A peer-reviewed paper published March 26, 2026 in the International Journal of Islamic Finance and Sustainable Development analysed every sukuk Bangladesh has issued. The finding is simultaneously impressive and alarming:

As of December 2025, Bangladesh has issued six government sukuk and two corporate sukuk — all but one integrating a sustainability agenda for use of proceeds — yet post-issuance sustainability reporting practices remain underdeveloped across the board.

Sustainability-labelled instruments without verified outcomes aren’t green finance. They’re green labelling. And in Islamic finance, where the entire ethical architecture depends on the actual use of funds aligning with declared intent, the gap between issuance promise and reporting reality is a governance failure.

Bangladesh’s sukuk market is growing. Yet the accountability infrastructure hasn’t kept pace.

This is the next frontier for ESG capacity building in Bangladesh’s financial sector, and it touches banking, capital markets, and Islamic finance simultaneously.

Source: Inceif INCEIF Journal of Islamic Finance and Sustainable Development, March 2026