Purpose

Green sukuk is a tool to finance climate change which has garnered considerable attention. However, having only recently come into existence has its own set of challenges for this tool that require immediate identification and government intervention to intensify its growth. This study aims to explore the challenges encountered by green sukuk issuers and the structure of a reconciled green sukuk issuance framework to speed up the market’s growth with the right interventions.

Design/methodology/approach

The study engaged a qualitative approach via multiple case study interviews with green sukuk issuers and used expert views for data triangulation to generate the findings. A total of four green sukuk issuers participated in the interviews, and for data triangulation purposes, four expert’s opinions and views were considered. The thematic analysis technique is used to report the findings.

Findings

It was revealed that amongst the challenges encountered in the green sukuk market are shoddy green taxonomy, difficulty in identifying green assets, it is time-consuming and costly, no compelling benefits and exposure to higher-risk profiles.

Research limitations/implications

This study may be influenced by observer error and observer bias. However, the researchers have taken cautious steps to overcome these issues by following strict case study methodology procedures and triangulating the qualitative research findings with views from green sukuk experts. These interventions increased the rigour and trustworthiness of the results.

Originality/value

This study is amongst the pioneer in Malaysia, exploring challenges in the green sukuk market. The results are relevant to governments, regulators, institutions and central banks to structure the right interventions to counter the challenges. Greater government involvement is required to strengthen the green sukuk market and to spearhead the green agenda.

中文翻译：

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绿色伊斯兰债券——马来西亚在崎岖不平的道路上幸存下来：业绩、挑战和协调的发行框架

目的

绿色伊斯兰债券是一种为气候变化提供资金的工具，受到了广泛关注。然而，最近才出现的这个工具有其自身的一系列挑战，需要立即识别和政府干预以加强其增长。本研究旨在探讨绿色 sukuk 发行人遇到的挑战以及协调一致的绿色 sukuk 发行框架的结构，以通过正确的干预措施加速市场增长。

设计/方法/方法

该研究通过对绿色 sukuk 发行人的多个案例研究访谈采用定性方法，并使用专家观点进行数据三角剖分以产生结果。共有四位绿色伊斯兰债券发行人参与了访谈，为了进行数据三角测量，考虑了四位专家的意见和观点。主题分析技术用于报告调查结果。

发现

据透露，绿色 sukuk 市场面临的挑战包括劣质的绿色分类、难以识别绿色资产、耗时且成本高昂、没有令人信服的收益以及面临更高风险的风险。

研究限制/影响

这项研究可能会受到观察者误差和观察者偏见的影响。然而，研究人员采取了谨慎的措施来克服这些问题，遵循严格的案例研究方法程序，并将定性研究结果与绿色 sukuk 专家的观点相结合。这些干预措施提高了结果的严谨性和可信度。

原创性/价值

这项研究是马来西亚的先驱之一，探索绿色伊斯兰债券市场的挑战。结果与政府、监管机构、机构和中央银行相关，以构建正确的干预措施来应对挑战。需要更多的政府参与来加强绿色伊斯兰债券市场并引领绿色议程。