Assel Akhmetkyzy

Demand for ethical and Sharia-compliant investment instruments has driven substantial academic interest in Sukuk, a key component of Islamic finance offering alternatives to conventional bonds. The paper aims to analyze research trends in the field of Sukuk through a comprehensive bibliometric and content analysis of publications indexed in Scopus and Web of Science from 1990 to 2024. Relationships between authorship patterns, institutional affiliations, geographical distribution, applied methodologies, and key findings are examined to identify emerging research trajectories in the field of Sukuk. The analysis covers the evolution of research topics over 33 years, assessing annual achievements, influential articles, keyword dynamics, and topical changes. The paper uses a hybrid method, including bibliometric and content analysis and a systematic literature review (SLR) using the PRISMA methodology, which ensures a high degree of scientific validity. The findings marked growth in Sukuk-related research in the past decade, with growing attention to sustainable finance (Environmental, Social, and Governance Sukuk), green Sukuk, and digitalization. Thematic mapping identifies five major research clusters in Scopus and six in Web of Science, emphasizing investment efficiency, regulatory challenges, Sharia compliance, and market integration. Additionally, the crucial impact of Sukuk on risk management and resilience was revealed during crises while uncovering ongoing gaps such as low secondary market liquidity, insufficient standardization, and limited cross-border compatibility.

Acknowledgments
The study was funded by the Committee Science of the Ministry of Science and Higher Education of the Republic of Kazakhstan “Investigating the impact of macroeconomic, political, and digital processes on financial sustainability of Kazakhstan” No. AP19674948.