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Abstract
Introduction
The financial sector has experienced substantial changes throughout history, and sukuk has gained widespread recognition as a reliable funding option.
Objectives
This study explores the evolution and impact of Sukuk financing from the Global Financial Crisis to the post-COVID era, emphasizing its importance within Islamic finance and its broader economic implications.
Method
Using a bibliometric analysis approach, data were extracted from the Scopus database, focusing on 287 English-language research articles containing "Sukuk" in their titles. Advanced bibliometric tools such as R’s Biblioshiny package and Microsoft Excel facilitated a quantitative assessment of publication trends, authorship, and thematic developments in Sukuk research.
Results
The findings highlight a significant expansion in Sukuk-related research, with diversification in themes such as sustainability, governance, and innovation in Islamic finance. Key contributors and influential works were identified, showing a shift towards addressing contemporary financial challenges through Islamic principles. While the study acknowledges limitations in scope due to its bibliometric approach, it suggests that future research could incorporate more qualitative analyses to deepen the understanding of emerging trends.
Implications
The insights from this study provide valuable guidance for practitioners, policymakers, and investors in Islamic finance, underlining the role of Sukuk in promoting sustainable economic growth and financial stability. Additionally, the findings demonstrate the potential of Sukuk to contribute to ethical and socially responsible investment, aligning financial practices with broader societal values.
Originality/Novelty
This study adds to academic discourse by offering a comprehensive overview of Sukuk literature’s evolution and serves as a foundational resource for further investigation and practical application in the field of Islamic finance.
Keywords
Article Details
Copyright (c) 2024 Hassnian Ali, Ahmad Jafar
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References
Al-Raeai, A. M., Zainol, Z., & Rahim, A. K. A. (2019). The influence of macroeconomics factors and political risk on the sukuk market development in selected GCC countries: A panel data analysis. Jurnal Ekonomi Malaysia, 53(2). https://doi.org/10.17576/JEM-2019-5302-15
Al-Suwailem, S. (2015). Sukūk: Challenges and prospects. Journal of King Abdulaziz University, Islamic Economics, 28(2), 199–212. https://doi.org/10.4197/Islec.28-1.7
Alam, A., Ratnasari, R. T., Jannah, I. L., & Ashfahany, A. El. (2023). Development and evaluation of Islamic green financing: A systematic review of green sukuk. Environmental Economics, 14(1), 61–72. https://doi.org/10.21511/ee.14(1).2023.06
Alam, N., Hassan, M. K., & Haque, M. A. (2013). Are Islamic bonds different from conventional bonds? International evidence from capital market tests. Borsa Istanbul Review, 13(3), 22–29. https://doi.org/10.1016/j.bir.2013.10.006
Almaskati, N. (2023). Revisiting the question of liquidity: are sukuk less liquid than conventional bonds? Journal of Islamic Accounting and Business Research, 14(7), 1121–1132. https://doi.org/10.1108/JIABR-03-2022-0075
Alnagar, A. M. H., Othman, A. H. A., Noor, A. M., & Zakariyah, H. (2021). Pricing Mechanism and Yield Curve for Sukuk Issuances in Saudi Arabia. Journal of King Abdulaziz University, Islamic Economics, 34(3), 3–28. https://doi.org/10.4197/Islec.34-3.1
