ESG Integration in Islamic Finance: Green Sukuk and Sustainable Investment in Indonesia: Literature Review and Bibliometric Analysis
Keywords:
ESG; Islamic Finance; Green Sukuk; Sustainable Investment; Bibliometric Analysis; VOSviewerAbstract
This study aims to analyze the integration of Environmental, Social, and Governance (ESG) principles in Islamic finance by highlighting the development of green sukuk as a sustainable financing instrument in Indonesia. Using a literature review approach and bibliometric analysis with VOSviewer on publications from the period 2015–2025, this study identifies patterns of thematic evolution, key actors, and the dynamics of citation networks in related research. The findings indicate that the integration of ESG in Islamic finance has shifted from normative discourse toward empirical studies that assess credibility, governance, and the sustainability impact of financed projects. Green sukuk has emerged as a strategic instrument that not only complies with Sharia principles but also supports the national green transition agenda. However, challenges such as non-uniform reporting standards, the risk of greenwashing, and limitations in the pipeline of green projects continue to constrain the optimal utilization of this instrument. The results of this study provide implications for regulators, industry practitioners, and researchers in strengthening the sustainable Islamic finance ecosystem.
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