Ecologies of green finance: Green <i>sukuk</i> and development of green Islamic finance in Malaysia

In this paper, we analyse the recent development of green sukuk (often referred to as an Islamic bond) since its issuance in Malaysia 2017, and critically evaluate whether it addresses some existing contradictions finance. Using a financial ecologies approach, examine Malaysia's configuration drawing from international bond regime, partnership with World Bank, own experience expertise finance, objective building Kuala Lumpur's competitiveness global centre. Through documents analysis interviews key market actors Lumpur other centres, our findings point emergent adoption sukuk. While achieves state-building objectives, specifically through expanding advancing status frontier innovations, potential for improving current regime has been more doubtful. A limitation is incorporation Green Bond Principles, which enables not only sukuk's acceptance but also renders susceptible greenwashing. By examining intersection different reveal limitations contributing Malaysian climate action.