Main Article Content

Abstract

Purpose – The objective of this study is to provide a comprehensive analysis of the current body of literature on green sukuk.
Methodology – To achieve this objective, this study uses a bibliometric analysis and visualization and mapping of green sukuk research from to 2015-2023. The process of retrieving data through the Scopus database with the keywords "green sukuk" OR "global green sukuk" OR "retail green sukuk" OR "project based green sukuk.”
Findings – The findings included the identification of the most pertinent journals, highly cited articles, prominent authors, nations with prolific publishing in green sukuk, top research affiliations, and journal quality. The study also highlights the fundamental factors that contribute to the emergence of green sukuk, such as the incorporation of Islamic finance principles, adherence to green bond standards, emphasis on sustainability, implementation of environmental, social, and governance (ESG) principles, and the desire of investors to buy such instruments.
Implications – This study examines the effects of government policies on the issuance of green sukuk to support all 2030 Sustainable Development Goals (SDGs) programs, particularly in mitigating and preventing the negative effects of climate change. Furthermore, it examines the potential consequences for future studies, as other scholars can use the discoveries of this analysis to investigate new research prospects concerning the correlation between green sukuk and sustainable development goals (SDGs).
Originality – The analysis provides insights into the evolution of green sukuk, identifies gaps in current research, and highlights emerging areas of interest.

Keywords

green sukuk islamic finance sustainable finance bibliometric analysis

Article Details

How to Cite
Prayogo, S. M. S., Raditya, A., & Sarea, A. (2024). A Bibliometric analysis of green sukuk literature. Review of Islamic Social Finance and Entrepreneurship, 3(2), 184–198. https://doi.org/10.20885/RISFE.vol3.iss2.art6