Aman, A., Naim, A. M., Isa, M. Y., & Ali, S. E. A. (2021). Factors affecting sukuk market development: empirical evidence from sukuk issuing economies. International Journal of Islamic and Middle Eastern Finance and Management, 15(5), 884-902. https://doi.org/10.1108/IMEFM-03-2020-0105
Asmuni, N. H., & Tan, K. S. (2021). Exploring the Yield Spread Between Sukuk and Conventional Bonds in Malaysia. Journal of Emerging Market Finance, 20(2), 165–191. https://doi.org/10.1177/0972652720969519
Awwad, B. S., Razia, B. S., & Razia, A. S. (2023). Challenges and obstacles to issuing Islamic Sukuk in Palestine: an analytical study of Islamic banks operating in Palestine. Competitiveness Review, 34(1), 163-178. https://doi.org/10.1108/CR-11-2022-0172
Ben Jedidia Khoutem, D. (2014). Islamic banks-Sukuk markets relationships and economic development: The case of the Tunisian post-revolution economy. Journal of Islamic Accounting and Business Research, 5(1), 47–60. https://doi.org/10.1108/JIABR-07-2012-0054
Bin-Nashwan, S. A., Muneeza, A., & Kunhibava, S. (2022). What motivates retail investors to invest in government-issued digital sukuk during COVID-19? Journal of Islamic Accounting and Business Research, 13(3), 393–424. https://doi.org/10.1108/JIABR-12-2020-0387
Busari, S. A., & Aminu, S. O. (2021). Application of blockchain information technology in Ṣukūk trade. Journal of Islamic Accounting and Business Research, 13(1), 1–15. https://doi.org/10.1108/JIABR-10-2019-0197
Endri, E., Hania, B. T., & Ma’ruf, A. (2022). Corporate Green Sukuk Issuance for Sustainable Financing in Indonesia. Environmental Economics, 13(1), 38–49. https://doi.org/10.21511/ee.13(1).2022.04
Gherbi, E. A. H. (2021). Does islamic bonds (Sukuk) market development discourage islamic debt growth? Industrial Engineering and Management Systems, 20(3), 475–482. https://doi.org/10.7232/iems.2021.20.3.475
Hanefah, M. M., Noguchi, A., & Muda, M. (2013). Sukuk: Global issues and challenges. Journal of Legal, Ethical and Regulatory Issues, 16(1), 107–120.
Hasan, R., Velayutham, S., & Khan, A. F. (2022). Socially responsible investment (SRI) Sukuk as a financing alternative for post COVID-19 development project. International Journal of Islamic and Middle Eastern Finance and Management, 15(2), 425–440. https://doi.org/10.1108/IMEFM-07-2020-0379
IIFM. (2023). IIFM Sukuk Report 2023.
Issoufou, C. (2018). Role of sukuk al-istisna’ in the economic development of Islamic capital. Opcion, 34(Special Issue 16), 309–322. https://produccioncientificaluz.org/index.php/opcion/article/view/24309
Issoufou, C., & Oseni, U. A. (2015). The application of third party guarantee in structuring Ṣukūk in the Islamic capital market: A preliminary literature survey. Mediterranean Journal of Social Sciences, 6(5), 130–138. https://doi.org/10.5901/mjss.2015.v6n5p130
Kachkar, O., & Alfares, M. (2022). Waqf Sukuk as Instruments of Sustainable Development and Challenges of Issuing Them A Field Study in Malaysia. Global Journal Al-Thaqafah, 12(2), 29–52. https://doi.org/10.7187/gjat122022-12
Keshminder, J. S., Abdullah, M. S., & Mardi, M. (2022). Green sukuk – Malaysia surviving the bumpy road: performance, challenges and reconciled issuance framework. Qualitative Research in Financial Markets, 14(1), 76–94. https://doi.org/10.1108/QRFM-04-2021-0049
