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This Author published in this journals
All Journal Journal of Islamic Monetary Economics and Finance
Nazrul Hazizi Noordin
IIUM Institute of Islamic Banking and Finance, International Islamic University Malaysia, Malaysia and Oxford Centre for Islamic Studies, United Kingdom
Economics, Econometrics & Finance

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Climate Change Adaptation: Does Islamic Banking Play a Role? Nazrul Hazizi Noordin; Faaza Fakhrunnas
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 2 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i2.3322

Abstract

This study examines the role of Islamic banking in advancing climate change adaptation. Applying fixed effects and System Generalized Method of Moments estimators to panel data from 29 dual banking countries from 1995 to 2021, we find that a one-standard-deviation increase in the share of Islamic banking assets is associated with a 1.773-point improvement in the climate adaptability index. When climate adaptation is decomposed into its two constituent dimensions, climate vulnerability and climate readiness, we find that Islamic banks contribute significantly to enhancing climate readiness, while their impact on reducing vulnerability is less pronounced. The contribution is particularly salient in countries where Islamic banking is systemically important, underscoring the significance of market penetration and institutional embeddedness. Additionally, Islamic banks are shown to have maintained a consistent, positive contribution to climate adaptation both before and after the adoption of the Paris Agreement in 2015. These findings underscore the normative alignment between the ethical foundations of Islamic finance and the environmental commitment of global communities. This study offers important policy implications, including the need for stronger regulatory support, deeper integration of Islamic finance within national climate strategies, and strengthened climate governance within Islamic banks. It also adds to the literature by providing new empirical evidence on the distinctive and evolving role of Islamic banking in supporting macro-level climate resilience. Acknowledgment The first author acknowledges the support of the Securities Commission Malaysia in awarding the fellowship at the Oxford Centre for Islamic Studies, during which this paper was completed.
Trends and Determinants of Sustainability Sukuk Issuance: Evidence from Global Markets Nazrul Hazizi Noordin
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 3 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i3.3341

Abstract

Despite the growing prominence of sustainability sukuk in the global realm of sustainable finance, little is known about the dynamics of their issuance. This study is the first to document the evolution of sustainability sukuk issuance and explore the determinants of its size. Using a cross-country sukuk dataset comprising 11,944 issuances between 2012 (i.e., the year when the first sustainability sukuk was issued) to 2022, it highlights that sustainability sukuk remains a minuscule fraction of overall sukuk markets, and its rapid growth during the last recent years is mostly concentrated in Islamic finance-oriented countries like Indonesia, Malaysia, and Saudi Arabia, while other developing Muslim-majority nations show limited participation. Examining determinants, we find that a higher security quality, a more extended debt structure, and major international currency denominations (e.g., USD and Euro) positively influence the size of the sustainability sukuk issue. Additionally, we uncover two unique drivers of sustainability sukuk issuance. The first is second party opinion, where its increased costs reduce issue size. The second is the underlying equity-based Islamic contracts, which encourage larger issuances compared to sale-based contracts. Our results also indicate that issuances by government entities and financial institutions, and those raised for social purposes rather than green projects, tend to be larger. Lastly, we find that a higher level of economic development and greater reliance on international trade in the issuing country may lead to a larger issue size. This paper concludes by calling for policies and incentives to encourage future sustainability sukuk issuance. ACKNOWLEDGMENT The author acknowledges the support of the Securities Commission Malaysia in awarding the fellowship at the Oxford Centre for Islamic Studies, during which this paper was completed.
Co-Authors Faaza Fakhrunnas