International Review of Economics and Finance: Andrea Paltrinieri, Mohammad Kabir Hassan, Salman Bahoo, Ashraf Khan

International Review of Economics and Finance xxx (xxxx) xxx
Contents lists available at ScienceDirect
International Review of Economics and Finance

journal homepage: www.elsevier.com/locate/iref
A bibliometric review of sukuk literature

Andrea Paltrinieri a, *, Mohammad Kabir Hassan b, Salman Bahoo c, d, e, Ashraf Khan c
a
Department of Economics and Statistics, University of Udine, Via Tomadini 30/A, 33100, Italy
b
University of New Orleans, USA
c
University of Udine, Italy
d
University of Agder, Norway
e
The Islamia University of Bahawalpur, Pakistan
A R T I C L E I N F O A B S T R A C T
JEL classification: Sukuk (Islamic bonds) are one of the Islamic finance sectors that have experienced the fastest
C1 growth during the last decade. Using a quali-quantitative approach known as meta-literature re-
F1 view, the aim of this paper is to survey the sukuk literature over the period 1950–2018. In total we
G1
review and analyze 80 papers through bibliometric citation analysis (using HistCite and VOS-
Keywords: viewer software) coupled with content analysis. We show the influential aspects of the literature,
Sukuk
such as countries, institutions, journals, authors, articles and topics. We also present the co-
Islamic bonds
authorship network and identify three research streams: (1) sukuk overview and growth, (2)
Islamic finance
Meta-literature review sukuk and finance theories, (3) sukuk and stock market behavior. Through the review and analysis
Bibliometric citation analysis of the published research on sukuk, we finally provide 11 future research questions in order to
Bibliometric cartography analysis extend the research on this topic.
1. Introduction
During the last decade, Islamic finance has witnessed an unprecedented expansion in several sectors, among which Islamic banks,
sharia compliant financial instruments such as sukuk, Islamic stock indices and mutual funds (Nasr, Lux, Ajmi, & Gupta, 2016; Raza &
Ashraf, 2019). The total asset of Islamic financial industry touched $2.5 trillion, having a growth rate of 8.3% at the end of 2017 (IFSB,
2018). Recent figures indicate that Islamic banks operate in several Muslim and non-Muslim countries with a total asset of $1.557
trillion in 2017 (IFSB, 2018) with a remarkable development even in the non-Muslim countries, such as Europe and North America
(Pollard & Samers, 2007). But most of the growth and expansion of Islamic finance is fueled by the issuance of sharia-stocks and sukuk
(Islamic bonds) and their inclusion in Islamic and non-Islamic investment portfolios.
In particular, sukuk market has experienced an impressive growth during the recent years. The market has grown from $33.606
billion to $ 116.771 billion in 2006–2017 period. Moreover, this relatively new market has also attracted non-Muslim issuers from
Europe, Asia, and Africa. Sukuk market emerged as new phenomenon in global financial system after global financial crises. It is an
alternative way of raising capital to meet financial needs of firms and promote sustainable economic development (Zulkhibri, 2015).
This market caught the attention of the policymakers and academic researchers around the world. Along with this interest and the
continuous issuance of sukuk, it has been developed a large body of literature on this topic.
Therefore, the aim of this paper is to thoroughly explore what has been published, giving some idea for future research. A detailed
* Corresponding author.
E-mail addresses: andrea.paltrinieri@uniud.it (A. Paltrinieri), mhassan@uno.edu (M.K. Hassan), bahoo.salman@spes.uniud.it (S. Bahoo), khan.
ashraf@spes.uniud.it (A. Khan).
https://doi.org/10.1016/j.iref.2019.04.004
Received 26 September 2018; Received in revised form 3 April 2019; Accepted 6 April 2019
Available online xxxx
1059-0560/© 2019 Elsevier Inc. All rights reserved.
Please cite this article as: Paltrinieri, A. et al., A bibliometric review of sukuk literature, International Review of Economics and
Finance, https://doi.org/10.1016/j.iref.2019.04.004
A. Paltrinieri et al. International Review of Economics and Finance xxx (xxxx) xxx
investigation of existing research will help to push the current efforts into a new stage of development. In this study, we show the
progress on sukuk research, which aspects are more recognizable, and at which direction the future field of research should expand. To
carry out this sukuk literature review, we apply bibliometric citation with data visualization techniques coupled with content analysis
(Alon, Anderson, Munim, & Ho, 2018; Moed, Burger, Frankfort, & Van Raan, 1985).
After the emergence of the sukuk market, there have been a few scholars carrying out a conventional literature review of sukuk
research, such as Zulkhibri (2015) and Amrani, Hamza, and Mostapha (2017). Zulkhibri (2015) conducts the review of sukuk addressing
three major points: (i) their underlying theory and nature, (ii) the operational issues and structure, and (iii) the role of sukuk in economic
development. Amrani et al. (2017) present a conventional literature review of sukuk, discussing the concept of Islamic bonds, the
different types and the major streams of research.
Our meta-literature review is different from previous research studies in the following ways. First, we analyze studies up to 2018,
through a quali-quantitative approach, using cutting-edge techniques, such as bibliometric citation analysis and content analysis.
Second, we apply citation, co-citation, co-authorship and cartography analysis through HistCite and VOSviewer software. Third, we
examine two datasets: (i) 60 articles from ISI Web of Science (ISI WOS) published over the period 1950–2017 for bibliometric analysis
and (ii) 80 articles, including 60 articles from ISI WOS, plus 20 influential articles and working papers, for content analysis. Fourth, this
study is one of the first in finance to apply this methodology, following the relevant stream in international business (Apriliyanti & Alon,
2017; Fetscherin & Heinrich. 2015; Zott, Amit, & Massa, 2011) and going beyond the traditional literature reviews (Mohan, 2014;
Brzeszczynski, Gajdka, & Kutan, 2015).
Through this methodology, we answer three major research questions: (1) What are the influential aspects of sukuk literature? (2)
What are the key research streams in sukuk literature? (3) What are the potential future research questions to explore?
This study has multiple findings. We first present the influential aspects of sukuk literature such as countries, institutions, authors
and articles/topics. The top three countries and institutions publishing on sukuk literature are respectively Malaysia, Saudi Arabia, USA
and Drexel University, IPAG Business School, EM Strasbourg Business School. We also explore the top journals in three categories based
on number of articles published, total local citations and total global citations. The “Pacific-Basin Finance” journal is at first position in
all three categories. We identify the top authors publishing on sukuk: Shawkat Hammoudeh, Nader Naifar, and Saad Azmat. Further, we
present influential articles/topics in two categories based on total local citation received per year and total global citation received per
year. Second, we explore the following three research streams through co-citation analysis coupled with content analysis: (1) sukuk
overview and growth, (2) sukuk and finance theory, (3) sukuk and stock market behavior. Third, we present the co-authorship networks
Fig. 1. Methodological approach, source author's presentation.
2
among the authors publishing on sukuk. Fourth, we identify the growth under each stream by searching articles with the keywords
through the cartography analysis. Finally, with the help of meta-literature review, we identify 11 future research directions to further
explore this topic.
The rest of paper is organized as follows. Section 2 describes the methodology. Section 3 addresses the influential aspects of
literature. Section 4 shows the citation visualization of sukuk literature. Finally, sections 5, 6, 7, 8 present the review of research streams,
the growth of sukuk literature, the future research questions and the conclusion of the study.
2. Methodology
Meta-analysis is defined as “the analysis of analysis (Glass, 1976, p. 3). It is a combination of different analyses, therefore applying a
bibliometric citation analysis to carry out a meta-literature review is a burgeoning technique (Zamore et al., 2018), a new form of
“meta-literature review” (Fetscherin, Voss, & Gugler, 2010, p. 236). This meta-literature review is unique and different from conven-
tional statistical meta-analysis, based on regression analysis of previous empirical studies. It consists of bibliometric citation and content
analysis of sukuk literature (Bahoo, Saeed, Iqbal, & Nawaz, 2018; Gaur & Kumar, 2018). We apply three methods under bibliometric
citation analysis: (i) co-citation analysis (Apriliyanti & Alon, 2017; Fetscherin et al., 2010; Iddy & Alon, 2019; Øyna & Alon, 2018); (ii)
cartography analysis (Zamore et al., 2018); (iii) co-authorship analysis (Liu et al., 2005; Piette & Ross, 1992). This study performs a
quali-quantitative literature review that consists of multiples stages and systematic sample selection, keeping in view the research
objectives. Fig. 1 provides a complete picture of the complex methodology. The step-by-step detail follows.
2.1. Sample selection process
We adopt a systematic sample (articles) selection process that consists of three steps to fulfil the objectives of this study (see Fig. 1 &
Table 1).
The first step is related to the selection of the database in order to collect the articles’ bibliometric data to run the bibliometric
citation analysis. We select ISI Web of Science (WOS) database because it is a big database including other five databases and covering
all the top journals since 1950. The same database was also used by Apriliyanti and Alon (2017), Fetscherin and Heinrich (2015),
Zamore et al. (2018), and Zott et al. (2011).
The second step is related to the literature search and that is the key point in any bibliometric analysis. We search the articles at three
different levels in order to cover the widest possible range of the literature. At the first level, we search from ISI WOS with keywords
“sukuk” or “Islamic bonds” or “Sharia stock” and “Islamic Finance” during the period 1950–2017. By applying two filters, i.e. English
language and published articles, we find 90 articles having a total local citations of 221 (Apriliyanti & Alon, 2017; Fetscherin &
Heinrich, 2015). Our selection of keywords to search the literature on sukuk is confirmed through cartography analysis (see Table 11
and Fig. 5). 2017 is considered the most recent year based on the assumption that recent published papers need time to be cited. This
assumption is confirmed through our search between 2017 and 2018, since we find 51 articles that have only 11 citations.
At the second level, we search from top journals having ranking of 2 or above in three categories, i.e. finance, business and economics
(Zott et al., 2011). We find 30 articles published in top journals. Finally, we consider the top institutional working papers on sukuk,
which result in a total of 8 papers.
The third step of sample selection process is imperative because the results of bibliometric citation analysis depends on the citation
and inclusion of the relevant articles. We considered the following criteria in order to decide the inclusion of an article:
(i) the sukuk should be a direct content of the study in a specific article;
(ii) the article should address the sukuk in a non-trivial and non-marginal way (Zott et al., 2011).
Table 1
Details of final sample.
Search Words Period Search Technique Initial Search Results Final Sample Analysis Performed on Final Sample
No. of articles Total local

citations (ISI WOS)
“Islamic Bonds” 1950 to 2017 ISI WOS 90 221 60 BCC, BC, Meta-Literature
OR C-AU and CA Review
“Sukuk” 2017 to 2018 ISI WOS 51 11 05 CA
OR 1950 to 2018 ABS 2015, UK 30 07 CA
“Sharia Stock” ranking, to Journals
2005 to 2018 Most Influential 08 08 CA
Papers in literature
Total number of articles and citations 179 80*