Khan, S., Bhutto, N. A., Khan, U. A., Rehman, M. Z., Alonazi, W. B., & Ludeen, A. (2022). Ṣukūk or Bond, Which Is More Sustainable during COVID-19? Global Evidence from the Wavelet Coherence Model. Sustainability (Switzerland), 14(17). https://doi.org/10.3390/su141710541
Khudari, M., & Saad, N. M. (2019). Sukuk issuance in the emerging markets-a relative evaluation. International Journal of Engineering and Advanced Technology, 9(1), 3571–3574. https://doi.org/10.35940/ijeat.A2689.109119
Lai, J., Rethel, L., & Steiner, K. (2017). Conceptualizing dynamic challenges to global financial diffusion: Islamic finance and the grafting of sukuk. Review of International Political Economy, 24(6), 958–979. https://doi.org/10.1080/09692290.2017.1373689
Laila, N., & Anshori, M. (2021). The development of sovereign Sukuk in Indonesia. Review of International Geographical Education Online, 11(4), 390–397. https://doi.org/10.33403/rigeo.800655
Liu, F. H. M., & Lai, K. P. Y. (2021). Ecologies of green finance: Green sukuk and development of green Islamic finance in Malaysia. Environment and Planning A, 53(8), 1896–1914. https://doi.org/10.1177/0308518X211038349
Mitsaliyandito, R. Q., & Arundina, T. (2018). Dynamic relationship between sovereign bond and sukuk market developments in Indonesia. Pertanika Journal of Social Sciences and Humanities, 26(S), 27–38. http://www.pertanika.upm.edu.my/resources/files/Pertanika%20PAPERS/JSSH%20Vol.%2026%20(S)%20Aug.%202018/3%20JSSH(S)-0688-2017.pdf
Naeem, M. A., Raza Rabbani, M., Karim, S., & Billah, S. M. (2023). Religion vs ethics: hedge and safe haven properties of Sukuk and green bonds for stock markets pre- and during COVID-19. International Journal of Islamic and Middle Eastern Finance and Management, 16(2), 234–252. https://doi.org/10.1108/IMEFM-06-2021-0252
Naifar, N. (2023). Sukuk returns dynamics under bullish and bearish market conditions: do COVID-19 related news and government measures matter? Applied Economics Letters, 30(7), 875–883. https://doi.org/10.1080/13504851.2022.2027860
Naifar, N., Tiwari, A. K., & Alhashim, M. (2022). How COVID-19 pandemic, global risk factors, and oil prices affect Islamic bonds (Sukuk) prices? New insights from time-frequency analysis. Review of Financial Economics, 40(3), 312–331. https://doi.org/10.1002/rfe.1158
Nasir, A., Farooq, U., Khan, K. I., & Khan, A. A. (2023a). Congruity or dispel? A segmented bibliometric analysis of Sukuk structures. International Journal of Islamic and Middle Eastern Finance and Management, 16(2), 343–365. https://doi.org/10.1108/IMEFM-07-2021-0282
Nasir, A., Farooq, U., Khan, K. I., & Khan, A. A. (2023b). Congruity or dispel? A segmented bibliometric analysis of Sukuk structures. International Journal of Islamic and Middle Eastern Finance and Management, 16(2), 343–365. https://doi.org/10.1108/IMEFM-07-2021-0282
Naz, S. A., & Gulzar, S. (2022). Does the Sukuk issuance boost economic growth? Evidence from selected Islamic economies. Global Business Review. https://doi.org/10.1177/09721509221093894
Rahman, A., Ahmad, A. U. F., Bin-Nashwan, S. A., Muneeza, A., Abdul Halim, A. H., & Markom, R. (2023). Policy approach adopted for issuance of Green Sukuk: is priority given to priority needed areas? Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-10-2022-0279
Rahman, A., Markom, R., & Halim, A. H. A. (2022). Economic Infrastructure Development in Bangladesh through Sukuk Financing. Journal of System and Management Sciences, 12(5), 463–486. https://doi.org/10.33168/JSMS.2022.0527
