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Critical success factors of implementing sustainable and responsible investment (SRI) Sukuk for economic recovery from COVID-19 pandemic

Purpose – There are three objectives of this paper. First, the study investigates the critical success factors critical success factors (CSFs) of implementing sustainable and responsible investment (SRI) Sukuk in Malaysia as perceived by stakeholders. Second, the study examines the differences betwe...

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Main Authors: Syed Azman, Syed Marwan Mujahid, Ismail, Suhaiza, Haneef, Mohamed Aslam, Engku Ali, Engku Rabiah Adawiah
Format: Article
Language:English
English
English
Published: Emerald Publishing Limited 2024
Subjects:
HG3368 Islamic Banking and Finance
Online Access:http://irep.iium.edu.my/101368/1/101368_Critical%20success%20factors.pdf
http://irep.iium.edu.my/101368/2/101368_Critical%20success%20factors_SCOPUS.pdf
http://irep.iium.edu.my/101368/3/101368_Critical%20success%20factors_WOS.pdf
http://irep.iium.edu.my/101368/
https://www.emerald.com/insight/content/doi/10.1108/jeas-08-2021-0160/full/html
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spelling my.iium.irep.1013682024-12-05T02:39:24Z http://irep.iium.edu.my/101368/ Critical success factors of implementing sustainable and responsible investment (SRI) Sukuk for economic recovery from COVID-19 pandemic Syed Azman, Syed Marwan Mujahid Ismail, Suhaiza Haneef, Mohamed Aslam Engku Ali, Engku Rabiah Adawiah HG3368 Islamic Banking and Finance Purpose – There are three objectives of this paper. First, the study investigates the critical success factors critical success factors (CSFs) of implementing sustainable and responsible investment (SRI) Sukuk in Malaysia as perceived by stakeholders. Second, the study examines the differences between the developers and the investors in relation to the importance of the CSFs. Third, the study attempts to categorise the CSFs. Design/methodology/approach – Using a questionnaire survey, 260 completed and useable responses were received representing a 42.54% response rate. In examining the importance of CSFs, the descriptive statistical tests of mean, standard deviation and mean score ranking were used. Independent t-tests were conducted to investigate the differences in the perceptions of the importance of CSFs between the developer and the investor groups. In categorising the CSFs, exploratory factor analysis (EFA) was undertaken. Findings – Overall, the top five most important CSFs as perceived by respondents are as follows: (1) good governance framework, (2) fulfil ethical standards, (3) transparent procurement process, (4) well-defined scope and (5) viable feasibility study. On the other hand, the five factors that are ranked last are as follows: (1) defined stakeholder roles, (2) stable macro-economic conditions, (3) existing social programmes, (4) guarantor and (5) political will. The study also found that there is a significant statistical difference in how the developers and investors scored the CSFs. Moreover, there are three main categories of the CSFs that are effective feasibility study, financial and technical considerations and political willingness and agreeability. Originality/value – The findings highlight the critical factors to consider when implementing SRI Sukuk. This can also serve as a reference and guideline for countries considering SRI Sukuk issuances for economic recovery stimulus post-coronavirus disease 2019 (COVID-19) pandemic. Emerald Publishing Limited 2024-11-27 Article PeerReviewed application/pdf en http://irep.iium.edu.my/101368/1/101368_Critical%20success%20factors.pdf application/pdf en http://irep.iium.edu.my/101368/2/101368_Critical%20success%20factors_SCOPUS.pdf application/pdf en http://irep.iium.edu.my/101368/3/101368_Critical%20success%20factors_WOS.pdf Syed Azman, Syed Marwan Mujahid and Ismail, Suhaiza and Haneef, Mohamed Aslam and Engku Ali, Engku Rabiah Adawiah (2024) Critical success factors of implementing sustainable and responsible investment (SRI) Sukuk for economic recovery from COVID-19 pandemic. Journal of Economic and Administrative Sciences, 40 (4). pp. 798-818. ISSN 2054-6238 E-ISSN 2054-6246 https://www.emerald.com/insight/content/doi/10.1108/jeas-08-2021-0160/full/html 10.1108/JEAS-08-2021-0160
