A bibliometric analysis of socially responsible investment sukuk literature

Teng-Tsai Tu,Moniruzzaman Sarker,Che Ruhana Isa,Md. Abdul Kaium Masud,Mahfuzur Rahman

doi:10.1186/s41180-020-00035-2

Abstract

Despite the impressive growth of socially responsible investment (SRI) Sukuk (Islamic bond) over the last five years, a handful of comprehensive research is documented in literature. Hence, the aim of this study is to systematically explore and cluster the SRI Sukuk literature to offer comprehensive guidelines for future research. A total of 232 peer reviewed papers from Web of Science database were considered for bibliometric analysis (using VOSviewer software) which are published over the period of 1970-May 2019. This analysis shows SRI Sukuk literature mainly falls in three research clusters: (1) nature of SRI Sukuk, (2) competitiveness of SRI Sukuk, and (3) determinants of SRI Sukuk. However, very few studies have explored the determinants of SRI Sukuk investment. The literature also indicates that, SRI Sukuk research are highly collaborated between Malaysia, Australia, and the USA yet the number is trifling. Thus, exploring motivational factors of SRI Sukuk investment and its impact on the nation’s economic development in a cross-country setting would be worthwhile researching.

Highlights

In literature, SRI has been referred as socially responsible investment, sustainable and responsible investment, and sustainable, responsible, and impactful investment (Securities Commission Malaysia 2017)
As Web of Science (WoS) is acknowledged as the oldest citation database with wider coverage of scholarly publication (Mascarenhas et al 2018; Rey-Martí et al 2016), the bibliographic information of SRI Sukuk literature is extracted from this database only
The publications are written by Aloui et al (2015a) with the contribution “Co-movement between sharia stocks and Sukuk in the GCC markets: A time-frequency analysis” has received the second highest citation of 28 which investigated the interdependency between shariah stock and Sukuk in the GCC market

Summary

Introduction

SRI has been referred as socially responsible investment, sustainable and responsible investment, and sustainable, responsible, and impactful investment (Securities Commission Malaysia 2017). Whereas SRI Sukuk is defined as Islamic bond that follows Islamic Shariah principles for financing activities It is named as Islamic Sukuk, green bond, Islamic debt instrument, etc. Islamic finance and socially responsible investment (SRI) have experienced rapid growth over the last two decades. Both of their growth in volume are significantly higher compared to conventional finance. The total volume of Islamic financial investment has grown 15%–20% a year, with Islamic financial assets exceeding

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