Green Sukuk and Sustainable Development: A Systematic Literature Review through the Lens of Maqashid Shariah
DOI:
https://doi.org/10.55606/jupiman.v5i3.6858Keywords:
Green Sukuk, Islamic Finance, Maqasid Shariah, Sustainable Development, Sustainable FinanceAbstract
Green sukuk serves as an Islamic finance tool that offers support in funding projects that address climate concerns. Although there is much interest in this field, there is a lack of consolidation of the literature on Islamic finance, sustainable finance, and environmental sustainability with specific focus on Maqasid Shariah. This study seeks to advance green sukuk literature in a systematic way by identifying main themes, analyzing the theory, and outlining prospects for future inquiries with the aid of Maqasid Shariah. For systematic literature review (SLR) methodology with the aid of the PRISMA 2020 framework, the data was collected from Scopus and analyzed with the aid of the Watase UAKE software. Of 75 records, the literature review resulted in 20 articles published in the 2020 - 2026. The results show that there has been an increase in green sukuk literature and that the main country of interest is Malaysia and that one of the main theories is the Ecologies of Finance Theory. Other than financial performance, there is a dearth of literature on green sukuk market integration and the effects of green sukuk on risk, return, and investor behavioral issues. The review has noted a substantial gap in the mediation and moderation of behavioral and institutional elements. This study has outlined the necessity of moving away from a finance-centered approach and toward the Maqasid Shariah approach by assessing green sukuk in the context of environmental sustainability, social development, and the economic resilience of sustainable development.
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