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
English
English
topic HG3368 Islamic Banking and Finance
spellingShingle HG3368 Islamic Banking and Finance
Syed Azman, Syed Marwan Mujahid
Ismail, Suhaiza
Haneef, Mohamed Aslam
Engku Ali, Engku Rabiah Adawiah
Critical success factors of implementing sustainable and responsible investment (SRI) Sukuk for economic recovery from COVID-19 pandemic
description Purpose – There are three objectives of this paper. First, the study investigates the critical success factors critical success factors (CSFs) of implementing sustainable and responsible investment (SRI) Sukuk in Malaysia as perceived by stakeholders. Second, the study examines the differences between the developers and the investors in relation to the importance of the CSFs. Third, the study attempts to categorise the CSFs. Design/methodology/approach – Using a questionnaire survey, 260 completed and useable responses were received representing a 42.54% response rate. In examining the importance of CSFs, the descriptive statistical tests of mean, standard deviation and mean score ranking were used. Independent t-tests were conducted to investigate the differences in the perceptions of the importance of CSFs between the developer and the investor groups. In categorising the CSFs, exploratory factor analysis (EFA) was undertaken. Findings – Overall, the top five most important CSFs as perceived by respondents are as follows: (1) good governance framework, (2) fulfil ethical standards, (3) transparent procurement process, (4) well-defined scope and (5) viable feasibility study. On the other hand, the five factors that are ranked last are as follows: (1) defined stakeholder roles, (2) stable macro-economic conditions, (3) existing social programmes, (4) guarantor and (5) political will. The study also found that there is a significant statistical difference in how the developers and investors scored the CSFs. Moreover, there are three main categories of the CSFs that are effective feasibility study, financial and technical considerations and political willingness and agreeability. Originality/value – The findings highlight the critical factors to consider when implementing SRI Sukuk. This can also serve as a reference and guideline for countries considering SRI Sukuk issuances for economic recovery stimulus post-coronavirus disease 2019 (COVID-19) pandemic.
format Article
author Syed Azman, Syed Marwan Mujahid
Ismail, Suhaiza
Haneef, Mohamed Aslam
Engku Ali, Engku Rabiah Adawiah
author_facet Syed Azman, Syed Marwan Mujahid
Ismail, Suhaiza
Haneef, Mohamed Aslam
Engku Ali, Engku Rabiah Adawiah
author_sort Syed Azman, Syed Marwan Mujahid
title Critical success factors of implementing sustainable and responsible investment (SRI) Sukuk for economic recovery from COVID-19 pandemic
title_short Critical success factors of implementing sustainable and responsible investment (SRI) Sukuk for economic recovery from COVID-19 pandemic
title_full Critical success factors of implementing sustainable and responsible investment (SRI) Sukuk for economic recovery from COVID-19 pandemic
title_fullStr Critical success factors of implementing sustainable and responsible investment (SRI) Sukuk for economic recovery from COVID-19 pandemic
title_full_unstemmed Critical success factors of implementing sustainable and responsible investment (SRI) Sukuk for economic recovery from COVID-19 pandemic
title_sort critical success factors of implementing sustainable and responsible investment (sri) sukuk for economic recovery from covid-19 pandemic
publisher Emerald Publishing Limited
publishDate 2024
url http://irep.iium.edu.my/101368/1/101368_Critical%20success%20factors.pdf
http://irep.iium.edu.my/101368/2/101368_Critical%20success%20factors_SCOPUS.pdf
http://irep.iium.edu.my/101368/3/101368_Critical%20success%20factors_WOS.pdf
http://irep.iium.edu.my/101368/
https://www.emerald.com/insight/content/doi/10.1108/jeas-08-2021-0160/full/html
_version_ 1817841066213113856
score 13.223943

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