A Hybrid Assessment Framework for Green Sukuk: Integrating Maqashid al-Shariah and SDG Metrics (A Systematic Literature Review)

Abstract

This study aims to develop a hybrid assessment framework for Green Sukuk by integrating the principles of Maqasid al-Shariah and Sustainable Development Goals (SDGs) metrics through a Systematic Literature Review (SLR) approach. Green Sukuk has emerged as a sharia financial instrument that plays a crucial role in supporting sustainable development while maintaining compliance with sharia principles. However, existing assessment approaches still tend to assess Green Sukuk separately, both from the sustainability and sharia compliance aspects, without comprehensive integration. This study conducted a systematic literature search using the Google Scholar database with a structured selection process. Of the 200 articles identified, seven met the inclusion criteria and were analyzed in depth. The results of the study indicate that the dimensions of Maqasid al-Shariah, particularly the protection of life, property, and the environment, have a strong relationship with SDGs indicators related to environmental sustainability, social welfare, and economic resilience. Based on these findings, this study proposes a hybrid assessment framework that combines the normative objectives of sharia with measurable sustainability indicators. This research contributes to bridging the study of Islamic finance and sustainable finance and provides practical implications for policymakers, regulators, and investors in assessing the impact of Green Sukuk holistically.