References

  1. Abdullah, M. S., & Keshminder, J. S. (2022). What drives green sukuk ? A leader’s perspective. Journal of Sustainable Finance & Investment, 12(3), 985–1005. https://doi.org/10.1080/20430795.2020.1821339
  2. Alam, A., Tri Ratnasari, R., Latifathul Jannah, I., & El Ashfahany, A. (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
  3. Alam, N., Duygun, M., & Ariss, R. T. (2016). Green sukuk: An innovation in Islamic capital markets. In Energy and finance: Sustainability in the energy industry (pp. 167-185). Cham: Springer International Publishing.. https://doi.org/10.1007/978-3-319-32268-1_10
  4. Aliyu, S., Hassan, M. K., Mohd Yusof, R., & Naiimi, N. (2016). Islamic banking sustainability: A review of literature and directions for future research. Emerging Markets Finance and Trade, 1–31. https://doi.org/10.1080/1540496X.2016.1262761
  5. Azhgaliyeva, D., Kapoor, A., & Liu, Y. (2020). Green bonds for financing renewable energy and energy efficiency in South-East Asia: A review of policies. Journal of Sustainable Finance & Investment, 10(2), 113–140. https://doi.org/10.1080/20430795.2019.1704160
  6. Bin-Armia, M. S. (2023). Pseudo-environmental values versus ethical spirituality: A study on Indonesian Green sukuk. Petita: Jurnal Kajian Ilmu Hukum dan Syariah, 8(2). https://doi.org/10.22373/petita.v8i2.225
  7. Corapi, E. (2023). Current issues on the transition to a sustainable economy in the European, Italian and Middle East framework: Green bonds standards and Greenwashing. European Business Law Review, 34(7). https://doi.org/10.54648/eulr2023053
  8. El Amri, M. C., Mohammed, M. O., & Abdi, M. H. (2021). How green sukuk structure contributes to SDGs?. Islamic Wealth and the SDGs: Global Strategies for Socio-economic Impact, 621-637. Springer International Publishing. https://doi.org/10.1007/978-3-030-65313-2_32
  9. Endri, E., Tahya Hania, B., & 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
  10. Faisal, Y. A., Gunawan, I., Cupian, Hayati, A., Apriliadi, A., & Fajri, M. (2023). Examining the purchase intentions of Indonesian investors for green sukuk. Sustainability, 15(9), Article 9. https://doi.org/10.3390/su15097430
  11. Fauzi, A., & Tanjung, H. (2017). Risk management in cash waqf linked sukuk based on the waqf core principle: A preliminary study. JES (Jurnal Ekonomi Syariah), 2(1), 50–68. https://doi.org/10.30736/jes.v2i1.27
  12. Hassan, K., & Lewis, M. (Eds.). (2007). Handbook of Islamic banking. Edward Elgar.
  13. Hassan, M. K., & Raza Rabbani, M. (2023). Sharia governance standards and the role of AAOIFI: A comprehensive literature review and future research agenda. Journal of Islamic Accounting and Business Research, 14(5), 677–698. https://doi.org/10.1108/JIABR-04-2022-0111
  14. Ibrahim, A.-J., & Shirazi, N. S. (2020). The role of Islamic finance in fostering circular business investments: The case of OIC countries. Journal of Economic Cooperation and Development, 41, 89–120. https://jecd.sesric.org/pdf.php?file=ART20032003-2.pdf
  15. Indonesian Ministry of Finance. (2023). DJPPR | Government Securities Framework. https://www.djppr.kemenkeu.go.id/governmentsecuritiesframework
  16. Ji, C.-J., Li, X.-Y., Hu, Y.-J., Wang, X.-Y., & Tang, B.-J. (2019). Research on carbon price in emissions trading scheme: A bibliometric analysis. Natural Hazards, 99(3), 1381–1396. https://doi.org/10.1007/s11069-018-3433-6
  17. Karim, S., & Naeem, M. A. (2022). Do global factors drive the interconnectedness among green, Islamic and conventional financial markets? International Journal of Managerial Finance, 18(4), 639–660. https://doi.org/10.1108/IJMF-09-2021-0407
  18. 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
  19. Keshminder, J. S., Singh, G. K. B., Wahid, Z. A., & Abdullah, M. S. (2019). Green sukuk: Malaysia taking the lead. Malaysian Journal of Consumer and Family Economics, 22(2), 1-22. https://www.majcafe.com/green-sukuk-malaysia-taking-the-lead/
  20. Laldin, M. A., & Djafri, F. (2021). The role of Islamic finance in achieving sustainable development goals (SDGs). Islamic finance and sustainable development: A sustainable economic framework for muslim and non-muslim countries, 107-126.. https://doi.org/10.1007/978-3-030-76016-8_6
  21. Lian, Y., Gao, J., & Ye, T. (2022). How does green credit affect the financial performance of commercial banks? Evidence from China. Journal of Cleaner Production, 344, 131069. https://doi.org/10.1016/j.jclepro.2022.131069
  22. Liu, F. H., & Lai, K. P. (2021). Ecologies of green finance: Green sukuk and development of green Islamic finance in Malaysia. Environment and Planning A: Economy and Space, 53(8), 1896–1914. https://doi.org/10.1177/0308518X211038349
