The role of Sukuk in achieving sustainable development: Evidence from the Islamic Development Bank

The development of human civilization is related to the constant change of economic formations, and the current social and economic situation is determined by such concepts as Society 5.0, Fourth, and Fifth Industrial Revolutions (FIR, FiIR). The paper aims to estimate the change of human role in each economic formation caused by industrial revolutions. A structured review methodology with a focus on biological, labor, and personal entity of human within the industrial revolutions is used. The description of the changes between the biological, labor, and personality entities of human in various socio-economic formations is discussed. The human as a biological entity is not changed in the first four industrial revolutions, while the FiIR tries to change the biological entity through augmenting the physical capacity. The human as a labor entity is not changed in the first three industrial formations, while the FIR tries to replace the majority of physical human jobs and opens the gate for creative economy and decisions-making. The direct labor participation is minimized within FIR since the economic systems move to the transition to the dominant role of cyber-physical systems. The personal human development is triggered within the FiIR, since informational diversity in economic systems is actualized, and conditions for creative jobs within the creative economy are formed. The biological, labor, and personality entities of human are sequentially actualized within the economic formation caused by industrial revolutions.

Nowadays sustainable development is a central concept for our age. It is both a way ofunderstanding the world and a method for solving global problems. It is currently a crucial concept for the world to understand and to implement. This research study focuses on examining the foundations of achieving sustainable development and main factors influencing this process at a national level. The aim is to characterize those factors which influence this implementation process mainly from the economic point of view. However, other noneconomic factors related to human well-being and organizational development are not omitted. Countries’ political and legislative environment are also evaluated since they can have significant implications for development of individual organizations conducting their business activities within countries' borders. The focus of examining the topic of countries’ sustainable development is on the cross-country comparison. Values of some important indicators are also provided in terms of comparison among selected countries which enables us to explain the reasons for differences in countries’ development, as well as predictions for the future. Historical perspective provides data which enable to evaluate influence of selected factors in terms of countries’ path to achieving sustainable development.

This paper examined the impacts imparted by ethical leadership on both the performance and well-being of management accountants employed in public shareholding companies operating in Jordan. The mediating effect of psychological well-being was also examined. In testing the study hypotheses, analysis was performed on 93 obtained responses. The structural equation modeling (SEM) approach was used. From the outcomes, the ethical leadership level has significant impact on the psychological well-being of management accountants, while ethical leadership indirectly and significantly affects job performance, but only by way of psychological well-being. All these lend support to the mediating role of the psychological well-being of employees in the delineation of the link existing between ethical leadership and employee performance. Limitations and implications of the study are discussed. The directions of forthcoming studies are proposed as well.