<![CDATA[Indonesia's issuance of retail green sukuk (SR-BI series) since 2018 represents a structurally distinctive convergence of Islamic finance, environmental governance, and retail capital mobilisation. Despite cumulative issuances exceeding IDR 22 trillion by 2024, academic scholarship on this instrument remains fragmented across three largely disconnected domains: sharia structuring, regulatory compliance, and investor behaviour. This study addresses that fragmentation through a systematic literature review (SLR) guided by PRISMA 2020 protocol. From an initial corpus of 214 records sourced from Scopus, Web of Science, SINTA, and Google Scholar (2018–2024), 31 studies met the eligibility and quality thresholds for thematic synthesis. Three principal findings emerge. First, Wakalah bi al-Istithmar has consolidated as the dominant akad for retail green sukuk due to its asset-flexibility and alignment with Maqashid Syariah, particularly hifz al-mal and hifz al-nasl, yet standardised criteria for classifying green project types within akad categories remain absent from both DSN-MUI fatwas and OJK regulations. Second, Indonesia's regulatory architecture has undergone substantial maturation, though a persistent harmonisation gap exists between the OJK Green Taxonomy and DSN-MUI sharia standards. Third, market adoption is constrained more by financial literacy deficits than by religious resistance, with environmental consciousness proving a statistically significant predictor of purchase intention. This review identifies a cross-cutting research gap: the absence of empirical studies linking sharia compliance quality to long-run retail investor retention.]]>
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