institute of Technology participating in the study. In Phase 1, which focused on the students’ awareness of the CE, it was found that only a third were familiar with the concept. In Phase 2 the students, after having had the concept explained to them, identified possible barriers to incorporating it into the syllabus. The implications of integrating the concept with the syllabus are discussed.

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On the Front Line of the Circular Economy: The Entrepreneurial, Identity and Institutional Work of a Female Entrepreneur towards the Circular Transition

Work Employment and Society ◽

10.1177/09500170211043005 ◽

2021 ◽

pp. 095001702110430

Author(s):

Ödül Bozkurt ◽

Mirela Xheneti ◽

Vicky

Keyword(s):

Circular Economy ◽

Small Businesses ◽

Large Scale ◽

Critical Role ◽

Sustainable Use ◽

Front Line ◽

Institutional Work ◽

Alternative Approach ◽

Female Entrepreneur

This article traces the experiences of Vicky, a female entrepreneur who runs a circular business that produces swim and activewear from regenerated fishing nets. The idea of a circular economy, which moves away from the linear economic model based on a make-use-dispose logic towards the elimination of waste and a sustainable use of the world’s resources, has rapidly gained popularity. Vicky’s story highlights the often overlooked but critical role of small businesses and their owners in this systemic change. Vicky performs three intertwined but distinct forms of work – entrepreneurial work on the business, identity work on the self and institutional work on the wider world – that all contribute to the circular transition. At the same time, Vicky exemplifies an alternative approach to entrepreneurship through a relational interpretation of circularity. Her case draws attention to how the labour of actors in the grassroots propels large-scale transitions.

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