The development and analysis of green sukuk

This thesis examines the concept of green sukuk, which lies at the intersection of environmental sustainability principles and Islamic finance, from both theoretical and practical perspectives. It first defines green sukuk, explains its differences from traditional sukuk structures, and explores its relationship with sustainable finance. Subsequently, practices from countries such as Malaysia, Indonesia, and the United Kingdom are analyzed to evaluate the development of green sukuk markets under different institutional frameworks. In the context of Türkiye, the study analyzes the legal infrastructure, the roles of regulatory institutions, investor interest, and sector-based implementation potentials. Documents published by the Capital Markets Board (SPK), the Participation Banks Association of Türkiye (TKBB), and other relevant institutions are examined, and the green sukuk issuance by Emlak Katılım Bankası is presented as a case study. Additionally, the development potential of green sukuk in Türkiye is evaluated in line with national goals such as the 2053 Net Zero Emission target and the Green Deal Action Plan. The study is based on literature review and document analysis rather than empirical data. It highlights gaps in the literature concerning ESG compliance, Shari'ah supervision, investor behavior, and methodological standardization. In conclusion, the study emphasizes the need for regulatory clarity, institutional cooperation, and investor awareness to foster the development of the green sukuk market in Türkiye.