*Final sample after excluding un-relevant articles
Note: The table presents the final sample of articles, citations, search techniques, number of citations and analysis conducted. CA ¼ content analysis,
BCC ¼ bibliometric co-citation, BC ¼ bibliometric coupling, C-AU ¼ co-authorship, and ISI WOS¼ISI web of science. The review of Sukuk is conducted
by applying SWFs bibliometric citation meta-analysis, source author's calculation.
3
Fig. 2. The figure presents the quadrant analysis of 32 journals in sample and divided them into four quadrants. The quadrants are defined as A (low
focus and impact), B (low focus and high impact), C (high focus and impact), D (high focus and low impact) based on the standard of output (focus)
(PSUK ¼ 1.88) and impact (TLC/t ¼ 0.20), author's calculation.
Two independent researchers review and examine all the 179 initially searched articles based on the above criteria, obtaining the
following two datasets:
The first dataset: 60 articles published and listed on ISI WOS during period 1950–2017, used for bibliometric analysis;
The second dataset: 80 articles, including the 60 articles from ISI WOS, plus 20 influential articles and working papers, for content
analysis.
2.2. Meta-literature review
The meta-literature review is based on five stages of multiples tests, such as (i) identification of influential aspects of the literature,
Fig. 3. Clusters/Streams Visualization through VOSviewer software over period of 1950–2017 in Sukuk literature. The minimum number of citation
of a cited reference are kept at 5 to make result meaningful and layout considered as attraction at 2 and repulsion at 0, authors calculation.
4
Fig. 4. Co-Authorship analysis through VOSviewer software over period of 1950–2017 in Sukuk literature. The minimum number of citation of a
cited reference are kept at 1 to make result meaningful and layout considered as attraction at 2 and repulsion at 0, authors calculation.
(ii) co-citation, (iii) co-authorship, (iv) cartography, and (v) content analysis. The first dataset is used to carry out bibliometric citation
analysis (quantitative assessment) by following Apriliyanti and Alon (2017), Fetscherin and Heinrich (2015), and Zamore et al. (2018).
The second dataset is content analyzed (qualitative assessment).
Bibliometric citation analysis is conducted with two software, HistCite and VOSviewer. The HistCite software only deals with the
bibliometric data of ISI WOS as input and give multiples results as output (Fetscherin & Heinrich, 2015). The VOSviewer is a powerful
visualization software that works on a distance-based mapping technique in order to visualize items (Van Eck & Waltman, 2010). It is
more suitable and powerful in visualization compared to CiteSpace and Sci2 (Van Eck & Waltman, 2014).
It is also important to present the concepts of the softwares’ key terms that will be used in the analysis. The HistCite software gives
findings in several patterns (HistCite - Glossary, 2018), such as: total local citations (TLC) which means the number of times an article is
cited by other articles in the sample of the study (in our case 60 articles from ISI WOS); total global citations (TGC) means the number of
times an article is cited by other articles in the whole database of ISI WOS; total local citation per year (TLC/t) and total global citation
per year (TGC/t). The total number of articles published by country, institutions and journals is also another important indicator (PSUK)
in citation analysis. The VOSviewer software provides the results in the form of networks and clusters in different colors, based on link,
link strength, and total link strength among articles (Eck & Waltman, 2013, pp. 1–28). Finally, the detail of each analysis is as follows.
2.2.1. Stage 1. identification of influential aspects of sukuk literature

To identify the influential aspects of sukuk literature, we conduct a citation analysis by using HistCite software (Kim & McMillan,
2008). Our results show that the 60 papers from ISI WOS published by 32 journals and belongs to 115 authors have 221 citations. We are
able to identify the influential aspects of sukuk literatures, such as top countries (Table 2), institutions (Table 3), journals (Table 4),
authors (Table 5), and articles (Tables 6 and 7) through the software.
2.2.2. Stage 2. Co-Citation analysis

The second stage of analysis is the co-citation of articles based on their citation data. Co-citation is different as compared to the
simple counting of citations (Alon et al., 2018). We apply bibliometric co-citation technique with the help of VOSviewer software, which
identifies commonalities and research streams or clusters (Kim & McMillan, 2008) in the form of networks. These networks are based on
articles’ citations and their strength (Eck & Waltman, 2013, pp. 1–28). The purpose of co-citation analysis is to identify the research
streams or clusters in the literature (see Fig. 3).
2.2.3. Stage 3. Co-Authorship analysis

We identify the co-authorship network among authors/researchers by following Liu et al. (2005) and Piette and Ross (1992) to
recognize the authors. This analysis will help to explore the networks for future research projects because sukuk literature is less
5
Fig. 5. Identification of keywords in Sukuk literature through bibliometric cartography analysis applied with VOSviewer software over period of
1950–2017. The minimum criteria of keywords co-occurrence is set as 3 and layout option is 2 and 0, author's calculation.
Table 2
Most influential countries.
Ranka Country PSUK % PSUK of total TLC TGC
1 Malaysia 18 30 10 57
2 Saudi Arabia 13 21.7 26 69
3 USA 13 21.7 25 62
4 Australia 9 15 14 28
5 France 7 11.7 38 72
6 Pakistan 7 11.7 13 27
7 UK 6 10 2 26
8 Tunisia 5 8.3 4 12
Note: This table is sorted based on PSUK to report 8 influential countries. PSUK: number of articles published authors belong to following above
countries. TLC: total local citations received, TGC: total global citations received.
a
The minimum standard of PSUK 5 is established by the authors to make results meaningful.
developed compared to other fields. (see Fig. 4 & Table 5).
2.2.4. Stage 4. cartography analysis

Then, we apply cartography analysis (Zamore et al., 2018; Van Eck & Waltman, 2010) to identify the most repeated keywords under
each streams. The analysis validates the selection of keywords by authors for the literature search on sukuk. The VOSviewer software is
used for cartography analysis. This analysis is based on the assumption that keywords are descriptors of the content in an article and the
same keywords articles establish a cluster/network in a field of research (Ding, Chowdhury, & Foo, 2001). We identify keywords and the
literature growth under each stream (see Table 11, Figs. 5 and 6).
2.2.5. Stage 5. content analysis

Finally, we content analyzed the 80 articles on sukuk published over the last 68 years, between 1950 and 2018. The content analysis
is carried out to review, explore and confirm the result of bibliometric citation analysis (Alon et al., 2018; Potter & Levine-Donnerstein,
1999). It is a widely accepted social science methodology to systematically review and confirm the validity of knowledge in a specific
6
Table 3
Most influential institutions.
Ranka Name of Institution Country PSUK % PSUK of total TLC TGC
1 Drexel University United States 5 8.3 22 47

2 IPAG Business School France 4 6.7 20 42
3 EM Strasbourg Business School France 1 1.7 18 30
4 King Saud University Saudi Arabia 3 5 18 37
5 Lebanese Amer University Lebanon 1 1.7 18 30
6 University Haute Alsace France 1 1.7 18 30
7 University Strasbourg France 3 5 18 30
8 Imam Muhammad Ibn Saud Islamic University IMSIU Saudi Arabia 2 3.3 16 32
9 Lahore University Management Sciences Pakistan 4 6.7 13 24
10 Monash University Australia 6.7 13 24
Note: This table represents the most influential institutions that are publishing on Sukuk and sorted based on TLC. PSUK: number of articles published by
institutions. TLC: total local citations received, TGC: total global citations received.
a
The minimum standard is TLC 13 established by the authors to make results meaningful.
field of study (Bahoo et al., 2018; Gaur & Kumar, 2018; Potter & Levine-Donnerstein, 1999). Moreover, coupled with the bibliometric
citation analysis, it is used to explore future research directions.
3. The influential aspects of the sukuk literature
3.1. Top influential countries and institutions
Sukuk are a new phenomenon as compared to conventional bonds. The first sukuk was issued by Malaysia in 1990 (Yumanita &
Ascaya, 2007). The concept of sukuk belongs to Islamic law and Muslim countries are prominent issuers of sukuk. However, currently,
Islamic bonds have a reasonable market share internationally and are bought by non-Muslim investors as well. It is important to identify
the centers of excellence related to sukuk research in term of countries and institutions.
Table 4
Most influential journals in literature.
Ranka Country ABS Ranking (2015), U. K Impact Factor PSUK TLC/t TGC/t
1 Pacific-Basin Finance Journal 2 1.60 11 7.5 19.08

2 Journal of Islamic Accounting and Business Research 1 – 6 0 2
3 Emerging Markets Finance and Trade – 0.828 3 1 1
4 International Journal of Islamic and Middle Eastern 1 – 3 0 1
Finance and Management
5 Journal of International Financial Markets Institutions & Money – 1.719 3 4.17 13.5
6 Research in International Business and Finance – – 3 1 4.5
7 Review of Financial Economics 1 – 3 0 1
Rankb Country ABS Ranking (2015), U. K Impact Factor PSUK TLC/t TGC/t
1 Pacific-Basin Finance Journal 2 1.60 11 7.5 19.08

