Purpose: The main objective of this paper is to analyze works of literature on SRI sukuk to highlight the potential for these kinds of instruments in financing more sustainable financial systems (SFSs). The analysis mainly accentuates a dearth of knowledge on the various challenges and opportunities in the realm of SRI. Design/methodology/approach: This paper pioneers the bibliometric and systematic literature review of the development of the SRI sukuk from 2016 (the first available year in the field) to and 2021. Findings: The study findings highlighted several pertinent SRI issues: the lack of standardization due to the different interpretations of Shariah and green, the lack of retail investors, which inevitably produce a lack of liquidity in the secondary market, thus limiting their growth, its funding allocation’ close resemblance to green financing, and the role of Malaysia and Indonesia as global sustainable financial hubs to stimulate the development of Shariah-compliant sustainable instruments and contribute to the international debate about the building of a global standardized framework related to sustainable investments. Originality/value: The integration of the environmental principles of a green bond with the Shariah-compliant financial structure of a sukuk, the SRI sukuk, represents a vital crossroad in both sustainable and Islamic finance. Social-impact sukuk and green sukuk is an undervalued instrument that could play an important role in financing a more sustainable economic and financial system, including Islamic investing. This kind of instruments, which is based on a “pay for success” principle in the conventional layout, perfectly fit with the profit-and-lost sharing’s (PLS's) ethicality, the sustainability principles of Islamic finance and the religious principles of Islamic law.

This paper aims to investigate the Sukuk industry and Distributed Ledger Technologies (DLTs) applications exploring their fundamentals and criticisms to shed light on potential opportunities both for Sukuk issuances and for the securitisation industry. DLTs are characterised by intense competition and potential future disruption in the banking and finance industry for both conventional and IF arena and Sukuk industry representing a leading sector. Using a case-study analysis on some pioneers’ Blockchain-based Smart Sukuk and tokenisation projects, we try to identify the potential streamlining of the inquiry and issuance process. This paper contributes to the literature on Sukuk and the use of DLTs matching the need demand and supply-side, highlighting new opportunities for the Islamic Finance (IF) standardisation, considering the different interpretation of Shariah between countries making up a barrier to its growth. Therefore, the ShariahTech industry's outgrowth might contribute to developing new instruments as ancillary or alternative to conventional bonds providing new policy implications for regulatory authorities and stimulating the global market competition.

Smart cities are urban areas that leverage technological solutions to enhance traditional network management and efficiency to benefit residents and businesses. Based on the Scientific Procedures and Rationales for Systematic Literature Reviews (SPAR-4-SLR) protocol, this study presents a systematic literature review aimed at analyzing the existing literature on smart cities research. The literature review specifically focuses on the impact of blockchain technology on the urban environment and its potential to contribute to the development of inclusive and sustainable communities, including financial systems and infrastructures with similar characteristics to serve these societies. The findings reveal a lack of studies on the practical applications of distributed ledger technologies (DLTs), particularly blockchain, that specifically focus on the urban context capable of developing the (financial) ecosystem of smart cities. To address this gap, a future research agenda is proposed, highlighting several research questions that could guide academics and practitioners interested in exploring the development of smart city systems, with particular attention on the financial framework.

This paper aims to contribute to the literature debate on the regulators’ dilemma affecting international financial regulations focusing on the banking regulation of dual financial systems. In this regard, the paper provides a new taxonomy of Islamic Financial Systems considering the banking regulation as a driver for the classification and a more detailed definition of dual financial systems. The literature review reveals the existence of different financial system structures affected by socio-cultural biases due to different characteristics of various countries and financial systems globally. The risk of regulatory arbitrage or over-regulation phenomena is high, stifling the growth and the level playing field for both some systemically financial systems.