Green Sukuk as A Sustainable Financing Instrument: A ‎Systematic Literature Review

Abstract

Green Sukuk has emerged as an increasingly relevant Islamic financial instrument for financing green projects and supporting sustainable development agendas. Although scholarly attention to Green Sukuk has grown, studies that integrate research trends, governance, market performance, maqasid al-shariah, impact measurement, and accountability remain limited. This study examines the development of Green Sukuk literature as a sustainable financing instrument and formulates an integrative synthesis and future research agenda. A systematic literature review was conducted using the Scopus database through identification, screening, eligibility, and inclusion stages. From 485 initial records, 57 core articles were selected and analyzed using narrative and thematic synthesis. The review identifies seven major themes: literature mapping, issuance and governance, green project financing and SDGs, market performance, investor behavior, maqasid al-shariah, and technology, verification, and greenwashing. The findings indicate that Green Sukuk has strategic potential to bridge Islamic and sustainable finance; however, its credibility depends on the integration of maqasid, governance, and impact measurement. This article has implications for strengthening Islamic sustainable finance theory and for promoting more accountable regulation, issuance, investment, and verification practices in Green Sukuk.