3 Journal of Comparative Economics 3 1.236 1 3.6 6
4 North American Journal of Economics and Finance 2 1.098 1 2.67 5
5 Emerging Markets Finance and Trade – 0.828 3 1 1
6 Journal of Banking Regulation 2 – 2 1 3.33
7 Research in International Business and Finance 2 – 3 1 4.5
Rankc Country ABS Ranking (2015), U. K Impact Factor PSUK TLC/t TGC/t
1 Pacific-Basin finance journal 2 1.60 11 7.5 19.08

3 Economic Modelling 2 1.696 1 0 6.5
4 Journal of Comparative Economics 3 1.236 1 3.6 6
5 North American Journal of Economics and Finance 2 1.098 1 2.67 5
6 Research in International Business and Finance 2 – 3 1 4.5
7 Journal of Banking Regulation 2 – 2 1 3.33
Note: This table is sorted based on three criteria; PSUK, TLC/t and TGC/t. PSUK: number of articles published by journal, TLC/t: total local citations
received per year, TGC/t: total global citations received per year.
*The minimum standard set to rank top 7 journals under each category is; PSUK ¼ 03, TGC/t 1, TGC/t > 3. The U.K ABS ranking 2015 and impact
factor of each journal is presented.
a
Top Articles Sorted by PSUK.
b
Top Articles Sorted by TLC/t.
c
Top Articles Sorted by TGC/t.
7
Table 5
Top influential authors and social network of co-authorship.
Network (red ¼ A, Ranka Name of Author/Professor University/Institute/Country PSUK TLC TGC
blue ¼ B and green ¼ C)
A 1 Hammoudeh Shawat LeBow College of Business Drexel University, U. S 5 22 47

C&B 2 Naifar Nader Imam Muhammad Ibn Saud Islamic University, Saudi Arabia 5 4 24
3 Azmat Saad Lahore University Management Sciences, Pakistan 4 13 24
4 Brown Kym Monash University, Australia 4 13 24
5 Skully Michael Monash University, Australia 4 13 24
A 6 Aloui Chaker King Saud University, Saudia Arabia 3 18 37
A 7 Ben Hamida Hela Imam Muhammad Ibn Saud Islamic University, Saudi Arabia 3 18 37
8 Masih Mansur The Global University of Islamic Finance, Malaysia 3 4 25
9 Smaoui Houcem Qater University Doha, Qater 3 1 1
10 Weill Laurent University of Strasbourg, France 3 18 30
11 Akhtar Shumi University of Sydney, Australia 2 0 2
12 Hassan M. Kabir University of New Orleans, U. S 2 3 10
C Al dohaiman Mohamed S. Imam Muhammad Ibn Saud Islamic University, Saudi Arabia
C Carlos Reboredo j University of Santiago de Compostela, Spain
B Mroua M University of Sfax, Tunisa
B Bahloul S University of Sfax, Tunisa
C Dimitriou D University of Athens, Greece
C Kenourgios D University of Athens, Greece
Note: This table is sorted by PSUK to report the 12 top authors which are publishing on Sukuk. PSUK: number of articles published by authors. TLC: total
local citations received, TGC: total global citations received.
a
The minimum standard of PSUK 2 is established by the authors to make results meaningful. The co-authorship visualization is presented with
groups codes.
We identify top 8 influential countries and 10 institutions around the world. The top influential countries are identified based on the
criteria of the number of papers published by country's authors and institutions (PSUK 5) as given in Table 2. The minimum criteria set
by authors is five or more papers published by relevant country. The first four countries publishing on sukuk are Malaysia (18), Saudi
Arabia (13), USA (13) and Australia (09). It is worth noting that sukuk gain attention of non-Muslim countries as well, such as USA, U.K,
France and Australia. The attraction by these developed countries will help global sukuk market to grow faster.
Further, we list down the top 10 influential institutions having total local citations equal or greater than 13 (TLC 13) as minimum
criteria established by the authors. The ranking of institutions is presented in Table 3. The top two institutions are Drexel University (22)
and IPAG Business School (20) that belong to USA and France. These countries and institutions can be considered as “centers of
excellence” for previous research on sukuk. These results and findings are useable for other countries and institutions in order to
collaborate on multiple research projects and organize workshops on sukuk (Fetscherin & Heinrich, 2015).
Table 6
First category of top influential articles/topics in literature based on TLC/t.
Rank Author (s) and Article Title & Journal Journala ABS Ranking Impact TLC TLC/ TGC TGC/
Year (2015), U. K Factor t t
1 Godlewski et al. Sukuk vs. conventional bonds: A stock market JCE 3 1.236 18 3.6 30 6
(2013) perspective
2 Aloui et al. Co-movement between sharia stocks and sukuk in JIFMIM – 1.719 8 2.67 17 5.67
(2015b) the GCC markets: A time-frequency analysis
3 Aloui et al. Global factors driving structural changes in the co- NAJEF 2 1.098 8 2.67 15 5
(2015a) movement between sharia stocks and sukuk in the
Gulf Cooperation Council countries
4 Azmat et al. Issuer's choice of Islamic bond type PBFJ 2 1.60 9 2.25 11 2.75
(2014a)
5 Naifar et al. Dependence structure between sukuk (Islamic JIFMIM – 1.719 3 1.5 5 2.5
(2016) bonds) and stock market conditions: An empirical
analysis with Archimedean copulas
6 Mohamed et al. Why do issuers issue Sukuk or conventional bond? PBFJ 2 1.60 4 1.33 9 3
(2015) Evidence from Malaysian listed firms using partial
adjustment models
7 Oseni and Hassan Regulating the governing law clauses in Sukuk JBR 2 – 3 1 8 2.67
(2015) transactions
8 Maghyereh and Dynamic transmissions between Sukuk and bond RIBF 2 – 2 1 9 4.5
Awartani (2016) markets
9 Smaoui and The Determinants of Sukuk Market Development EMFT – 0.828 1 1 1 1
Khawaja (2017)
10 Abdul Halim et al. Agency costs and corporate sukuk issuance PBFJ 2 1.60 1 1 1 1
(2017)
Note: This table is sorted based on TLC/t to find 10 influential articles/topics in Sukuk literature. TLC: total local citations received, TGC: total global
citations received, TLC/t: total local citations received per year, TGC/t: total global citations received per year.
a
The minimum standard is TLC/t 1 is observed to make results meaningful, the full name of journals is given in appendix A.
8
Table 7
Second category of top influential articles/topics in literature based on TGC/t.
Rank* Author (s) and Year Article Title Journal* ABS, Ranking Impact Factor TLC TLC/t TGC TGC/t
(2015), U.K
1 Kenourgios et al. (2016) Islamic financial markets and EM 2 1.696 0 0 13 6.5

