Systematic Literature Review and Bibliometric Analysis of Shariah-Compliance in Sukuk: Substance or Merely Bonds?

Abstract

This systematic literature review (SLR) surveys the scholarly conversation about Sukuk to see whether these Islamic bonds really follow Shariah rules or just dress up conventional debt in a new name. Using the PRISMA protocol, thirty peer-reviewed articles published from 2010 to early 2024 were pulled from the Scopus database. Bibliometric mapping with VOSviewer revealed three main themes: the different Sukuk structures, the guiding Shariah principles, and the default risk that can arise in these arrangements. An author-co-authorship network showed a small, tightly knit group of scholars working together, which points to rising global curiosity about Islamic capital markets. Yet data broken down by country was incomplete because key metadata went missing during the export. Overall, knowledge remains heavier on the design and compliance questions, while worries about default risk and its effect on investor trust are just beginning to surface. The review urges future studies on Shariah audits, legal harmonisation across jurisdictions, and social Sukuk aimed at the public good.