Retail Green Sukuk in Indonesia: A Systematic Literature Review of Sharia Structuring, Regulatory Frameworks, and Market Adoption
DOI:
https://doi.org/10.67197/ss.v2i2.288Keywords:
Retail Green Sukuk, Systematic Literature Review, Maqashid Syariah, Regulatory Framework, Market AdoptionAbstract
Indonesia's issuance of retail green sukuk (SR-BI series) since 2018 represents a structurally distinctive convergence of Islamic finance, environmental governance, and retail capital mobilisation. Despite cumulative issuances exceeding IDR 22 trillion by 2024, academic scholarship on this instrument remains fragmented across three largely disconnected domains: sharia structuring, regulatory compliance, and investor behaviour. This study addresses that fragmentation through a systematic literature review (SLR) guided by PRISMA 2020 protocol. From an initial corpus of 214 records sourced from Scopus, Web of Science, SINTA, and Google Scholar (2018–2024), 31 studies met the eligibility and quality thresholds for thematic synthesis. Three principal findings emerge. First, Wakalah bi al-Istithmar has consolidated as the dominant akad for retail green sukuk due to its asset-flexibility and alignment with Maqashid Syariah, particularly hifz al-mal and hifz al-nasl, yet standardised criteria for classifying green project types within akad categories remain absent from both DSN-MUI fatwas and OJK regulations. Second, Indonesia's regulatory architecture has undergone substantial maturation, though a persistent harmonisation gap exists between the OJK Green Taxonomy and DSN-MUI sharia standards. Third, market adoption is constrained more by financial literacy deficits than by religious resistance, with environmental consciousness proving a statistically significant predictor of purchase intention. This review identifies a cross-cutting research gap: the absence of empirical studies linking sharia compliance quality to long-run retail investor retention.
References
Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77–101. https://doi.org/10.1191/1478088706qp063oa
Chapra, M. U. (2008). The Islamic vision of development in the light of Maqasid al-Shariah. Islamic Research and Training Institute.
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, 19(10), 3202–3225. https://doi.org/10.1108/IJOEM-04-2022-0601
DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147–160. https://doi.org/10.2307/2095101
Directorate General of Financing and Risk Management [DJPPR]. (2024). Green sukuk and SDG sukuk report 2024. Ministry of Finance of the Republic of Indonesia.
Dusuki, A. W., & Abdullah, N. I. (2007). Maqasid al-Shari'ah, maslahah, and corporate social responsibility. American Journal of Islamic Social Sciences, 24(1), 25–45. https://doi.org/10.35632/ajiss.v24i1.446
Dusuki, A. W., & Bouheraoua, S. (2011). The framework of Maqasid al-Shari'ah and its implications for Islamic finance. Islamic Economic Studies, 19(2), 173–193. https://doi.org/10.12816/0004206
Ehlers, T., & Packer, F. (2017). Green bond finance and certification. BIS Quarterly Review, September, 89–104. https://www.bis.org/publ/qtrpdf/r_qt1709h.htm
Endri, E., Sari, A. K., Budiasih, Y., Yuliantini, T., & Kasmir, K. (2022). Corporate green sukuk issuance for sustainable financing in Indonesia. Environmental Economics, 13(1), 30–43. https://doi.org/10.21511/ee.13(1).2022.04
Faisal, Y. A., Gunawan, I., Cupian, Hayati, A., Apriliadi, A., & Fajri, M. (2023). Examining the purchase intentions of Indonesian investors for green sukuk. Sustainability, 15(9), Article 7430. https://doi.org/10.3390/su15097430
Jianakoplos, N. A., & Bernasek, A. (1998). Are women more risk averse? Economic Inquiry, 36(4), 620–630. https://doi.org/10.1111/j.1465-7295.1998.tb01740.x
Karamillah, A. (2019). Syariah capital market instruments: Structures, compliance, and market relevance. Journal of Economicate Studies, 3(2), 100–110.
Keshminder, J. S., Abdullah, M. S., & Mardi, M. (2022). Green sukuk—Malaysia surviving the bumpy road: Performance, challenges and reconciled issuance framework. Qualitative Research in Financial Markets, 14(1), 76–94. https://doi.org/10.1108/QRFM-04-2021-0049
Khalilurrahman, K., & Mubarrak, H. (2022). Retail green sukuk in Indonesia: Toward a maqashid approach. Share: Jurnal Ekonomi dan Keuangan Islam, 11(1), 208–228.
Page, M. J., McKenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., Mulrow, C. D., & Moher, D. (2021). The PRISMA 2020 statement: An updated guideline for reporting systematic reviews. BMJ, 372, Article n71. https://doi.org/10.1136/bmj.n71
Septyanun, N., Shalihah, F., Wahyudi, I., & Masum, A. (2025). Legal implications of Islamic banking in advancing sustainable finance for Indonesia’s net-zero-emission programme. Jambe Law Journal, 8(2), 551–588.
Sisdianto, E., Robiansyah, A., Razimi, M. S. B. A., & Afifah, A. L. (2024). The role of green sukuk (Islamic bonds/Shariah-compliant bonds) in enhancing Indonesia economic development strategy in the new normal era. KnE Social Sciences, 9(16), 608–625.
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010
Supriyadi, A. P., Fauzi, A., & Nugroho, L. (2023). Green sukuk in Indonesia: Unraveling legal frameworks for sustainable Islamic bonds. El-Mashlahah, 13(2), 267–286. https://doi.org/10.23971/el-mashlahah.v13i2.7372
Tang, D. Y., & Zhang, Y. (2020). Do shareholders benefit from green bonds? Journal of Corporate Finance, 61, Article 101427. https://doi.org/10.1016/j.jcorpfin.2018.12.001
Trimulato, T. (2021). Analisis produk keuangan syariah sukuk. Kunuz: Journal of Islamic Banking and Finance, 1(2), 120–137.
Usmani, M. T. (2008). Sukuk and their contemporary applications (S. Ayub, Trans.). AAOIFI.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Meiria Nurphi (Author)
This work is licensed under a Creative Commons Attribution 4.0 International License.
