A BIOMETRIC REVIEW OF THE SUKUK LITERATURE

Year 2024, Volume: 8 Issue: 1, 86 - 93

Eda Köse

https://doi.org/10.69851/car.1605390

Abstract

The interest-free finance system is developing rapidly in the world. Sukuk is one of the financial instruments widely issued by both businesses and countries without interest. Sukuk is one of the most innovative financial instruments of the contemporary interest-free finance system. In particular, sukuk is seen as an alternative source of financing for countries and businesses. Sukuk has attracted the attention of policymakers and academic researchers around the world. This interest and sukuk issuances have created a large literature as a result of the studies conducted by researchers. Accordingly, this study aims to examine the sukuk literature published between 2005 and 2024. The study analyzes 84 research articles taken from the Scopus database. The framework of the study is limited as “Sukuk”, “Islamic and finance” and “Islamic and bond”. In the bibliometric analysis phase, their distribution in terms of country of publication and key words are evaluated. The findings of the bibliometric analysis show that the words Islamic finance, bonds, Covid-19, capital structure, economic growth, Islamic banks, green bonds, corporate governance and Islamic capital market are used extensively in the studies. In addition, Malaysia, Indonesia, Saudi Arabia, the United States, the United Kingdom and Turkey are the countries where the studies are intensively conducted. The study provides valuable information on the current status and future of sukuk, one of the interest-free financial instruments.

Keywords

Sukuk, Interest Free Finance, Bibliometric Analysis, VOSviewer

SUKUK LİTERATÜRÜNÜN BİBLİYOMETRİK BİR İNCELEMESİ

Abstract

Faizsiz finans sistemi dünya da hızla gelişmektedir. Hem işletmeler hem de ülkeler tarafından yaygın olarak faizsiz ihraç edilen finansal araçlardan biri de sukuktur. Sukuk, çağdaş faizsiz finans sisteminin en yenilikçi finansal araçlardan biridir. Özellikle sukuk, ülkeler ve işletmeler için alternatif bir finansman kaynağı olarak görülmektedir. Sukuk, dünyada politika yapıcılar ve akademik araştırmacıların ilgisini çekmiştir. Bu ilgi ve sukuk ihraçları araştırmacıların yaptıkları çalışmalar sonucunda geniş bir literatür oluşturmuştur. Bu doğrultuda çalışmada, 2005-2024 yıllarında yayınlanmış olan sukuk literatürünü incelemektir. Çalışmada Scopus veri tabanından alınan 84 araştırma makalesi incelenmektedir. “Sukuk”, “Islamic and finance” ve “Islamic and bond” şeklinde çalışmanın çerçevesi sınırlandırılmıştır. Bibliyometrik analiz aşamasında yayın yapılan ülke ve anahatar kelimeler olarak dağılımları değerlendirilmektedir. Bibliyometrik analiz bulguları, İslami finans, tahvil, Covid-19, sermaye yapısı, ekonomik büyüme, İslami bankalar, yeşil tahviller, kurumsal yönetim ve İslami sermaye piyasası kelimelerin çalışmalarda yoğunlukla kullanıldığını göstermektedir. Bununla birlikte ülke olarak Malezya, Endonezya, Suudi Arabistan, Amerika, Birleşik Krallık ve Türkiye’de yoğun olarak çalışmaların yapıldığı görülmektedir. Çalışma faizsiz finans araçlarından biri olan sukukun mevcut durumu ve geleceği konusunda değerli bilgiler sunmaktadır.