global crises: Contagion or
decoupling?
2 Godlewski et al. (2013) Sukuk vs. conventional bonds: JCE 3 1.236 18 3.6 30 6
A stock market perspective
3 Aloui et al. (2015b) Co-movement between sharia JIFMIM – 1.719 8 2.67 17 5.67
stocks and sukuk in the GCC
markets: A time-frequency
analysis
4 Alaoui et al. (2015) Linkages and co-movement JIFMIM – 1.719 0 0 16 5.33
between international stock
market returns: Case of Dow
Jones Islamic Dubai Financial
Market index
5 Aloui et al. (2015a) Global factors driving NAJEF 2 1.098 8 2.67 15 5
structural changes in the co-
movement between sharia
stocks and sukuk in the Gulf
Cooperation Council
countries
6 Maghyereh and Awartani (2016) Dynamic transmissions RIBF 2 – 2 1 9 4.5
between Sukuk and bond
markets
7 Ibrahim (2015) Issues in Islamic banking and PBFJ 2 1.60 1 0.33 11 3.67
finance: Islamic banks,
Shari'ah-compliant
investment and sukuk
8 Mohamed et al. (2015) Why do issuers issue Sukuk or PBFJ 2 1.60 4 1.33 9 3
conventional bond? Evidence
from Malaysian listed firms
using partial adjustment
models
9 Azmat et al. (2014a) Issuer's choice of Islamic bond PBFJ 2 1.60 9 2.25 11 2.75
type
10 Oseni and Hassan (2015) Regulating the governing law JBR 2 – 3 1 8 2.67
clauses in Sukuk transactions
Note: This table represents the most influential articles/topic in Sukuk literature. TLC: total local citations received, TGC: total global citations
received, TLC/t: total local citations received per year, TGC/t: total global citations received per year. *The minimum criteria to sort out the articles is
TLG/t > 2.5 and full name of journals is given in appendix A.
Fig. 6. Growth under each stream based on keywords, identified through bibliometric cartography analysis between 1960 and 2018. The graph is
based on per year publication under each stream and, overall. The first paper in our dataset of sukuk is published in year 2007, author's calculation.
9
3.2. Top influential journals and authors
The identification of top journals and authors will be useful for the researchers who are currently working on sukuk literature to
create collaborations and target these journals. Within our first dataset, 60 articles are published by 32 journals. These journals belong to
five key areas: finance (60% of total published articles), economics (45%), business (11%), multidisciplinary (7%), and law (2%).
We rank these journals based on three criteria: the total number of articles published (PSUK ¼ 03), total local citation received per
year (TLC/t 1), and total global citation received per year (TGC/t > 3), as shown in Table 4. The criteria set by the authors is based on
quantity (PSUK) and quality (TLC/t & TGC/t) of published works. Our results show that Pacific-Basin Finance Journal is at a top position
in all three categories (published 11 papers, TLC/t ¼ 7.5, and TGC/t ¼ 53). The second position is secured by “Journal of Islamic Ac-
counting and Business Research” (in term of number of articles published, PSUK ¼ 06) and “Journal of International Financial Markets
Institutions & Money” (in term of citations, TLC/t ¼ 4.17, and TGC/t ¼ 13.5).
We also categorize highly focused (output, number of articles published, PSUK) and impacted (citations, number of total local ci-
tations received per year, TLC/t) journals in four quadrants: A (low focus and impact), B (low focus and high impact), C (high focus and
impact), D (high focus and low impact) in Fig. 2. Our analysis shows that five journals fall in quadrant C, which have high focus and
impact in literature: Pacific-Basin Finance Journal, Research in International Business and Finance, Journal of International Financial
Markets Institutions & Money, Journal of Economic Behavior & Organization, and Journal of Banking Regulation. The “Pacific-Basin
Finance Journal” publishes on finance and economics topic and contributes at high level on sukuk. The contribution from business and
law journals is required to improve the role of sukuk in global financial system.
Further, the top 12 influential authors/researchers in sukuk literature are recognized. The requirement is to have at least two papers
published on sukuk (PSUK 2), as shown in Table 5. Our findings show that top three authors/researchers are Professor Shawkat
Hammoudeh Shawat (PSUK ¼ 5), Professor Nader Naifar (5) and Professor Saad Azmat (4). Our findings are useful for multiple parties,
such as institutions, countries, employers, controlling authorities and students as well, who want to explore sukuk practically or in
academic prospective.
3.3. Top influential articles/topics
The direction of the literature in any field of research is set by the influential articles/topics. These are also helpful to understand the
formation and scope of research streams. We identify the top 10 influential articles/topics in two categories: through citation analysis
based on criteria of total local citation received per year (TLC/t 1) and total global citation received per year (TGC/t > 2.5).
The top three papers in first category based on TLC/t are Godlewski, Turk-Ariss, and Weill (2013), Aloui, Hammoudeh, and Hamida
(2015b), and Aloui, Hammoudeh, and Hamida (2015a). The key research questions of these influential papers are the following: (1)
what is the response of sukuk market investors on announcements of sukuk issues compared to conventional bonds? (2) is there any
co-movement between the sharia stock and sukuk in Gulf Cooperation Council (GCC) countries? (3) is there any volatility spillover
between sukuk and Sharia compliant stocks in GCC countries? (4) what are the factors impacting the issuers choice to issue Islamic
bonds as compared to conventional instruments? (5) do domestic sukuk yields have any structural dependence to stock market
movements? (6) what is the motivation for firms to issue sukuk as compared to conventional bonds? (7) what are the governance law
clauses of sukuk transitions? (8) are there return and volatility spillovers of sukuk and global bonds with equities? (9) what are the
determinants of sukuk market development? (10) what are the motivations for firms to cover their financial needs with sukuk rather
than conventional bonds?
The top ten papers are identified in the second category, based on total global citations per year (TGC/t > 2.5) as shown in Table 7.
The papers of Kenourgios, Naifar, and Dimitriou (2016), Godlewski et al. (2013), and Aloui et al. (2015b) are ranked at the first three
positions. The important research questions investigated by these papers, not mentioned above, are the following. (1) is there any
contagion effect of global financial crisis and Eurozone sovereign debt crisis on Islamic equity and bond market? (2) what are the
co-movement dynamics of Islamic Dubai Financial Market (DFM-UAE) index returns with GCC, ASEAN, Developing Countries,
Emerging countries indices and global sukuk?
4. Citation visualization of sukuk literature
In this section, the sukuk literature is analyzed through bibliometric citation data of our first dataset of 60 articles from ISI Web
Sciences by applying co-citation, cartography and co-authorship techniques.
4.1. Co-citation visualization
The sukuk literature is examined and analyzed through co-citation mapping through VOSviewer software. The software presents the
network of articles in the form of clusters in multiple colors. The articles with same colors show a cluster in relevant filed of research. The
articles are represented with circles and the circle size depends on the number of a paper citations. Our results show that sukuk literature
is divided into three clusters; red, blue and green colors as shown in Fig. 3. The articles which indicate the three clusters are content
analyzed (Gaur & Kumar, 2018) by two independent researchers (Duriau, Reger, & Pfarrer, 2007). Finally, we identify three research
streams in sukuk literature: (1) sukuk overview and growth (blue), (2) sukuk and finance theories (red), and (3) sukuk and stock market
behavior (green).
10
4.2. Co-authorship visualization
Islamic finance is a very specific and distinguishing field in global financial system, based on Islamic principles of ethics. The concept
of Islamic finance is relatively new and appeared in mid-1990 (Zaher & Hassan, 2001). The literature on Islamic finance is developing
and, specifically, the literature on sukuk is less developed compared to Islamic banking. One of the main reasons of deficiency of sukuk
literature is the lack of social networking among authors who are working broadly on Islamic finance and particularly on sukuk.
The purpose of this co-authorship visualization is two folded: first, to identify the authors who are working on sukuk, so the world
can know them and future projects could be planned on sukuk. Second, to recognize all the authors who have good contribution in
research, because maximum number of authors does not appears in scientific papers citations (Zupic & Cater, 2015). We presented
co-authorship visualization through VOSviewer software (Fig. 4). The figure shows a social network of nine authors/researchers which
are jointly working on multiple aspects of the sukuk literature. For details of these authors/researchers see Table 5, as well.
5. Review of sukuk research streams
This section reviews the possible research streams emerging from the existing literature. Table 8 provides the list of the main papers
discussed in this section.
5.1. Sukuk overview and growth
5.1.1. Definition of sukuk

The word sukuk is the plural of Arabic word “sakk” which has the literal meaning of legal instrument/certificate, deed or cheque.
Sukuk are initially and officially defined by Auditing and Accounting Organization of Islamic Financial Institutions (AAOIFI) as “Cer-
tificates of equal value representing undivided shares in the ownership of tangible assets, usufructs and services or (in the ownership of)
the assets of particular projects or special investment activity” (AAOIFI, 2003: pp.298). This definition is widely supported in the
literature (Hassan, Aliyu, Paltrinieri, & Khan, 2018b; Ahmed & Elsayed, 2018; Asutay & Hakim, 2017; Smaoui & Khawaja, 2017; Onder, €
2016; Godlewski, Turk-Ariss, & Weill, 2016; Naifar, Hammoudeh, & Al dohaimanae, 2016; Mohamed, Masih, & Bach, 2015; Naifar &
Hammoudeh, 2016; Arundina, Omar, & Kartiwi, 2015 among others).
Later in 2009, the Islamic Financial Services Board also defined sukuk in the following way: “Sukuk (plural of sakk), frequently
referred to as “Islamic bonds”, are certificates with each sakk representing a proportional undivided ownership right in the tangible
assets, or a pool of predominantly tangible assets, or a business venture (such as a mudarabah). These assets may be in a specific project
or investment activity in accordance with Shari'ah rules and principles.” (IFSB, 2009).
More specifically, sukuk are investment securities which provide the ownership rights to the holder in a specific class of assets, along
with all risks pertaining to the underlying assets. Sukuk holders receive pre-agreed fixed (as in case of Ijarah/Murabah sukuk) or variable
returns (Mudharaba/Musharakah sukuk). All sukuk transactions have to go through a specific set of criterions: (i) they must be free of all
kinds of interest payments as stipulated by Islamic Law (Jobst, Kunzel, Mills, & Sy, 2008), (ii) do not involve uncertainty and specu-
lation, (iii) must not be related to prohibited industries (such as alcohol, pork etc.), (iv) must involve an underlying asset which pro-
motes a real economic activity.
Sukuk are different from conventional bonds in several ways. First, sukuk represent an ownership in a particular asset, free of any
explicit receivables and debt while conventional bonds are debt obligations (Smaoui & Khawaja, 2017). Second, sukuk returns depend
on the returns of an underlying asset and, in case of default, losses will be shared among the issuer and the holders of sukuk. On the other
hand, conventional bondholders receive fixed or variable interest payments and both interest and principal payments are guaranteed.
Third, sukuk certificates are usually complex in their nature and structure, thus, higher costs and time are required to issue them
compared to conventional bonds (Naifar & Hammoudeh, 2016).
5.1.2. Classification of sukuk

Sukuk are broadly classified into two categories, i.e. asset-backed and asset-based sukuk. The former involves the true sale of the
underlying asset which is legally transferred to the sukuk holder through a Special Purpose Vehicle (SPV). The transferred asset will no
longer remain in the book of the originator. In the event of default, the sukuk holder will recourse to the asset and will have a full priority
over unsecured creditors. On the other hand, asset-based sukuk involve the transfer of beneficial ownership to the SPV in the form of
trust, while legal ownership remains with the originator. In the event of default, the sukuk holder can only recourse to the originator and
will be ranked among other unsecured creditors (Ahmed & Elsayed, 2018; Naifar & Hammoudeh, 2016; Zulkhibri, 2015).
Although AAOIFI has presented fourteen different structures of sukuk under the above mention categories, the most common are: (i)
Sukuk Al-Musharakah which are truly based on profit and loss sharing (PLS) in a business venture/project with the obligor; (ii) Sukuk al-
Mudharaba, based on PLS in a business venture/project with obligor but sukuk holders will be silent partners; (iii) Sukuk Al-Murabaha,
based on the traditional sale and purchase agreement whereas the cost and profit are predetermined; (iv) Sukuk al-ijarah, based on sale
and leaseback transaction in which sukuk holder will have the proportional ownership in the asset to be leased to the obligor and receive
rental fee through SPV from the obligor; (v) Sukuk Al-Wakala based on agency contract between sukuk holder and obligor through SPV.
5.1.3. Growth of sukuk market