  23. London Stock Exchange Group. (2023). Green and sustainability sukuk update 2023: Financing a sustainable future. https://www.lseg.com/en/data-analytics/resources/reports/green-sustainability-sukuk-update-2023-report
  24. Mangunjaya, F. M. (2023). How Islamic tradition benefits nature and climate change action. The Journal of the Siam Society, 111(2), 253-264. https://so06.tci-thaijo.org/index.php/pub_jss/article/view/266952
  25. Moghul, U. F., & Safar-Aly, S. (2015). Green sukuk: The introduction of Islam’s environmental ethics to contemporary Islamic finance. Georgetown International Environmental Law Review (GIELR), 27(1). https://papers.ssrn.com/abstract=2580864
  26. Morea, D., & Poggi, L. A. (2017). An innovative model for the sustainability of investments in the wind energy sector: The use of Green sukuk in an Italian case study. International Journal of Energy Economics and Policy, 7(2), 53–60. https://www.econjournals.com/index.php/ijeep/article/view/4073
  27. Narayan, P. K., Rizvi, S. A. R., & Sakti, A. (2022). Did green debt instruments aid diversification during the Covid-19 pandemic? Financial Innovation, 8(1), 21. https://doi.org/10.1186/s40854-021-00331-4
  28. Obaidullah, M. (2018). Managing climate change: The role of Islamic finance. IES journal Article, 26(1). https://doi.org/10.2139/ssrn.3303687
  29. Organization for Economic Cooperation and Development. (2017), Barriers, policy actions and options for green bond market development and growth, in Mobilising Bond Markets for a Low-Carbon Transition, OECD Publishing, Paris. https://doi.org/10.1787/9789264272323-5-en
  30. Paltrinieri, A., Hassan, M. K., Bahoo, S., & Khan, A. (2023). A bibliometric review of sukuk literature. International Review of Economics & Finance, 86, 897–918. https://doi.org/10.1016/j.iref.2019.04.004
  31. Prakash, N., & Sethi, M. (2022). A review of innovative bond instruments for sustainable development in Asia. International Journal of Innovation Science, 14(3/4), 630–647. https://doi.org/10.1108/IJIS-10-2020-0213
  32. Qiu, J.-P., Dong, K., & Yu, H.-Q. (2014). Comparative study on structure and correlation among author co-occurrence networks in bibliometrics. Scientometrics, 101(2), 1345–1360. https://doi.org/10.1007/s11192-014-1315-6
  33. Raeni, R., Thomson, I., & Frandsen, A.-C. (2022). Mobilising Islamic funds for climate actions: from transparency to traceability. Social and Environmental Accountability Journal, 42(1–2), 38–62. https://doi.org/10.1080/0969160X.2022.2066553
  34. Reboredo, J. C. (2018). Green bond and financial markets: Co-movement, diversification and price spillover effects. Energy Economics, 74, 38–50. https://doi.org/10.1016/j.eneco.2018.05.030
  35. Santoso, I. R. (2020). Green sukuk and sustainable economic development goals: Mitigating climate change in Indonesia. Global Journal Al-Thaqafah, 10(1), 18-26. http://www.gjat.my/gjat2020vol10/3.pdf
  36. Shalhoob, H. (2023). Green sukuk in Saudi Arabia: Challenges and potentials of sustainability in the light of Saudi vision 2030. Journal of Governance and Regulation, 12(4, special issue), 351–360. https://doi.org/10.22495/jgrv12i4siart15
  37. Supriyadi, A. P., Fidhayanti, D., Ramadhita, R., & Noh, M. S. bin M. (2023). Green sukuk in Indonesia: Unraveling legal frameworks for sustainable Islamic bonds. El-Mashlahah, 13(2), 151–180. https://doi.org/10.23971/el-mashlahah.v13i2.7372
  38. Suroso, D. S. A., Setiawan, B., Pradono, P., Iskandar, Z. S., & Hastari, M. A. (2022). Revisiting the role of international climate finance (ICF) towards achieving the nationally determined contribution (NDC) target: A case study of the Indonesian energy sector. Environmental Science & Policy, 131, 188–195. https://doi.org/10.1016/j.envsci.2022.01.022
  39. Tahiri Jouti, A. (2019). An integrated approach for building sustainable Islamic social finance ecosystems. ISRA International Journal of Islamic Finance, 11(2), 246–266. https://doi.org/10.1108/IJIF-10-2018-0118
  40. Tan, Y.-L., & Mohamad Shafi, R. (2021). Capital market and economic growth in Malaysia: The role of ṣukūk and other sub-components. ISRA International Journal of Islamic Finance, 13(1), 102–117. https://doi.org/10.1108/IJIF-04-2019-0066
  41. World Bank. (2019). Islamic green finance: development, ecosystem and prospects. World Bank Group. https://documents.worldbank.org/en/publication/documents-reports/documentdetail/591721554824346344/Islamic-Green-Finance-Development-Ecosystem-and-Prospects
  42. Zulkhibri, M. (2015). A synthesis of theoretical and empirical research on sukuk. Borsa Istanbul Review, 15(4), 237–248. https://doi.org/10.1016/j.bir.2015.10.001