Transforming Qatar into a Circular Economy: Challenges and Opportunities and the Role of Islamic Finance

Qatar National Vision 2030 (QNV2030) provides a framework for multidimensional development. In this research we argue that the implementation of the QNV2030 requires Qatar's transition to Circular economy from the current linear economy. This requires a paradigmatic shift of government policies, business strategies, civil society ideals and society's aspirations. At the regional and global scale, the planet earth today is facing numerous challenges which pose a question towards the future of the only habitable planet in the universe. These challenges include extreme poverty, hunger, climate change, pollution etc. These challenges are the product of the linear economic system that focuses on extracting, producing, consuming and wasting resources. Linear and waste driven market activities have exhausted the planet’s limited resources. Zero-waste paradigm of Circular economy is one responsible alternative to the current linear system and focuses on design, make, use, and repair/reuse, recover/recycle the limited scarce resources with focus on green energy and cleaner cities. Adapting to Circular economy will provide Qatar with a number of opportunities including regional and global leadership role for which the QNV2030 already provides a robust framework. In order to successfully implement Circular economy, there needs to be a formal strategy specifically designed for the transformation of Qatar to a Circular economy. The Islamic financial sector can also be improved and made more circular in nature in order to facilitate the transformation to a circular paradigm. Lastly, it is essential to take into consideration the role of regulators, society and knowledge providing institutions for the Qatar economy to successfully transform to a Circular economy.