Sukuk market is considered to be the key driver of Islamic financial industry after Islamic banking and widely spread not only in
Muslim countries but also in non-Muslim countries such as UK, USA, Japan. It was first developed with the purpose to provide investors,
11
Table 8
Key papers and databases.
Author/s Name Year Name Article Name of Journal Database Nature of Paper
Godlewski et al. 2013 Sukuk vs. conventional bonds: Journal of Comparative Bloomberg Empirical
A stock market perspective Economics
Aloui et al. 2015a Co-movement between sharia Journal of International NASDAQ Dubai GCC Empirical
stocks and sukuk in the GCC Financial Sukuk Index
markets: A time-frequency Markets, Institutions &
analysis Money
Alaoui et al. 2015 Linkages and co-movement Journal of International Dow Jones Global Sukuk Empirical
between international stock Financial Index
market returns: Case of Dow Markets, Institutions &
Jones Islamic Dubai Financial Money
Market index
Aloui et al. 2015b Global factors driving The North American HSBC/NASDAQ sukuk Empirical
structural changes in the co- Journal of Economics and database, S&P GCC
movement between sharia Finance Investable Sharia
stocks and sukuk in the Gulf Database
Cooperation Council
countries
Kenourgios et al. 2016 Islamic financial markets and Economic Modelling MSCI World Islamic stock Empirical
global crises: Contagion or index, Dow Jones Sukuk
decoupling? index
Ibrahim 2015 Issues in Islamic banking and Pacific-Basin Finance Theoretical
finance: Islamic banks, Journal
Shari'ah-compliant
investment and sukuk
Maghyereh and Awartani 2016 Dynamic transmissions Research in International Bloomberg Empirical
between Sukuk and bond Business and Finance
markets
Mohamed et al. 2015 Why do issuers issue Sukuk or Pacific-Basin Finance Bondstream database, Empirical
conventional bond? Evidence Journal Osiris database
from Malaysian listed firms
using partial adjustment
models
Osani and Kabir 2015 Regulating the governing law Journal of Banking Theoretical
clauses in Sukuk transactions Regulation
Aloui et al. 2015c Price discovery and regime Pacific-Basin Finance HSBC–NASDAQ sukuk Empirical
shift behavior in the Journal database
relationship between sharia
stocks and sukuk: A two-state
Markov switching analysis
Naifar et al. 2016 Dependence structure Journal of International Thomson Reuter's Empirical
between sukuk (Islamic Financial Markets, database
bonds) and stock Institutions & Money
Naifar and Hammoudeh 2016 Do global financial distress Pacific-Basin Finance Thomson Reuter's Empirical
and uncertainties impact GCC Journal database
and global sukuk return
dynamics?
Arundina et al. 2015 The predictive accuracy of Pacific-Basin Finance Bloomberg and Bond Empirical
Sukuk ratings; Multinomial Journal Pricing Agency Malaysia
Logistic and Neural Network (BPAM) Database
inferences
Zulkhibri 2015 A synthesis of theoretical and Borsa Istanbul Review Theoretical
empirical research on sukuk
Abdul Halim et al. 2017 Agency costs and corporate Pacific-Basin Finance Bloomberg, Worldscope Empirical
sukuk issuance Journal
Naifar, Mroua and Bahloul 2017 Do regional and global Pacific-Basin Finance Not Available Empirical
uncertainty factors affect Journal
differently the conventional
bonds and sukuk? New
evidence
Smaoui and Khawaja 2017 The Determinants of Sukuk Emerging Markets Bloomberg, WDI Empirical
Market Development Finance and Trade
Sclip et al. 2016 Dynamic correlations and Review of Financial Bloomberg Empirical
volatility linkages between Economics
stocks and sukuk: Evidence
from international markets
Radzi and Lewis 2015 Religion and the Clash of Thunderbird Theoretical
“Ideals” and “Realities” in International Business
Review
(continued on next page)
12
Table 8 (continued )
Business: The Case of Islamic

Bonds (Sukuk)
Smaoui and Nechi 2017 Does sukuk market Research in International Bloomberg, WDI Empirical
development spur economic Business and Finance
growth?
Ariff et al. 2017 Significant Difference in the Journal of Emerging Bond Pricing Agency Empirical
Yields of Sukuk Bonds versus Market Finance Malaysia, DataStream
Conventional Bonds
Klein et al. 2017 Religiosity vs. well-being Journal of Economic Bloomberg Empirical
effects on investor behavior Behavior & Organization
Fauzi et al. 2017 Islamic Bond Announcement: Global Business Review IFIS database. Empirical
Is There Any Effect on
Returns?
Nagano 2017 Sukuk issuance and Pacific-Basin Finance OSIRIS, Thomson Empirical
information asymmetry:Why Journal Reuters' Thomson One
do firms issue sukuk?
Reboredo and Naifar 2017 Do Islamic Bond (Sukuk) Emerging Markets Bloomberg Empirical
Prices Reflect Financial and Finance and Trade
Policy Uncertainty? A
Quantile Regression
Approach
Kassim and Abdullah 2017 Pushing the Frontiers of Al-Shajarah Theoretical
Islamic Finance Through
Socially Responsible
Investment Sukuk
Najeeb et al. 2017 Does a held-to maturity Emerging Markets Bloomberg Empirical
strategy impede effective Finance and Trade
portfolio diversification for
Islamic bond (sukuk)
portfolios? A multi-scale
continuous wavelet
correlation nalysis
Nasir and Farooq 2017 Analysis of Value at Risk of Journal of Islamic Mutual Fund Association Empirical
Sukuk and Conventional Accounting and Business of Pakistan
Bonds in Pakistan Research
Klein and Weill 2016 Why do companies issue Review of Financial Bloomberg Empirical
sukuk? Economics
Nagano 2016 Who issues Sukuk and when?: Review of Financial Thomson Reuters' Empirical
An analysis of the Economics Thomson One
determinants of Islamic bond
issuance
Balcilar et al. 2016 Is there a role for Islamic MANAGERIAL FINANCE Bloomberg and Empirical
bonds in global diversification DataStream
strategies?
Azmat et al. 2014a Issuer's choice of Islamic bond Pacific-Basin Finance IFIS, DataStream Empirical
type Journal
Azmat et al. 2014c Credit risk in Islamic joint Journal of Economic IFIS, DataStream Empirical
venture bond Behavior & Organization
Azmat et al. 2014b The Shariah compliance Pacific-Basin Finance Theoretical
challenge in Islamic bond Journal
markets
Akhtar et al. 2017 Impact of interest rate Journal of International Bloomberg. Empirical
surprises on Islamic and Money and Finance
conventional stocks and
bonds
AAOIFI 2003 Shari'ah Standards, AAOIFI Theoretical
Accounting and Auditing
Organization for Islamic
Financial Institutions
Abdul Halim et al. 2018b Asymmetric Information and Pacific-Basin Finance Bloomberg Empirical
Securitization Design in Journal
Islamic Finance
Abdul Halim et al. 2018a The value of certification in Journal of Corporate Bloomberg Empirical
Islamic bond offerings Finance,
Ahmed and Elsayed 2018 Are Islamic and conventional The Quarterly Review of DataStream Empirical
capital markets decoupled? Economics and Finance
Evidence from stock and
bonds/sukuk markets in
Malaysia
(continued on next page)
13
Table 8 (continued )
Alam et al. 2013 Are Islamic bonds different Borsa Istanbul Review Bloomberg Empirical
from conventional bonds?
International evidence from
capital market tests.
Aloui et al. 2018 Multivariate Co-movement Computational HSBC-NASDAQ sukuk Empirical
Between Islamic Stock and Economics database
Bond Markets Among the
GCC: A Wavelet-Based View
Amrani et al. 2017 ‘Sukuk: literature review’ Social and Administrative Theoretical
Sciences,
Asutay and Hakim 2017 Exploring international Research in International Bloomberg and IFIS Empirical
economic integration through Business and Finance,
sukuk market connectivity: A
network perspective.
Cakir and Raei 2007 Sukuk vs. Eurobonds: Is There International Monetary Bloomberg, DataStream Empirical
a Difference in Value-at-Risk? Fund
Godlewski et al. 2016 Do the type of sukuk and Journal of Economic Bloomberg Empirical
choice of shari'a scholar Behavior & Organization
matter?
Grassa and Miniaoui 2018 Corporate choice between Research in International Zawya database Empirical
conventional bond and Sukuk Business and Finance
issuance evidence from GCC
countries
Haque et al. 2017 Who drives whom - sukuk or Review of Financial Bloomberg Empirical
bond? A new evidence from Economics
granger causality and wavelet
approach. Review of Financial
Economics,
Hassan et al. 2018a The determinants of co- The Quarterly Review of Bloomberg Empirical
movement dynamics between Economics and Finance
sukuk and conventional bonds
Miller et al. 2007 UK Welcomes the Sukuk-How International Financial Theoretical
the UK Finance Bill Should Law Review
Stimulate Islamic Finance in
London, Much to the Delight
of the City's Banks
Shafron 2018 Investor Tastes: Implications Journal of Corporate Bond Pricing Agency Empirical
for Pricing in the Public Debt Finance Malaysia, Compustat
Market Global
Usmani 2007 Sukuk and their AAIOFI Theoretical
Contemporary Applications
Wilson 2008 Innovation in the structuring Humanomics Saudi Arabian Monetary Theoretical þ Empirical
of Islamic sukuk securities Agency and Bank Negara,
Malaysia
Hassan et al. 2018b A Review of Islamic Economic Papers Theoretical
Investment Literature
Bhuiyan et al. 2019 Comovement dynamics International Journal of Bloomberg and Empirical
between global sukuk and Emerging Markets DataStream
bond markets: New insights
from a wavelet analysis
Zaher and Hassan 2001 A Comparative Literature Financial Markets, Theoretical
Survey of Islamic Finance and Institutions &
Banking Instruments
Note: The table shows the list of theoretical and empirical papers. The data sources are also presented.
government entities and entrepreneurs an avenue where they can meet their investment and financing needs in accordance with their
religious beliefs. Kusuma and Silva (2014) argue that sukuk give the opportunity to both government and private entities to diversify
their financing needs and deepen their pool of capitals in order to finance new projects and achieve sustainable growth. Usmani (2007)
also considers sukuk as the best way to finance large business, which is not possible for a single investor or financial institution. He
further argues that Islamic banks and financial institutions can manage their liquidity through sukuk, i.e. they can purchase sukuk in
case of excess liquidity and sell them in the secondary market during the shortage of liquidity. In the similar vein, Smaoui and Nechi
(2017) empirically document that sukuk market development encourages financial inclusion and positively contribute to the economic
growth.
The first modern-day sukuk were issued in Malaysia in 1990 by Shell MDS Sukuk, worth of RM 125 million (the world's first sukuk
issuance by a foreign-owned non-Islamic company), after two years of sukuk legitimacy granted by the Islamic Fiqh Academy of Or-
ganization of Islamic Cooperation (OIC) in 1988. Since the beginning of the sukuk market, it has experienced a positive growth with
14
total issuances of $979.209 billion over the period 2001–2017, with a compound average growth of 20% in 2008–2013, 12% in
2011–2016. The total global sukuk issuances have increased from $87.9 billion in 2016 to $116.7 billion in 2017 with an exceptional
growth of 32% (IFSB, 2018; IIFM, 2018). This positive growth can be attributed to the better performance of the commodity market,
especially oil prices, to the exceptional growth in sovereign sukuk and to the stable growth in corporate sukuk issuance. Tables 9 and 10
report yearly and country-wise distribution of sukuk market.
Malaysia is considered to be the major contributor to the sukuk market with total sukuk issuance amounted to $612.305 billion
(62.5% of the total market), followed by Saudi Arabia, UAE, Indonesia, Bahrain, Qatar, and Turkey. The major reason for sukuk market
development in Malaysia is related to its law, which is much closer to English law with the special provision for non-profit trust (Wilson,
2008). Godlewski et al. (2013) also note that Malaysia provides a favorable legal framework to establish the SPV, which is the
fundamental requirement for the issuance of sukuk, in order to hold the underlying asset and administer the payment flow.
Recently, Saudi Arabia has debuted in the international sukuk market, issuing a sovereign sukuk in 2017 worth of $9 billion with a
coupon payment of 2.894% for the 5-year tranche and 3.628% for the 10 year tranche, which is the largest ever sukuk deal in the
emerging market, beating Kuwait's deal of $8 billion (IIFM, 2018).
Kassim and Abdullah (2018) argue that socially responsible investment sukuk can be used to mitigate social and community issues,
but institutions are reluctant to issue such sukuk due to lower profitability, other than the lack of commercial appeal in the market.
Nevertheless, sukuk market also untapped this area and welcomed the issuance of SRI green sukuk from Malaysia, worth of RM 1.25
billion in 2017. Following the trend, Indonesia has issued the largest sovereign SRI green sukuk worth of $1.3 billion at the coupon rate
of 3.75%. The funds raised through these sukuk will be used on green projects such as renewable energy.
5.1.4. Limitation and challenges

