Capital structure of sharia companies: The role of sukuk, bonds, and sukuk volume on the speed of adjustment

The threat of the global climate crisis demands improvement and adjustment from various sides, including the financial sector. Islamic finance responds to environmental responsibility by presenting environmentally friendly financing products in green sukuk. This study aims to show the development trend of the number of publications in green sukuk and systematize the results of studies that explain the development and evaluation of the emergence of green sukuk investments. This study analyzed 15 publications on green sukuk during the 2016-2022 years indexed by the Scopus database. As for methodology, the descriptive analysis was used to explain the green sukuk data quantitatively; the synthesis analysis was used to describe data based on four directions (the development of models (10 sources), opportunities (12 sources), challenges (12 sources), and evaluations of green sukuk (10 sources). Preferred Reporting Items for Systematic Review and Meta-Analyses standard were used to choose samples for this investigation. The green sukuk challenge is dealing with the sukuk market after the pandemic. Several evaluation findings regarding managing commitment from the government and investors for the renewable energy sector and efforts to provide low-cost sukuk financing and risk minimization are found. Green sukuk demands efficient management to be more viable, competitive, and attractive to investors if the operational area supports it. Green sukuk projects face expanding green funding, global climate financing, managing renewable energy, and validating greenhouse gas emissions. The green stock market reaction requires coordination amongst economic subsectors.

Green Sukuk is a source of financing that supports the SDGs. Climate change, the growth of the Islamic finance industry, and the rise of socially responsible investing could make green Sukuk a vital tool for financing clean energy and sustainable infrastructure projects. Many studies have identified its potential and advantages. However, no companies have issued green corporate Sukuk in Indonesia yet. The purpose of this study is to determine the potential and main problems of issuing corporate green Sukuk in Indonesia, along with possible solutions and strategies. The research method used is the analytic network process (ANP). In this study, respondents are experts in the field of green Sukuk (involved experts were from academia, project actors, and regulators). The results of the study indicate that the first destination that has the potential to be financed with green corporate Sukuk is renewable energy. At the same time, the main problem is the lack of understanding from market participants. In terms of solutions, the incentive provided by the government is the best to encourage the issuance of green corporate Sukuk. Moreover, the first strategy is to issue green corporate Sukuk with ijarah contracts. From the research results, it is hoped that the Indonesian government can be more aggressive in providing incentives to green project actors.

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.