Research trends in Sukuk studies: A bibliometric analysis of global academic publications
-
DOIhttp://dx.doi.org/10.21511/imfi.22(2).2025.27
-
Article InfoVolume 22 2025, Issue #2, pp. 338-353
- 272 Views
-
48 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
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.
- Keywords
-
JEL Classification (Paper profile tab)G19, G21, G23, Q56
-
References55
-
Tables1
-
Figures8
-
- Figure 1. Research steps
- Figure 2. The process of article selection according to Prisma flow
- Figure 3. Thematic evolution of Sukuk-related research for 1990–2024
- Figure 4. Visualization of clusters of Sukuk case studies based on Scopus database data
- Figure 5. Visualization of clusters of Sukuk case studies based on Web of Science
- Figure 6. Top contributing countries in Sukuk-related research
- Figure 7. Top contributing institutions in Sukuk-related research
- Figure 8. Most frequently used keywords in Sukuk research
-
- Table 1. Frequency and thematic distribution of key keywords in Sukuk-related research for 1990–2024
-
- Ahmad, S. M., & Al Mamun, A. (2020). Opportunities of Islamic fintech: The case of Bangladesh and Turkey. CenRaPS Journal of Social Sciences, 2(3), 412-426.
- Ahmed, A. (2010). Global financial crisis: an Islamic finance perspective. International Journal of Islamic and Middle Eastern Finance and Management, 3(4), 306-320.
- Ahmed, E. R., Islam, A., Alabdullah, T. T., & Amran, A. (2019). A qualitative analysis on the determinants of legitimacy of sukuk. Journal of Islamic Accounting and Business Research, 10(3), 342-368.
- Al Madani, H., Alotaibi, K. O., & Alhammadi, S. (2020). The role of Sukuk in achieving sustainable development: Evidence from the Islamic Development Bank. Banks and Bank Systems, 15(4), 36-48.
- Alam, A., Ratnasari, R. T., Sawinda, W., & Al Hakim, M. H. (2023). How does Sukuk Investment Perform? A Literature Review. International Journal of Professional Business Review, 8(7), e02580-e02580.
- Alam, N., Hassan, M. K., & Haque, M. A. (2013a). Are Islamic bonds different from conventional bonds? International evidence from capital market tests. Borsa Istanbul Review, 13(3).
- Alam, N., Hassan, M. K., & Haque, M. A. (2013b). Are Islamic bonds different from conventional bonds? International evidence from capital market tests. Borsa Istanbul Review, 13(3), 22-29.
- al-Amine, M.A. (2011). Global Sukūk and Islamic Securitization Market: Financial Engineering and Product Innovation. Intellectual Discourse, 21(1).
- Alshater, M. M., Saba, I., Supriani, I., & Rabbani, M. R. (2022). Fintech in islamic finance literature: A review. Heliyon, 8(9), e10385.
- Al-Yahyaee, K. H., Mensi, W., Rehman, M. U., Vo, X. V., & Kang, S. H. (2020). Do Islamic stocks outperform conventional stock sectors during normal and crisis periods? Extreme co-movements and portfolio management analysis. Pacific Basin Finance Journal, 62.
- Aretz, B. (2022). The short- and long-term effects of the Great Recession on late-life depression in Europe: The role of area deprivation. Social Science and Medicine, 294.
- Ariff, M., Safari, M., & Mohamad, S. (2012). Sukuk Securities, Their Definitions, Classification and Pricing Issues. PSN: International Finance & Investment (Topic), 11-41.
- Asutay, M., & Hakim, A. (2018). Exploring international economic integration through sukuk market connectivity: A network perspective. Research in International Business and Finance, 46, 77-94.
- Aziz, S., Ashraf, D., & El-Khatib, R. (2021). Societal trust and Sukuk activity. Journal of International Financial Markets, Institutions and Money, 74.
- Bhuiyan, R. A., Puspa, M., Saiti, B., & Ghani, G. M. (2020). Comparative analysis between global sukuk and bond indices: value-at-risk approach. Journal of Islamic Accounting and Business Research, 11(6), 1245-1256.