Rusgianto, S., & Ahmad, N. (2013). Volatility behavior of Sukuk market: An empirical analysis of the Dow Jones CitiGroup Sukuk Index. Middle East Journal of Scientific Research, 13(SPLISSUE), 93–97. https://doi.org/10.5829/idosi.mejsr.2013.13.1887
Salhani, A., & Mouselli, S. (2022). The impact of Tier 1 sukuk (Islamic bonds) on the profitability of UAE Islamic banks. Journal of Financial Reporting and Accounting, 22(4), 796-810. https://doi.org/10.1108/JFRA-12-2021-0461
Santoso, I. R. (2020). Green sukuk and sustainable economic development goals: Mitigating climate change in Indonesia. Global Journal Al-Thaqafah, 10(1), 18–26. https://doi.org/10.7187/GJAT072020-3
Sherif, M., & Erkol, C. T. (2017). Sukuk and conventional bonds: shareholder wealth perspective. Journal of Islamic Accounting and Business Research, 8(4), 347–374. https://doi.org/10.1108/JIABR-09-2016-0105
Smaoui, H., & Khawaja, M. (2017). The determinants of Sukuk market development. Emerging Markets Finance and Trade, 53(7), 1501–1518. https://doi.org/10.1080/1540496X.2016.1224175
Smaoui, H., Mimouni, K., & Ben Salah, I. (2021). Do Sukuk spur infrastructure development? International Journal of Islamic and Middle Eastern Finance and Management, 14(4), 655–670. https://doi.org/10.1108/IMEFM-06-2020-0301
Solé, J. (2008). Prospects and challenges for developing corporate sukuk and bond markets© International Monetary Fund.: Lessons from a Kuwait case study. International Journal of Islamic and Middle Eastern Finance and Management, 1(1), 20–30. https://doi.org/10.1108/17538390810864232
Sukmaningrum, P. S., Hasib, F. F., Rani, L. N., & Rusmita, S. A. (2021). Impact of macroeconomics on corporate Sukuk yield in Indonesia. Review of International Geographical Education Online, 11(4), 418–429. https://doi.org/10.33403/rigeo.800658
Sulistiani, D., & Tjahjadi, B. (2023). The right purpose on the right covenant: Does the loan purpose affect the debt covenant through the Ṣukūk rating? ISRA International Journal of Islamic Finance, 15(1), 130–147. https://doi.org/10.55188/ijif.v15i1.489
Trianto, B., & Masrizal. (2021). Sukuk and Islamic banking financing: Their impacts on the real sector. Journal of Islamic Monetary Economics and Finance, 7(4), 671–686. https://doi.org/10.21098/jimf.v7i4.1407
Uluyol, B. (2023). A comprehensive empirical and theoretical literature survey of Islamic bonds (sukuk). Journal of Sustainable Finance and Investment, 13(3), 1277–1299. https://doi.org/10.1080/20430795.2021.1917224
Umar, Z., Adekoya, O. B., Oliyide, J. A., & Teplova, T. (2023). The spillover of media sentiment on the sukuk bonds during COVID-19 pandemic. Applied Economics, 56(3), 360-374. https://doi.org/10.1080/00036846.2023.2167926
Yıldırım, S., Yıldırım, D. C., & Diboglu, P. (2020). Does Sukuk market development promote economic growth? PSU Research Review, 4(3), 209–218. https://doi.org/10.1108/PRR-03-2020-0011
Zain, N. S., & Muhamad Sori, Z. (2020). An exploratory study on Musharakah SRI Sukuk for the development of Waqf properties/assets in Malaysia. Qualitative Research in Financial Markets, 12(3), 301–314. https://doi.org/10.1108/QRFM-09-2018-0099
References
Al-Raeai, A. M., Zainol, Z., & Rahim, A. K. A. (2019). The influence of macroeconomics factors and political risk on the sukuk market development in selected GCC countries: A panel data analysis. Jurnal Ekonomi Malaysia, 53(2). https://doi.org/10.17576/JEM-2019-5302-15