Despite the unprecedented development and growth of sukuk market, it is also subject to some challenges that could limit its further
development. Jobst et al. (2008) point out that it is sometimes harder to have an underlying asset which is equally acceptable under
Islamic screening criteria and also to potential investors in terms of risk/return payoff. Additionally, conventional risk management
tools are not applicable to sukuk due to several reasons (Azmat, Skully, & Brown, 2014c), as discussed earlier, while the Islamic risk
management tools are yet has to be developed.
All the sukuk issuance are approved by the Sharia scholars which are inconsistent due to the different interpretations of Islamic
jurisprudence in different Muslim territories. Anecdotal evidence shows that sukuk resemble conventional bonds since the former are
subject to the higher costs of Sharia scholars (born by the issuer), which might motivate the issuer to approve less sharia compliant sukuk
(Azmat, Skully, & Brown, 2014b), while sukuk approved by the most reputable Sharia scholars might reduce their cost of capital (Abdul
Halim, How, Verhoeven, & Hassan, 2018a). AAOIFI has set the guidelines for the issuance of sukuk but need to be practically imple-
mented across all jurisdiction.
Taxation is another hurdle in the development of sukuk market, especially when it comes to its exposure into the non-Muslim
countries. Interest payments on conventional bonds have the benefit of tax shield. On the other hand, sukuk have a unique struc-
ture, especially in the case of asset-backed sukuk, which requires the creation of SPV. Sukuk holder are the legal and beneficial owner of
the underlying asset bought through the SPV. If SPV is considered as a taxable entity, the law of the country might require it to pay the
corporate tax, while the income earned from such certificates will again be subject to income tax from the investor's perspective (Radzi &
Lewis, 2015).
5.2. Sukuk and finance theories
This stream of literature studies the phenomenon of sukuk in the context of major finance theories, taking into account Markowitz
portfolio theory (Alam, Hassan, & Haque, 2013; Cakir & Raei, 2007; Naifar, Mroua, & Bahloul, 2017; Naifar & Hammoudeh, 2016;
Najeeb, Bacha, & Masih, 2017), pecking order/tradeoff theory (Azmat, Skully, & Brown, 2014a; Klein & Weill, 2016; Mohamed et al.,
2015; Nagano, 2016, 2017), Fama and French model of asset pricing (Klein, Turk, & Weill, 2017; Shafron, 2018). The main focus of
these studies is to examine the portfolio diversification benefits for individual and institutional investors, the firm's choice of issuing
sukuk over conventional bonds and the religious belief of investors.
Despite having same features of conventional bonds such as coupon payments and redemption process, rating and default clauses,
sukuk issuance can offer diversification opportunities. Cakir and Raei (2007) argue that sukuk have low correlation with conventional
bonds which naturally implies that value at risk (VAR) will be reduced after adding sukuk in a well-diversified portfolio. In the similar
context, Naifar et al. (2017) find that sukuk differently behave in international capital markets considering macroeconomic factors.
Using quantile regression, they provide evidence that sukuk returns are independent of global and regional economic uncertainties in
Malaysia, even if a casual relation is observed during turmoil time.
Kenourgios et al. (2016) investigate the presence of contagion or decoupling effect in Islamic financial markets (represented by MSCI
World Islamic stock indices, G7, BRICS, Islamic stock indices of Europe and Dow Jones Sukuk index) arising from conventional
counterparts (MSCI world stock index, US T-Bills, and Euro benchmark bond). They report that sukuk market was not affected by US
T-bills during subprime financial crisis in 2007/2008, while 10-year Euro bond had a statistically significant negative relationship with
sukuk market during European sovereign debt crisis. This implies that the investment in sukuk could lead to diversification benefits, in
particular during turmoil period. In other words, sukuk are generally considered to have lower risk and a more stable pattern compared
to conventional bonds (Balcilar, Cerci, & Demirer, 2016; Bhuiyan, Rahman, Saiti, & Ghani, 2019). Moreover, Azmat et al. (2014c) call
for the new risk models to assess the risk nature of sukuk certificates. They argue that conventional risk models only consider the
principal amount but ignore the additional positive cash flow which might be the case at least in asset-backed sukuk.
15
Similarly, Najeeb et al. (2017) test the “held-to-maturity” strategy of portfolio diversification across different heterogeneous sukuk
horizon and differentiate its returns in terms of local and international currency. They posit that sukuk in local currency have both short
and long-term diversification benefits since the correlation between different local currency sukuk markets is low across different
holding periods. However, sukuk issued in international currency reveal strong correlation across different market for long-term holding
period only.
There is also a growing literature focusing on the issuance of corporate sukuk from the perspective of two major capital structure
theories, pecking order and tradeoff theory. The former proposes that the cost of capital increases with the level of information
asymmetry (Myers, 1984; Myers & Majluf, 1984) while tradeoff theory suggests that firms choose optimum debt level (Modigliani &
Miller, 1963). The preliminary work of Mohamed et al. (2015) gives a strong support to tradeoff theory while investigating the firm's
choice of issuing sukuk or bonds, using partial adjustment model on a sample of 120 conventional bonds and 80 sukuk from Malaysian
capital market. However, partnership-based sukuk and convertible bonds are closely linked to the pecking order view. They assert that
firms with lower growth opportunities prefer to issue sukuk since it will broaden their pool of buyers and will give them the advantage to
control their cost of borrowing.
Furthermore, firms approach sukuk market when they have low financial constraints and undervalued stock price (Nagano, 2016),
when the funding size is too large to be financed by the traditional banks (Grassa & Miniaoui, 2018), and when they have asymmetric
information (Abdul Halim, How, Verhoeven, & Hassan, 2018b; Klein & Weill, 2016; Nagano, 2017). Moreover, the choice of issuing
sukuk over conventional debt can also be explained through the lens of agency costs. Sukuk arguably bear lower agency costs for two
reasons. First, sukuk structure ensures the securitization linked to a real and well-recognized asset, which adheres to Islamic law, while
conventional bonds are usually a pure debt obligation. Second, the contractual nature of sukuk discourages the managerial expropri-
ation of the underlying asset and cash flow is snarled with the underlying asset through SPV. As we mentioned in the previous section,
sukuk are either asset-backed or asset-based. The choice of the firms among these two types might further reduce the agency cost (Abdul
Halim, How, & Verhoeven, 2017).
Considering the belief of investors, Fama and French (2007) propose that investor's particular preference might encourage them to
hold an asset class without considering the expected payoff; to clear the market, prices must change enough to persuade investors
without such preference to buy the remaining surplus assets in the market. Based on this theory, Shafron (2018) hypothesizes that
investors with Islamic beliefs tend to invest more in sukuk than they would without such beliefs. Consequently, this behavior of Islamic
investors creates a surplus of conventional bonds, which they could have bought in the absence of religious beliefs. Therefore, the return
of the conventional bonds must increase for the market to get clear. The author provides empirical support to this theory and reports that
sukuk coupon rate on average decreases from 14.1 to 103.6 basis point. Similarly, Klein et al. (2017) also assert that religiosity can
influence the investor behavior and find that investors react more positively to the sukuk issuance than conventional bonds in Ramadan,
only if the issuer has always issued sukuk in the past.
5.3. Sukuk and stock market behavior
This stream of literature identifies and explores the stock market perspective of sukuk and bonds (Fauzi, Foo, & Basyith, 2017;
Godlewski et al., 2013), co-movements and linkages between them (Alaoui, Dewandaru, Rosly, & Masih, 2015; Aloui et al., 2015a; Sclip,
Dreassi, Miani, & Paltrinieri, 2016), structural changes (Aloui et al., 2015b; Naifar et al., 2016), price regime shift (Aloui, Hammoudeh,
& Hamida, 2015c) and interest rate effects in sukuk market (Akhtar, Akhtar, Jahromi, & John, 2017).
Godlewski et al. (2013) present two conflicting views. Firstly, they argue that sukuk, in practice, have the same features of con-
ventional bonds, therefore, there might not be any difference in the impact of announcement of both type of securities on the stock
market. Sukuk certificates have no distinct difference and mimic the similar western-style structure of bond (Miller, Challoner, & Atta,
2007; Wilson, 2008). For instance, Azmat et al. (2014a) find no difference between Ijarah sukuk, Secured Against Real Asset (SARA)
bonds and conventional convertible bonds. The second view is related to the negative reaction of a specific stock on the sukuk issuance.
The adverse selection mechanism might favor the issuer to issue the Musharakah sukuk over conventional bonds, thus giving a negative
signal to the market about the financial health of issuer. Additionally, such issuers find convenient to sell sukuk to religiously oriented
individual and institutional investors. The result of this study supports the second view and find that stock market reacts negatively to
the sukuk announcement, while it remains unaffected on bond issuance. Fauzi et al. (2017) also report the similar results for Malaysian
market, even if stock market reacts positively to the announcement in Indonesia.
Aloui et al. (2015a) investigate the co-movement mechanism between sukuk and Islamic stock indices in GCC countries, considering
time-frequency analysis, and find strong dependence among both asset classes. The degree of co-movement varies across time and
frequency, but the long-run horizon is dominant. In the similar vein but different study, Alaoui et al. (2015) document the positive
co-movements between Dubai financial market stock index and sukuk, which might imply that the illiquid nature of sukuk can restrict
the efficient allocation of Islamic portfolio management. Sclip et al. (2016) investigate the dynamic linkages between sukuk and
conventional markets with GARCH DCC model, providing evidence of high correlation of sukuk and conventional stock market. More
specifically, they argue that investor can achieve portfolio diversification by investing in sukuk, given their lower volatility than equity,
but they called sukuk as a hybrid security, between equity and bonds, with no exposure into the derivative market.
Considering the structural changes in the linkages of sukuk and the stock market, Aloui et al. (2015b) provide evidence of the strong
negative correlation between Islamic stock and sukuk markets. Under structural breakpoint test in dynamic conditional correlation
(DCC), the level of correlation increases due to the contagion effect of global financial crisis and both markets observed some structural
changes, which refer to the failure of Lehman brother, on September 18, 2008.
Further, Aloui et al. (2015c) identify two-state specification within the GCC market of Sharia-compliant stocks and sukuk: the “bear
16
Table 9
Total Global sukuk issuance (in USD Million).
Year Sovereign Sukuk Corporate Sukuk Financial Institutions Sukuk Quasi-Sovereign Sukuk Total Sukuk
2001–2005 11,324 19,264 735 1,900 33,223