- Bhuiyan, R. A., Rahman, M. P., Saiti, B., & Mat Ghani, G. (2018). Financial integration between sukuk and bond indices of emerging markets: Insights from wavelet coherence and multivariate-GARCH analysis. Borsa Istanbul Review, 18(3), 218-230.
- Billah, S. M., Nguyen, T. T. H., & Chowdhury, M. I. H. (2023). Sukuk and bond dynamics in relation to exchange rate. International Journal of Islamic and Middle Eastern Finance and Management, 16(3), 621-646.
- Choudhury, M. A. (1983). Principles of Islamic economics. Middle Eastern Studies, 19(1), 93-103.
- Delle Foglie, A., & Keshminder, J. S. (2022). Challenges and opportunities of SRI sukuk toward financial system sustainability: a bibliometric and systematic literature review. International Journal of Emerging Markets.
- Delle Foglie, A., Panetta, I. C., Boukrami, E., & Vento, G. (2021). The impact of the Blockchain technology on the global Sukuk industry: smart contracts and asset tokenisation. Technology Analysis and Strategic Management.
- Dwitami, Y. S., Suryanto, T., Noviarita, H., & Anggraeni, E. (2021). The Influence of Financial Ratios, Sukuk Structure and Corporate Governance on Sukuk Ratings. Mabsya: Jurnal Manajemen Bisnis Syariah, 3(1), 26-43.
- Ebrahim, M. S. (1999). Integrating Islamic and conventional project finance. Thunderbird International Business Review, 41(4-5), 583-609.
- Ferro, N. (2005). Value through diversity: microfinance and Islamic finance and global banking. SSRN.
- Gintzburger, A. S. (2012). An Analysis of Global Trends and Regional Pockets in the Application of Islamic Financial Contracts in Malaysia and the Gulf Cooperation Council. Islamic Capital Markets: Products and Strategies, 307-339.
- Godlewski, C.J., Turk-Ariss, R., & Weill, L. (2014). Do the Type of Sukuk and Choice of Shari’a Scholar Matter? Econometric Modeling: International Financial Markets – Emerging Markets eJournal.
- Hassan, M. K., & Lewis, M. K. (Eds.). (2007). Handbook of Islamic Banking. Cheltenham: Edward Elgar Publishing.
- Hassan, M. K., Aliyu, S., Paltrinieri, A., & Khan, A. (2019). A Review of Islamic Investment Literature. Economic Papers, 38(4), 345-380.
- Hossain, M. S., Uddin, M. H., & Kabir, S. H. (2021). Sukuk and bond puzzle: an analysis with characteristics matched portfolios. Emerging Markets Finance and Trade, 57(13), 3792-3817.
- IMARC. (2023). Sukuk Research report.
- Iqbal, Z. (1999). Financial engineering in Islamic finance. Thunderbird International Business Review, 41(4-5), 541-559.
- Ketkar, S. L., & Ratha, D. (2007). Development finance via diaspora bonds track record and potential (World Bank Policy Research Working Paper, 4311). SSRN.
- Khan, A., Goodell, J. W., Hassan, M. K., & Paltrinieri, A. (2022). A bibliometric review of finance bibliometric papers. Finance Research Letters, 47, 102520.
- Kuanova, L. A., Sagiyeva, R., & Shirazi, N. S. (2021). Islamic social finance: a literature review and future research directions. Journal of Islamic Accounting and Business Research, 12(5), 707-728.
- Lahlou, M. S., & Tanega, J. A. (2007). Islamic Securitisation: Part II-A Proposal for International Standards, Legal Guidelines and Structures. Legal Guidelines and Structures, 22(7).
- Mawardi, I., Widiastuti, T., & Al Mustofa, M. U. (2022). Constraints and strategies for municipal Sukuk issuance in Indonesia. Journal of Islamic Accounting and Business Research, 13(3), 464-485.
- Minhat, M., & Dzolkarnaini, N. (2017). Which firms use Islamic financing? Economics Letters, 150, 15-17.