Al-Suwailem, S. (2015). Sukūk: Challenges and prospects. Journal of King Abdulaziz University, Islamic Economics, 28(2), 199–212. https://doi.org/10.4197/Islec.28-1.7
Alam, A., Ratnasari, R. T., Jannah, I. L., & Ashfahany, A. El. (2023). Development and evaluation of Islamic green financing: A systematic review of green sukuk. Environmental Economics, 14(1), 61–72. https://doi.org/10.21511/ee.14(1).2023.06
Alam, N., Hassan, M. K., & Haque, M. A. (2013). Are Islamic bonds different from conventional bonds? International evidence from capital market tests. Borsa Istanbul Review, 13(3), 22–29. https://doi.org/10.1016/j.bir.2013.10.006
Almaskati, N. (2023). Revisiting the question of liquidity: are sukuk less liquid than conventional bonds? Journal of Islamic Accounting and Business Research, 14(7), 1121–1132. https://doi.org/10.1108/JIABR-03-2022-0075
Alnagar, A. M. H., Othman, A. H. A., Noor, A. M., & Zakariyah, H. (2021). Pricing Mechanism and Yield Curve for Sukuk Issuances in Saudi Arabia. Journal of King Abdulaziz University, Islamic Economics, 34(3), 3–28. https://doi.org/10.4197/Islec.34-3.1
Aman, A., Naim, A. M., Isa, M. Y., & Ali, S. E. A. (2021). Factors affecting sukuk market development: empirical evidence from sukuk issuing economies. International Journal of Islamic and Middle Eastern Finance and Management, 15(5), 884-902. https://doi.org/10.1108/IMEFM-03-2020-0105
Asmuni, N. H., & Tan, K. S. (2021). Exploring the Yield Spread Between Sukuk and Conventional Bonds in Malaysia. Journal of Emerging Market Finance, 20(2), 165–191. https://doi.org/10.1177/0972652720969519
Awwad, B. S., Razia, B. S., & Razia, A. S. (2023). Challenges and obstacles to issuing Islamic Sukuk in Palestine: an analytical study of Islamic banks operating in Palestine. Competitiveness Review, 34(1), 163-178. https://doi.org/10.1108/CR-11-2022-0172
Ben Jedidia Khoutem, D. (2014). Islamic banks-Sukuk markets relationships and economic development: The case of the Tunisian post-revolution economy. Journal of Islamic Accounting and Business Research, 5(1), 47–60. https://doi.org/10.1108/JIABR-07-2012-0054
Bin-Nashwan, S. A., Muneeza, A., & Kunhibava, S. (2022). What motivates retail investors to invest in government-issued digital sukuk during COVID-19? Journal of Islamic Accounting and Business Research, 13(3), 393–424. https://doi.org/10.1108/JIABR-12-2020-0387
Busari, S. A., & Aminu, S. O. (2021). Application of blockchain information technology in Ṣukūk trade. Journal of Islamic Accounting and Business Research, 13(1), 1–15. https://doi.org/10.1108/JIABR-10-2019-0197
Endri, E., Hania, B. T., & Ma’ruf, A. (2022). Corporate Green Sukuk Issuance for Sustainable Financing in Indonesia. Environmental Economics, 13(1), 38–49. https://doi.org/10.21511/ee.13(1).2022.04
Gherbi, E. A. H. (2021). Does islamic bonds (Sukuk) market development discourage islamic debt growth? Industrial Engineering and Management Systems, 20(3), 475–482. https://doi.org/10.7232/iems.2021.20.3.475
Hanefah, M. M., Noguchi, A., & Muda, M. (2013). Sukuk: Global issues and challenges. Journal of Legal, Ethical and Regulatory Issues, 16(1), 107–120.
Hasan, R., Velayutham, S., & Khan, A. F. (2022). Socially responsible investment (SRI) Sukuk as a financing alternative for post COVID-19 development project. International Journal of Islamic and Middle Eastern Finance and Management, 15(2), 425–440. https://doi.org/10.1108/IMEFM-07-2020-0379
IIFM. (2023). IIFM Sukuk Report 2023.