2006 6,874 23,420 1,864 1,448 33,606
2007 7,585 39,702 1,400 1,497 50,184
2008 10,637 12,694 296 710 24,337
2009 24,881 8,902 193 3,951 37,927
2010 34,071 14,897 1,395 2,762 53,125
2011 67,765 16,184 3,706 5,518 93,173
2012 87,093 23,235 5,623 21,649 137,600
2013 83,211 35,397 4,969 12,694 136,271
2014 69,518 12,675 4,202 20,905 107,300
2015 34,102 14,731 8,155 10,830 67,818
2016 41,399 21,653 5,732 19,144 87,928
2017 62,097 22,632 11,828 20,160 116,717
Grand Total 540,557 265,386 50,098 123,168 979,209
Note:This table explains the year-wise issuance of sukuk with type of issues Sovereign sukuk represent the sukuk issued by the government, corporate
sukuk issued by the firms, Financial institutions sukuk issued by the financial institutions (such as banks) and Quasi-Sovereign sukuk represent the
sukuk issued by government-owned companies/corporations.
state” (i.e. turbulent period) with high volatility regime and negative returns and “the bull state” (i.e. calm period) with low volatility
and high mean returns. They also show that the correlation between Sharia-compliant stocks and Sukuk is negative during the turbulent
time, but it shifts to positive as the economy moves to a bull state. Extending the similar study by employing wavelet variants in bivariate
and multivariate frameworks, Aloui, Jammazi, and Hami (2018) find a strong positive relationship in the short horizon between Islamic
stock indices and international sukuk, within GCC market, but this relationship turns negative in the long horizon.
Lastly, Akhtar et al. (2017) investigate the impact of interest rate announcement news on sukuk, conventional bond market, Islamic
and conventional stock market. The authors find that interest rate news have a negligible impact on sukuk market compared to their
conventional counterpart. Surprisingly, interest rate news have more impact on the Islamic stock market than conventional one.
5.3.1. Sukuk and conventional bond performance

An important subgroup of this field of research is the comparison between sukuk and conventional bond risk/return characteristics,
in order to evaluate overall performance. In this specific field a bunch of authors tries to solve the issue of the potential different
behavior between sukuk and conventional bonds (Cakir & Raei, 2007; Alam et al., 2013; Naifar & Hammoudeh, 2016; Maghyereh &
Awartani, 2016; Reboredo & Naifar, 2017; Azmat, Skully, & Brown, 2017; Ariff, Chazi, Safari, & Zarei, 2017; Naifar et al., 2017; Nasir &
Farooq, 2017; Haque et al., 2017; Hassan, Paltrinieri, Dreassi, Miani, & Sclip, 2018a; Ahmed & Elsayed, 2018 among others).
Cakir and Raei (2007) assess the risk structure of Eurobonds and Islamic sukuk in Bahrain, Malaysia, Qatar and Pakistan, by
employing Delta-normal and Monte Carlo simulation approach. They find that sukuk have a lower level of risk and behave differently
Table 10
Geographical distribution of Global sukuk issuance.
Country Name Number of Issues Total Amount (in USD million) % of Total
Brunei Darussalam 149 9,583 0.979

