Discovering and Mapping Key Matters, Regulations, and Sustainability in Sukuk Writings: A Systematic Analysis

Rio Erismen Armen; Maisyarah Stapah @ Salleh; Muhamad  Abduh; Sebastian Herman

doi:10.33102/jmifr.709

Authors

Rio Erismen Armen Labuan Faculty of International Finance, Universiti Malaysia Sabah Labuan International Campus, Jalan Sungai Pagar, 87000, Federal Territory of Labuan, Malaysia. https://orcid.org/0000-0003-3015-3262
Maisyarah Stapah @ Salleh Labuan Faculty of International Finance, Universiti Malaysia Sabah Labuan International Campus, Jalan Sungai Pagar, 87000, Federal Territory of Labuan, Malaysia. https://orcid.org/0000-0001-5856-1407
Muhamad Abduh School of Business and Economics, Universiti Brunai Darussalam, Jalan Tungku Link BE1410, Brunei Darussalam. https://orcid.org/0000-0002-1918-6525
Sebastian Herman Faculty of Islamic Economics and Business, Universitas Tazkia, Jalan Ir. H. Djuanda No. 78 Sentul City, Bogor, 16810, Jawa Barat, Indonesia. https://orcid.org/0000-0002-9785-7435

DOI:

https://doi.org/10.33102/jmifr.709

Keywords:

Sukuk, Islamic capital market, Islamic finance, sustainability, systematic literature review

Abstract

The study methodically examines sukuk as an Islamic capital market instrument, with a focus on key issues, regulatory debates, and sustainability implications between 2015 and 2025. The study employed the Systematic Literature Review (SLR) method in line with PRISMA guidelines. From this process, 127 articles were initially retrieved from the Scopus database. Following a screening process, 28 articles were identified as the primary sample. The study employed qualitative thematic synthesis and descriptive bibliometric mapping to discern trends, identify gaps, and highlight emerging research themes. The study finds six primary clusters of sukuk issues: (i) sustainability and contribution of green sukuk; (ii) regulatory and legal considerations; (iii) investor behaviour shaped by multidimensional investment motives; (iv) market risks and interconnections across assets during crisis periods; (v) responsiveness of sukuk issuance to macroeconomic and geopolitical impacts; and (vi) transparency, literacy, and governance issues. The study highlights several limitations in the current literature, such as limited databases, a narrow geographic scope, the occurrence of normative and descriptive methodologies, a limited temporal focus on specific crisis periods, and fragmentation across themes. The study proposes a roadmap for future research that includes expansion of multi-source bibliometric database, evaluation of regulations through empirical approaches, development of a mixed-methods model for assessing the effectiveness of green sukuk policies, investor behaviour analysis across different countries, and longitudinal research on market risk and sukuk resilience in both normal and crisis conditions.

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