Türkiye's Global Standing in the Issuance of Green Sukuk for the Advancement of Islamic Green Finance

This study offers a comprehensive examination of the green sukuk concept and assesses Türkiye’s role and potential within the Islamic green finance sector. Green sukuk, an instrument aligned with Islamic finance principles, is utilized to finance projects aimed at achieving environmental sustainability objectives. This financial instrument has emerged as a critical tool in addressing global environmental policy requirements and has secured a significant position within the Islamic finance domain. The literature review underscores the increasing prominence of green sukuk in global financial markets and provides an extensive discussion of its economic and environmental impacts. Although Türkiye’s engagement with the green sukuk market is still in its nascent stages, it is recognized for its considerable growth potential. The study indicates that despite the relatively few green sukuk issuances in Türkiye, there is a rising global interest and a discernible trend of market expansion in this area. The findings advocate for the enhancement of green sukuk as an effective instrument for financing green projects within Türkiye. Furthermore, the study explores how green sukuk issuances can contribute to Türkiye’s economic development objectives and environmental sustainability strategies. In conclusion, this study serves as a guide for identifying the strategic measures necessary for Türkiye to establish itself as a competitive player in the global green sukuk market and makes a significant contribution to the existing academic literature on this topic.