Issoufou, C. (2018). Role of sukuk al-istisna’ in the economic development of Islamic capital. Opcion, 34(Special Issue 16), 309–322. https://produccioncientificaluz.org/index.php/opcion/article/view/24309
Issoufou, C., & Oseni, U. A. (2015). The application of third party guarantee in structuring Ṣukūk in the Islamic capital market: A preliminary literature survey. Mediterranean Journal of Social Sciences, 6(5), 130–138. https://doi.org/10.5901/mjss.2015.v6n5p130
Kachkar, O., & Alfares, M. (2022). Waqf Sukuk as Instruments of Sustainable Development and Challenges of Issuing Them A Field Study in Malaysia. Global Journal Al-Thaqafah, 12(2), 29–52. https://doi.org/10.7187/gjat122022-12
Keshminder, J. S., Abdullah, M. S., & Mardi, M. (2022). Green sukuk – Malaysia surviving the bumpy road: performance, challenges and reconciled issuance framework. Qualitative Research in Financial Markets, 14(1), 76–94. https://doi.org/10.1108/QRFM-04-2021-0049
Khan, S., Bhutto, N. A., Khan, U. A., Rehman, M. Z., Alonazi, W. B., & Ludeen, A. (2022). Ṣukūk or Bond, Which Is More Sustainable during COVID-19? Global Evidence from the Wavelet Coherence Model. Sustainability (Switzerland), 14(17). https://doi.org/10.3390/su141710541
Khudari, M., & Saad, N. M. (2019). Sukuk issuance in the emerging markets-a relative evaluation. International Journal of Engineering and Advanced Technology, 9(1), 3571–3574. https://doi.org/10.35940/ijeat.A2689.109119
Lai, J., Rethel, L., & Steiner, K. (2017). Conceptualizing dynamic challenges to global financial diffusion: Islamic finance and the grafting of sukuk. Review of International Political Economy, 24(6), 958–979. https://doi.org/10.1080/09692290.2017.1373689
Laila, N., & Anshori, M. (2021). The development of sovereign Sukuk in Indonesia. Review of International Geographical Education Online, 11(4), 390–397. https://doi.org/10.33403/rigeo.800655
Liu, F. H. M., & Lai, K. P. Y. (2021). Ecologies of green finance: Green sukuk and development of green Islamic finance in Malaysia. Environment and Planning A, 53(8), 1896–1914. https://doi.org/10.1177/0308518X211038349
Mitsaliyandito, R. Q., & Arundina, T. (2018). Dynamic relationship between sovereign bond and sukuk market developments in Indonesia. Pertanika Journal of Social Sciences and Humanities, 26(S), 27–38. http://www.pertanika.upm.edu.my/resources/files/Pertanika%20PAPERS/JSSH%20Vol.%2026%20(S)%20Aug.%202018/3%20JSSH(S)-0688-2017.pdf
Naeem, M. A., Raza Rabbani, M., Karim, S., & Billah, S. M. (2023). Religion vs ethics: hedge and safe haven properties of Sukuk and green bonds for stock markets pre- and during COVID-19. International Journal of Islamic and Middle Eastern Finance and Management, 16(2), 234–252. https://doi.org/10.1108/IMEFM-06-2021-0252
Naifar, N. (2023). Sukuk returns dynamics under bullish and bearish market conditions: do COVID-19 related news and government measures matter? Applied Economics Letters, 30(7), 875–883. https://doi.org/10.1080/13504851.2022.2027860
Naifar, N., Tiwari, A. K., & Alhashim, M. (2022). How COVID-19 pandemic, global risk factors, and oil prices affect Islamic bonds (Sukuk) prices? New insights from time-frequency analysis. Review of Financial Economics, 40(3), 312–331. https://doi.org/10.1002/rfe.1158
Nasir, A., Farooq, U., Khan, K. I., & Khan, A. A. (2023a). Congruity or dispel? A segmented bibliometric analysis of Sukuk structures. International Journal of Islamic and Middle Eastern Finance and Management, 16(2), 343–365. https://doi.org/10.1108/IMEFM-07-2021-0282
Nasir, A., Farooq, U., Khan, K. I., & Khan, A. A. (2023b). Congruity or dispel? A segmented bibliometric analysis of Sukuk structures. International Journal of Islamic and Middle Eastern Finance and Management, 16(2), 343–365. https://doi.org/10.1108/IMEFM-07-2021-0282