- Mohammed, N. (1988). Principles of Islamic contract law. Journal of Law and Religion, 6(1), 115-130.
- Najeeb, S. F., & Vejzagic, M. (2013). Development, growth and challenges of Islamic capital markets: Comparative insights from the Malaysian, Indonesian, United Arab Emirates and Brunei markets. Journal of Emerging Economies and Islamic Research, 1(3), 100-137.
- Narayan, P. K., & Phan, D. H. B. (2019). A survey of Islamic banking and finance literature: Issues, challenges and future directions. Pacific-Basin Finance Journal, 53, 484-496.
- Nasr, A. Ben, Lux, T., Ajmi, A. N., & Gupta, R. (2016). Forecasting the volatility of the Dow Jones Islamic Stock Market Index: Long memory vs. regime switching. International Review of Economics and Finance, 45, 559-571.
- Noor Azizi, N. A., & Kaur, K. (2024). Indicators for modernising the LIS internship: Evidences from a systematic literature review. Journal of Librarianship and Information Science, 56(3), 623-644.
- Nurgaliyeva, K., Koshkina, O., Zaitenova, N., Kireyeva, A., & Kredina, A. (2024). Relationship between banking infrastructure, innovation and economic growth in Kazakhstan. Banks and Bank Systems, 19(2), 40.
- Paltrinieri, A., Hassan, M. K., Bahoo, S., & Khan, A. (2023). A bibliometric review of sukuk literature. International Review of Economics & Finance, 86, 897-918.
- Razak, S. S., Saiti, B., & Dinç, Y. (2019). The contracts, structures and pricing mechanisms of sukuk: A critical assessment. Borsa Istanbul Review, 19, S21-S33.
- Roy, D. A. (1991). Islamic banking. Middle Eastern Studies, 27(3), 427-456.
- Sa’ad, A.A., Muneeza, A., Haron, R., & Othman, A.H. (2022). Ṣukūk structure for deficit financing during COVID-19 crisis. Islamic Economic Studies, 30(1), 23-41.
- Salsabilah, K., Habbe, A.H., & Nirwana, N. (2022). The Effect of Sukuk Structure and Sukuk Guarantee Status on Sukuk Rating in Indonesia Stock Exchange. AFEBI Islamic Finance and Economic Review, 6(2), 147-161.
- Taieb, F., Petit, C., Nougayrède, J.-P., & Oswald, E. (2016). The Enterobacterial Genotoxins: Cytolethal Distending Toxin and Colibactin. EcoSal Plus, 7(1).
- Tijjani, B., Ashiq, M., Siddique, N., Khan, M. A., & Rasul, A. (2021). A bibliometric analysis of quality research papers in Islamic finance: evidence from Web of Science. ISRA International Journal of Islamic Finance, 13(1), 84-101.
- Uddin, M. H., Kabir, S. H., Kabir Hassan, M., Hossain, M. S., & Liu, J. (2020). Why do sukuks (Islamic bonds) need a different pricing model? International Journal of Finance & Economics, 27(2), 2210-2234.
- Ulum, R., & Mubarok, M. H. (2024). Sukuk rating: Maturity, sukuk structure and guarantee with profitability as moderation. Jurnal Ekonomi & Bisnis Islam, 10(1), 139-164.
- Uluyol, B. (2023). A comprehensive empirical and theoretical literature survey of Islamic bonds (sukuk). Journal of Sustainable Finance & Investment, 13(3), 1277-1299.
- Usman, M., Qamar Jibran, M. A., Amir-ud-Din, R., & Akhter, W. (2019). Decoupling hypothesis of Islamic stocks: Evidence from copula CoVaR approach. Borsa Istanbul Review, 19, S56-S63.
- Wilson, R. (1987). Islamic Banking in Jordan. Islamic Banking: The Jordanian Experience. Arab Law Quarterly, 2(3), 207-229.
- Wilson, R. (1997). Islamic finance and ethical investment. International Journal of Social Economics, 24, 1325-1342.