Nascent Role of Green Sukuk in Green Finance: A Structured Bibliometric Analysis

Abstract

As green finance continues to evolve, the role of green sukuk is gaining attention for its potential to raise capital for environmentally sustainable projects. Yet, green sukuk studies are very limited, as a response to this gap, this paper aims to synthesize the knowledge on the nascent stage role of green sukuk among green finance literature spanning 1997 to 2023. This study retrieved 659 documents from the Scopus indexed database. This study conducts a hybrid approach that uses both bibliometric technical analysis (using VOSviewer and R) and structured review on the contents of the findings. The main finding of this study is though it is immature, there is a continuous growth in publications on green finance research. Interdisciplinary collaboration especially with the less-represented field is encouraged. China was the most productive country in publications, citations and authors in the green finance research, however only 2.58% of documents in green sukuk titles, whereas Malaysia and Indonesia are the most productive countries in the green sukuk study. It is recommended to conduct more research to study green sukuk.