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The Islamic capital market has been revolutionized following the emergence of sustainable and responsible investing (SRI) Sukuk. SRI has also facilitated the growth of social impact bonds and green bonds, thereby promoting responsible and sustainable investment worldwide. Hence, this study sought to contribute to the existing literature of SRI Sukuk by offering an overview of SRI Sukuk as a novel Islamic financial instrument alternative that envisions social impact financing. This paper examines the academic contributions to research on SRI Sukuk and social impact financing, as well as the structure of SRI Sukuk in Malaysia, using the Khazanah SRI Ihsan Sukuk as a main reference. The present study aims to assess the viability of SRI Sukuk and its underlying mechanisms according to the SRI Sukuk Framework which was mandated by the Security Commission of Malaysia. Drawing upon the literature review, the current study highlights the prominent mechanisms of SRI Sukuk and social impact bond. Due to the novelty of SRI Sukuk, this study hopes to add to the expanding body of knowledge on Islamic finance in general and SRI Sukuk in particular.
Mohamad et al. (Sun,) studied this question.
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