Green Sukuk Disclosure Accountability Index (GSAI): Cross-Jurisdictional Evidence for Sustainable Islamic Finance

Abstract

Introduction: This study examines post-issuance accountability of green sukuk disclosures across jurisdictions by developing and validating the Green Sukuk Disclosure Accountability Index (GSAI), a 24-indicator framework designed to assess allocation transparency, environmental impact reporting, and Sharia disclosure accountability.  Research Methods: Applying a documentary content-analysis design, we evaluate 31 issuer-report-year observations from 2019 to 2025 across sovereign, multilateral, Islamic bank, and corporate issuers. Results: The findings show that allocation transparency represents the most developed disclosure domain, while environmental impact reporting and Sharia disclosure accountability remain comparatively weaker. Sovereign and multilateral issuers demonstrate higher disclosure accountability levels than corporate issuers, although differences remain across reporting contexts. Conclusion: The GSAI provides an empirical measurement framework for evaluating green sukuk disclosure accountability and contributes to sustainable Islamic finance literature by integrating environmental and Sharia governance dimensions into a unified disclosure assessment approach.