Purpose

This study aims to explore the underlying issues related to the development of socially responsible investment (SRI) sukuk in Malaysia. It identifies factors attracting investors and issuers, as well as challenges for the development of SRI sukuk (Islamic bond) in Malaysia.

Design/methodology/approach

This study conducted semi-structured interviews to collect data from the institutional investors, SRI sukuk issuers and arrangers, as well as researchers. A total of 19 experts were approached in which 10 participated in the interview. The thematic analysis technique is used to report the findings.

Findings

This study uncovers that social contribution through business activities (i.e. investment in the education sector) is the key motivational drivers for the investors and issuers. Besides, investment risks, lack of performance measurement standards, high transaction costs, risks of return, shortage of enough Islamic bonds, investors’ confidence and lack of awareness are the major challenges for the development of SRI sukuk instruments.

Research limitations/implications

Due to the challenges in finding experts on this subject matter, this study was able to manage only 10 interviews from the participants, which is a small sample size. However, the findings of this study cannot be ignored. Future research should carry out with a large sample size (i.e. at least 30 interviews) to validate the current findings.

Originality/value

This study is among the pioneer in Malaysia, which explores the influencing factors of selecting Islamic bonds as an investment option. This paper provides some valuable implications for investors through discovering the challenges for the growth of SRI sukuk in Malaysia, which can also be applicable in a global setting.

中文翻译：

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马来西亚具有社会责任感的投资回教（伊斯兰债券）发展

目的

这项研究旨在探讨与马来西亚社会责任投资（SRI）sukuk发展相关的潜在问题。它确定了吸引投资者和发行人的因素，以及在马来西亚发展SRI sukuk（伊斯兰债券）的挑战。

设计/方法/方法

这项研究进行了半结构化访谈，以收集来自机构投资者，SRI回教债券发行人，安排人以及研究人员的数据。共采访了19位专家，其中10位参加了访谈。主题分析技术用于报告调查结果。

发现

这项研究发现，通过商业活动（即对教育部门的投资）的社会贡献是投资者和发行人的主要动力。此外，投资风险，缺乏绩效衡量标准，高交易成本，回报风险，缺乏足够的伊斯兰债券，投资者的信心和缺乏认识是SRI sukuk工具发展的主要挑战。

研究局限/意义

由于在寻找有关此主题的专家方面遇到的挑战，本研究仅能管理来自参与者的10次访谈，这是一个很小的样本量。但是，这项研究的结果不容忽视。未来的研究应以较大的样本量（即至少30次访谈）进行，以验证当前的发现。

创意/价值

这项研究是马来西亚的先驱之一，该研究探讨了选择伊斯兰债券作为投资选择的影响因素。本文通过发现马来西亚SRI sukuk增长面临的挑战，为投资者提供了一些有价值的启示，这也可适用于全球环境。