Naz, S. A., & Gulzar, S. (2022). Does the Sukuk issuance boost economic growth? Evidence from selected Islamic economies. Global Business Review. https://doi.org/10.1177/09721509221093894
Rahman, A., Ahmad, A. U. F., Bin-Nashwan, S. A., Muneeza, A., Abdul Halim, A. H., & Markom, R. (2023). Policy approach adopted for issuance of Green Sukuk: is priority given to priority needed areas? Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-10-2022-0279
Rahman, A., Markom, R., & Halim, A. H. A. (2022). Economic Infrastructure Development in Bangladesh through Sukuk Financing. Journal of System and Management Sciences, 12(5), 463–486. https://doi.org/10.33168/JSMS.2022.0527
Rusgianto, S., & Ahmad, N. (2013). Volatility behavior of Sukuk market: An empirical analysis of the Dow Jones CitiGroup Sukuk Index. Middle East Journal of Scientific Research, 13(SPLISSUE), 93–97. https://doi.org/10.5829/idosi.mejsr.2013.13.1887
Salhani, A., & Mouselli, S. (2022). The impact of Tier 1 sukuk (Islamic bonds) on the profitability of UAE Islamic banks. Journal of Financial Reporting and Accounting, 22(4), 796-810. https://doi.org/10.1108/JFRA-12-2021-0461
Santoso, I. R. (2020). Green sukuk and sustainable economic development goals: Mitigating climate change in Indonesia. Global Journal Al-Thaqafah, 10(1), 18–26. https://doi.org/10.7187/GJAT072020-3
Sherif, M., & Erkol, C. T. (2017). Sukuk and conventional bonds: shareholder wealth perspective. Journal of Islamic Accounting and Business Research, 8(4), 347–374. https://doi.org/10.1108/JIABR-09-2016-0105
Smaoui, H., & Khawaja, M. (2017). The determinants of Sukuk market development. Emerging Markets Finance and Trade, 53(7), 1501–1518. https://doi.org/10.1080/1540496X.2016.1224175
Smaoui, H., Mimouni, K., & Ben Salah, I. (2021). Do Sukuk spur infrastructure development? International Journal of Islamic and Middle Eastern Finance and Management, 14(4), 655–670. https://doi.org/10.1108/IMEFM-06-2020-0301
Solé, J. (2008). Prospects and challenges for developing corporate sukuk and bond markets© International Monetary Fund.: Lessons from a Kuwait case study. International Journal of Islamic and Middle Eastern Finance and Management, 1(1), 20–30. https://doi.org/10.1108/17538390810864232
Sukmaningrum, P. S., Hasib, F. F., Rani, L. N., & Rusmita, S. A. (2021). Impact of macroeconomics on corporate Sukuk yield in Indonesia. Review of International Geographical Education Online, 11(4), 418–429. https://doi.org/10.33403/rigeo.800658
Sulistiani, D., & Tjahjadi, B. (2023). The right purpose on the right covenant: Does the loan purpose affect the debt covenant through the Ṣukūk rating? ISRA International Journal of Islamic Finance, 15(1), 130–147. https://doi.org/10.55188/ijif.v15i1.489
Trianto, B., & Masrizal. (2021). Sukuk and Islamic banking financing: Their impacts on the real sector. Journal of Islamic Monetary Economics and Finance, 7(4), 671–686. https://doi.org/10.21098/jimf.v7i4.1407
Uluyol, B. (2023). A comprehensive empirical and theoretical literature survey of Islamic bonds (sukuk). Journal of Sustainable Finance and Investment, 13(3), 1277–1299. https://doi.org/10.1080/20430795.2021.1917224
Umar, Z., Adekoya, O. B., Oliyide, J. A., & Teplova, T. (2023). The spillover of media sentiment on the sukuk bonds during COVID-19 pandemic. Applied Economics, 56(3), 360-374. https://doi.org/10.1080/00036846.2023.2167926
Yıldırım, S., Yıldırım, D. C., & Diboglu, P. (2020). Does Sukuk market development promote economic growth? PSU Research Review, 4(3), 209–218. https://doi.org/10.1108/PRR-03-2020-0011
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