Hong Kong 5 3,196 0.326
Indonesia 244 62,816 6.415
Malaysia 5711 612,305 62.531
Pakistan 83 15,930 1.627
Singapore 16 1,498 0.153
Bahrain 392 27,720 2.831
Kuwait 18 3,657 0.373
Oman 7 3,523 0.360
Qatar 30 25,851 2.640
Saudi Arabia 122 95,215 9.724
UAE 110 71,895 7.342
Sudan 30 19,559 1.997
Turkey 183 19,783 2.020
United Kingdom 9 1,368 0.140
USA 5 1,367 0.140
Rest of the World 244 3,943 0.403
Grand Total 7,358 979,209 100
Note: This table explains the country-wise issuance of sukuk with type of issues. Sovereign sukuk represent the sukuk issued by the government,
corporate sukuk issued by the firms, Financial institutions sukuk issued by the financial institutions (such as banks) and Quasi-Sovereign sukuk
represent the sukuk issued by government-owned companies/corporations.
17
from conventional bonds. Reboredo and Naifar (2017) and Nasir and Farooq (2017) also report similar findings for both type of capital
market instruments. Furthermore, the sukuk market exhibits higher yields compared to its counterpart in Malaysia, though the return of
short term sukuk is lower than long term sukuk (Ariff et al., 2017; Haque et al., 2017).
Alam et al. (2013) examine the sukuk and conventional bond differences taking into account different time framework (i.e. before,
during and post crises). Their study shows that cumulative average abnormal return (CAAR) of sukuk is negative across all three time
periods while conventional bonds reveal positive CAAR but it turns to negative during financial crisis.
Considering the regional and global macroeconomic factors within the context of sukuk and bond market, Naifar et al. (2017) find
independence and causal relationship of sukuk with regional financial and economic uncertainty while this relationship is only observed
for global economic policy uncertainty. On the other hand, the conventional bond market demonstrates the co-movement with global
financial and economic uncertainties.
Moreover, Maghyereh and Awartani (2016) identify different transmission mechanism among both markets and find the return and
volatility diffusion of sukuk market to be very small and trivial to other financial market. Overall, sukuk markets are the recipients of
information spillover from global bond and equity market, while conventional bond markets are the provider of spillover (Ahmed &
Elsayed, 2018).
Hassan et al. (2018a) investigate the long-run relationship between fixed income bond and sukuk market. According to them, both
markets are connected in the long run. Further, sukuk and investment grade bonds show a lower level of volatility to market shock but
sukuk relatively demonstrated to be less volatile. Azmat et al. (2017) find no difference between sukuk and bond rating in terms of firm's
specific market and financial ratio. According to the same authors, sukuk, with higher ratings, were shielded from global financial crisis.
6. Growth of sukuk research streams
The analysis of growth of each research stream yearly is important. We explore the growth of each stream between 1950 and 2018 by
identifying the keywords. The keywords are identified through the cartography analysis by using VOSviewer software (Van Eck &
Waltman, 2010). The results from the software is shown in Fig. 5.
The result shows that word “sukuk”, “sharia stock”, “Islamic bonds”, and “Islamic finance” are appeared 33, 10, 8 and 15 times,
respectively. It also confirms our selection of keyword for literature search on sukuk (see Table 1). The identified keywords under each
stream are presented in Table 11.
Further, these keywords are used to search the literature during last 68 years. The growth of each stream and overall literature
growth is presented in Fig. 6. The figure shows that the top three positions of streams based on development of literature are as follows:
(i) sukuk overview and growth (39 papers), (ii) sukuk and finance theories (23 papers), (iii) sukuk and stock market behavior (18
papers). The first paper in dataset of 80 papers published in 2007. It is important to note that sukuk literature is at developing stage and
it's imperative to focus on the second and third stream. Finally, there is intensive need to explore more academically and practically
about sukuk. These investment instruments have a lot of potential to grow in global financial market and support economy.
7. Identification of future research questions
The bibliometric citation results along with content analysis guide us to identify several gaps and future research directions. We
discuss the future research agenda and present them in Table 12.
To begin with, the role of Sharia scholar is very vital in the development of sukuk market. Previous studies have identified the
discrepancies within the interpretation of Islamic laws with respect to different jurisdictions. Future studies should be conducted to put
forward a coherent and standardized supervisory and regulatory framework.
The basic essence of Islamic finance lies in the principal of profit and loss sharing. But, the largest share of sukuk market mainly
consists of asset-based sukuk i.e. debt based (Murabaha/Ijarah Sukuk), which have also attracted the criticism equally from scholars,
researchers and practitioners. Therefore, the future research should consider the position of asset-backed sukuk, based on profit and loss
sharing principal (Musharakah/Mudarbah sukuk), addressing not only its limited usage but also to make it more effectively viable for
both Islamic banks and capital markets.
The current research on green sukuk is very narrow and mostly theoretical in nature. Generally, it is harder for the developing
countries to raise funds for sustainable infrastructure development such as renewable energy. Green sukuk is quite a new trend in Islamic
financial industry. The recent development of green sukuk in Indonesia and Malaysia has called for new empirical studies to analyze the
performance, pricing and structural issues vis-a-vis with conventional green bonds. These issues will not only further enrich the sukuk
Table 11
Keywords under each research stream.
Research Streams Selected Keywords
Sukuk overview and growth Sukuk, banking, debt, financial instrument, Islamic banking, Islamic finance, liquidity, Islamic finance
Sukuk and Finance theories Sukuk, Sharia Stock, Co-movement, conventional bonds, quantile regression, capital structure,
investment, stock returns, Islamic finance
Sukuk and stock market behavior Sukuk, Autoregression conditions, indexes, Islamic bonds, markets, risk, Volatility, Islamic finance
Note: The table presents the keywords that identified through bibliometric cartography analysis through VOSviewer software as shown in Fig. 5 during
period of 1950–2017. The minimum standard of co-occurrence is considered as three.
18
Table 12
Future research agenda.
Research Stream Q.No. Future Research Questions Author(s)
Sukuk overview and growth 1 What are the differences and commonalities (Azmat et al., 2014b; Oseni & Hassan, 2015; Oseni,
between Shariah regulations with respect to Ahmad, & Hassan, 2016)
different school of thoughts and jurisdictions?
2 What are the steps required to have standardized
Shariah supervision and regulatory framework?
3 Empirical studies are required to analyze the Author's Suggestions
performance, pricing and structural issues related to
green sukuk vis-a-vis with conventional green
sukuk.
4 Are the issuance of green sukuk spur the socio- Author's Suggestions
economic objectives and environmental protection?
5 What are the cost and benefits of sukuk issuance and Godlewski et al. (2013)
its impact on economic growth?
Sukuk and Finance Theories 6 Current sukuk market mainly based on asset-based (Azmat et al., 2014c; Godlewski et al., 2013)
sukuk. Further studies required to understand the
limitation and challenges in issuance of asset-
backed sukuk.
What is the impact of such sukuk on firm's
performance?
7 What are the different trading strategies under Kenourgios et al. (2016)
Islamic portfolio management and how the return
varies across different time horizon?
8 What are the differences between corporate sukuk (Klein & Weill, 2016; Nagano, 2016, 2017; Grassa
and bond issuance? & Miniaoui, 2018)
9 What are the determinants of corporate sukuk
issuance?
Sukuk and Stock Market Behavior 10 Are there any differences between issuance of asset- (Klein et al., 2017; Shafron, 2018)
backed and asset-based sukuk in terms of investors
reaction?
11 Are investors really faith driven?
market but are also important to achieve socio economic objectives along with environmental protections.
Godlewski et al. (2013) argue that weaker companies usually issue sukuk, knowing the tendency of investors towards sukuk. Further,
they may have economic incentive to issue PLS based sukuk, since the loss will be shared between company and sukuk holder.
Therefore, sukuk holder most likely to monitor and discipline their operations which might have positive impact on the performance.
Extending future research towards investigating the impact of such sukuk on firm's performance and also investor's reaction on issuance
will further help to evaluate if the investors are really faith driven.
The anecdotal evidence shows that stock market reacts negatively to the issuance of sukuk as compare to conventional bonds.
Following the idea of bounded rationality, if sukuk are only issued in the market, this negative reaction to the sukuk issuance will reduce
to the negligible level under pure Islamic financial system. However, further research is required to analyze and understand the costs and
benefits of sukuk issuance and their impact on economic development before adopting the Islamic finance at large scale.
Previous studies mostly emphasize the fact that Islamic finance performs better and find no contagion between Islamic and inter-
national financial markets. We suggest to extend research in Islamic assets’ profitability taking into account trading strategies and
comparing their returns across different time horizons.
The recent decline in corporate sukuk issuance across all jurisdiction raises concern for all stakeholders. The present literature on this
issue is very limited with inconclusive results, thus, the call for new studies which consider in-depth analyses on Sukuk and bond
financing. Such studies will help to solve the puzzle for firms to have the optimal level of capital structure and to choose between sukuk
and bond, extending the trade-off theory (Modigliani & Miller, 1963). On the other hand, they will provide the investors the oppor-
tunities and advantages of facing less risk with better pay offs. Furthermore, they will also help to identify if investors’ preference to be
Sharia-compliant has any impact on capital market prices. This will guide our understanding towards Fama and French (2007) theory,
which suggests that investors invest more in a particular asset of his belief/taste and might change prices to clear the market.
8. Conclusion
This is the first study to analyze the sukuk literature from 1950 to 2018 through a meta-literature review, adopting a quali-
quantitative approach. We examine two datasets for our meta-literature review, 60 articles published by ISI WOS for bibliometric
analysis and 80 articles for content analysis. We apply the following techniques under meta-literature review: (1) the identification of
influential aspects of literature through bibliometric citations, (2) the bibliometric co-citation analysis, (2) the co-authorship analysis,
(3) the cartography analysis, and (4) the content analysis.
The influential aspects of literatures, such as countries, institutions, authors, articles/topics are identified through the HistCite
software. Through the co-citation analysis coupled with content analysis, we identify three research streams in sukuk literature (1)
19
sukuk overview and growth, (2) sukuk and finance theories, and (3) sukuk and stock market behavior. We examine the growth of each
research stream through cartography analysis. We find that the second (sukuk and finance theories) and third (sukuk and stock market
behavior) stream need more concentration to be explored by the academic researchers, policymakers and practitioners. Further, we
present the authorship network, who are working on sukuk through co-authorship analysis. The co-citation, cartography and co-
authorship analyses are conducted through VOSviewer software. Finally, we identify 11 future research questions that will lead to
the development of concept of sukuk.
This paper also has managerial implications in addition to implication related to sukuk literature as explained above. It provides the
insight to existing and potential investors to understand the costs and benefits before investing in sukuk. The discussion is helpful for the
firm's managers to choose and make decision to issue sukuk compared to conventional bonds, in order to have the optimum level of
capital structure with better risk and return tradeoff.
The limitations of this study are related to bibliometric citation analysis while identifying influential aspects of literature. HistCite
software only present articles which have high citation and it may be possible some quality work ignored due to less or zero citations
(Apriliyanti & Alon, 2017). It is recommended to repeat the citation analysis in future. Second, another limitation is about selection of
one database that is ISI WOS for the study. We overcome this limitation through search and content analysis of influential articles and
working paper on sukuk. However, we recommend the meta-literature review on sukuk by considering other databases, such as Scopus,
and Google Scholar.
Appendix A. List of Journals
Name of Journal Abbreviation Name of Journal Abbreviation
Journal of Comparative Economics JCE Journal of Banking Regulation JBR

Journal of International Financial Markets, Institutions and Money JIFMIM Economic Modelling EM
North American Journal of Economics and Finance NAJEF Research in International Business and Finance RIBF
Pacific-Basin Finance Journal PBFJ Emerging Markets Finance and Trade EMFT
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International Review of Economics and Finance

A bibliometric review of sukuk literature

Fig. 1. Methodological approach, source author's presentation.

2.1. Sample selection process

No. of articles Total local

Total number of articles and citations 179 80*

2.2. Meta-literature review

2.2.1. Stage 1. identiﬁcation of inﬂuential aspects of sukuk literature

2.2.2. Stage 2. Co-Citation analysis

2.2.3. Stage 3. Co-Authorship analysis

developed compared to other ﬁelds. (see Fig. 4 & Table 5).

2.2.4. Stage 4. cartography analysis

2.2.5. Stage 5. content analysis

1 Drexel University United States 5 8.3 22 47

3. The inﬂuential aspects of the sukuk literature

3.1. Top inﬂuential countries and institutions

1 Paciﬁc-Basin Finance Journal 2 1.60 11 7.5 19.08

1 Paciﬁc-Basin Finance Journal 2 1.60 11 7.5 19.08

1 Paciﬁc-Basin ﬁnance journal 2 1.60 11 7.5 19.08

A 1 Hammoudeh Shawat LeBow College of Business Drexel University, U. S 5 22 47

1 Kenourgios et al. (2016) Islamic ﬁnancial markets and EM 2 1.696 0 0 13 6.5

3.2. Top inﬂuential journals and authors

3.3. Top inﬂuential articles/topics

4. Citation visualization of sukuk literature

4.1. Co-citation visualization

4.2. Co-authorship visualization

5. Review of sukuk research streams

5.1. Sukuk overview and growth

5.1.1. Deﬁnition of sukuk

5.1.2. Classiﬁcation of sukuk

5.1.3. Growth of sukuk market

Business: The Case of Islamic

5.1.4. Limitation and challenges

5.2. Sukuk and ﬁnance theories

5.3. Sukuk and stock market behavior

2001–2005 11,324 19,264 735 1,900 33,223

Grand Total 540,557 265,386 50,098 123,168 979,209

5.3.1. Sukuk and conventional bond performance

Brunei Darussalam 149 9,583 0.979

Grand Total 7,358 979,209 100

6. Growth of sukuk research streams

7. Identiﬁcation of future research questions

Appendix A. List of Journals

Name of Journal Abbreviation Name of Journal Abbreviation

Journal of Comparative Economics JCE Journal of Banking Regulation JBR

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