Keywords

Sukuk, Faizsiz Finans, Bibliyometrik Analiz, VOSviewer

References

• AAOIFI. (2003). Shari’ah standards, accounting and auditing organization for Islamic financial institutions. Manama.
• Afife, Z. K. (2024). Financial sukuk: Concept, legal principles, and types. Asian Journal of Economics, Business and Accounting, 24(2): 98-106. https://doi.org/10.9734/AJEBA/2024/v24i21224
• Ahmed, E. R., Islam, M. A., & Alabdullah, T. T. Y. (2014). Islamic sukuk: Pricing mechanism and rating. Journal of Asian Scientific Research, 4(11): 640-648.
• Al-Ajmi, J., Hussain, H. A., & Al-Saleh, N. (2009). Decisions on capital structure in a Zakat environment with prohibition of riba. Journal of Risk Finance, 10(5): 460-476. https://doi.org/10.1108/15265940911002409
• Alias, A. Z., Abdullah, W. R. W., Rahmawati, R., & Abdullah, A. H. A. (2024). Sukuk as a financial instrument in Islamic Capital Markets: A bibliometric analysis. Proceedings of the 2nd International Conference on Accounting and Business (ICAB2024) Perak, Malaysia, September 18-19.
• Alswaidan, M. W., Daynes, A., & Pasgas, P. (2017). Understanding and evaluation of risk in Sukuk structures. Journal of Islamic Accounting and Business Research, 8(4): 389-405.
• Amrani, M. B., Hamza, F., & Mostapha, E. H. (2017). Sukuk: Literature review. Social and Administrative Sciences, 1, 124–131
• Aria, M; Cuccurullo, C. (2017). Bibliometrix: An R-tool for comprehensive science mapping analysis. Journal of Informetrics, 11(4): 959–975.
• Ayub, M. (2007). Understanding Islamic Finance. London: Wiley.
• Doaei, M., & Dehnad, K. (2024). Bibliometric analysis in sukuk market: Global findings and innovative prospects for Iran. Iranian Journal of Finance, 8(4): 1-37. https://doi.org/ 10.30699/IJF.2024.430707.1451
• Effendi, J., Qoyum, A., Wardhana, L. I., & Thaker, H. M. T. (2023). IT investment and Islamic banking performance in Indonesia: Do sukuk issuance and sariah governance matter?. Banks and Bank Systems, 18: 75-87.
• Hassan, M. K. (2018). The global sukuk market: Development and trends. Islamic Finance Review, 10(2): 45-68. https://doi.org/10.1108/IFR-07-2018-0090
• Howladar, K. (2009). The future of sukuk: substance over form? Understanding Islamic securitization, asset-backed and AAOIFI principles. International Structured Finance Special Comment, Moody’s Investors Service, New York, NY, 6 May.
• IFSB. (2009). Capital adequacy requirements for sukuk, securitisations and real estate investment. Islamic Financial Services Board.
• Maulida, S. (2023). Clustering research on Islamic fintech studies. Islamic Finance and Technology, 1(1).
• Maurer, B. (2010). Form versus substance: AAOIFI projects and Islamic fundamentals in the case of sukuk. Journal of Islamic Accounting and Business Research, 1(1): 32-41. https://doi.org/10.1108/17590811011033398
• Mohamad, N. E. A., Saad, N. M., & Mohamed, Z. (2023). A bibliometric review of sustainable and responsible investment sukuk envision green financing. European Proceedings of Finance and Economics, https://doi.org/10.15405/epfe.23081.32
• Nair, A., Pillai, S. V., & Senthil Kumar, S.A. (2024). Towards emerging Industry 5.0 – a review-based framework. Journal of Strategy and Management, https://doi.org/10.1108/JSMA-04-2023-0067
• Naz, S. A., & Gulzar, S. (2023). Islamic financial development & economic growth: the emergence of Islamic financial market in Pakistan. Journal of Islamic Accounting and Business Research, 14(6): 989-1012.
• Paltrinieri, A., Hassan, M. K., Bahoo, S., & Khan, A. (2019). A bibliometric review of sukuk literatüre. International Review of Economics and Finance, 86: 897-918. https://doi.org/10.1016/j.iref.2019.04.004
• Puspita, A: T. (2023). Sukuk development in Indonesia: VosViewer application. Islamic Capital Market, 1(1), http://journals.smartinsight.id/index.php/ICM
• Rahman, M., Isa, C. R., Tu, T. T., Sarker, M., & Masud, M. A. K. (2020). A bibliometric analysis of socially responsible investment sukuk literature. Asian Journal of Sustainability and Social Responsibility, 5: 1-19.
• Smaoui, H., & Ghouma, H. (2020). Sukuk market development and Islamic banks’ capital ratios. Research in International Business and Finance, 51. https://doi.org/10.1016/j.ribaf.2019.101064
• Trianto, B., & Masrizal, M. (2021). Sukuk and Islamic banking financing: their impacts on the real sector. Journal of Islamic Monetary Economics and Finance,7(4): 671-686.
• Van Eck, N., & Waltman, L. (2010). Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics, 84(2): 523-538.
• Yıldırım, S., Yıldırım, D. C., & Diboglu, P. (2020). Does Sukuk market development promote economic growth?. PSU Research Review, 4(3): 209-218.
• Zainol, Z., & Abdul Rahim, A. K. (2019). The influence of macroeconomics factors and political risk on the sukuk market development in selected GCC countries: a panel data analysis. Jurnal Ekonomi Malaysia, 53(2): 199-211.
• Zulkhibri, M. (2015). A synthesis of theoretical and empirical research on sukuk. Borsa Istanbul Review, 15: 237–248.