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The model of circular economy, inspired from the circular nature of the ecosystem, has emerged as an environmentally sustainable alternative against the contemporary environmentally destructive model of organizing the economy. However practical progress toward a circular economy is perhaps obstructed by the ideals and values of capitalism which encourage accumulation and competition for self-interest. So in contrast to the values and ideals of capitalism, this research paper takes the position that Islamic beliefs and values – where the Muslims are expected to view themselves as stewards toward nature, where wastage is a sin, where sharing and cooperating are highly encouraged – may act as facilitators in transition toward circularization and subsequent conservation of the natural environment. Keeping in view the criticality of the environmental crisis, it is perhaps urgently necessary to highlight the shortcomings of the capitalist values and ideals in contrast with the advantages of Islamic beliefs and values for the purpose of bringing the sociocultural and economic transformation necessary to avert the collapse of the ecosystem. Policy makers concerned with the preservation of the ecosystem can therefore engage the religious scholarship to convince the business community and the general public to consider economic circularization as a religious responsibility in the light of the analysis and recommendations put forward in this paper.
Keywords: Circular-economy, Social Embeddedness, Gift Economy, Environmental Crisis, Environmental Sustainability
JEL Classifications: A13, D91, E71, Q54, M14, Z1, Z12