Four nuances of Islamic finance research: A bibliometric analysis approach for exploring the structure of research
DOI:
https://doi.org/10.24200/jonus.vol8iss1pp158-183Abstract
Background and Purpose: Islamic finance is an important driver of the economy for the Muslim world, particularly in the developing Muslim-majority countries in Southeast Asia. Scholars continue to pay close attention to Islamic finance research because it differs from conventional finance in many ways. Islamic finance research, like other fields of study, has to take a step back to evaluate what has been accomplished, who has contributed, and what the trending research topics are throughout its development. To that end, this research aims to investigate the structure of Islamic finance research by identifying its key nuances to date.
Methodology: This study employs bibliometric analysis techniques using VOSviewer to examine the research landscape of Islamic finance. Specifically, citation analysis, bibliographic coupling, and co-word analysis are applied to a dataset comprising 1,567 academic articles published between 1955 and 2019, spanning 65 years of research. The analysis identifies influential scientific journals and key thematic contributions to the field.
Findings: The study uncovers four nuances of Islamic finance research based on citation impact, bibliographic coupling, and co-word analysis. These key themes include: i) Bank performance, stability, corporate governance, and risk management; ii) Customer patronisation and satisfaction determinants; iii) Islamic microfinance and social banking; and iv) Islamic capital market products and performance.
Contributions: This study presents an easy-to-read network of research nuances useful for understanding the Islamic finance literature and supporting future research in this field. The study also provides practical contributions to Islamic financial institutions by showing the major areas of focus for improving or sustaining them in the industry.
Keywords: Bibliometric analysis, Islamic finance nuances, literature review, co-word, bibliographic coupling.
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Finance, 37(2), 433–447. https://doi.org/10.1016/j.jbankfin.2012.09.016
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https://doi.org/10.1108/02652320710739850
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Fauziah, M. T., Ramayah, T., & Abdul Razak, D. (2008). Factors influencing intention to use diminishing partnership home financing. International
Journal of Islamic and Middle Eastern Finance and Management, 1(3), 235–248. https://doi.org/10.1108/17538390810901168
Ghlamallah, E., Alexakis, C., Dowling, M., & Piepenbrink, A. (2021). The topics of Islamic economics and finance research. International Review of
Economics & Finance, 75(1), 145–160. https://doi.org/10.1016/j.iref.2021.04.006
Godlewski, C. J., Turk-Ariss, R., & Weill, L. (2013). Sukuk vs. conventional bonds: A stock market perspective. Journal of Comparative Economics, 41(3),
745–761. https://doi.org/10.1016/j.jce.2013.02.006
Hammoudeh, S., Mensi, W., Reboredo, J. C., & Nguyen, D. K. (2014). Dynamic dependence of the global Islamic equity index with global conventional
equity market indices and risk factors. Pacific-Basin Finance Journal, 30(1), 189–206. https://doi.org/10.1016/j.pacfin.2014.10.001
Haneef, M. A., Muhammad, A. D., Pramanik, A. H., & Mohammed, M. O. (2014). Integrated Waqf based Islamic microfinance model (IWIMM) for
poverty alleviation in OIC member countries. Middle-East Journal of Scientific Research, 19(2), 286–298.
https://doi.org/10.5829/idosi.mejsr.2014.19.2.12565
Hasan, R., Hassan, M. K., & Aliyu, S. (2020). Fintech and Islamic finance: Literature review and research agenda. International Journal of Islamic
Economics and Finance (IJIEF), 1(2), 75-94. https://doi.org/10.18196/ijief.2122
Hayat, R., & Kraeussl, R. (2011). Risk and return characteristics of Islamic equity funds. Emerging Markets Review, 12(2), 189–203.
https://doi.org/10.1016/j.ememar.2011.02.002
Ho, C. S. F., Abd Rahman, N. A., Yusuf, N. H. M., & Zamzamin, Z. (2014). Performance of global Islamic versus conventional share indices: International
evidence. Pacific-Basin Finance Journal, 28(1), 110–121. https://doi.org/10.1016/j.pacfin.2013.09.002
Hoepner, A. G., Rammal, H. G., & Rezec, M. (2011). Islamic mutual funds’ financial performance and international investment style: Evidence from 20
countries. The European Journal of Finance, 17(9-10), 829–850. https://doi.org/10.1080/1351847X.2010.538521
Jan, A. A., Lai, F.‑W., & Tahir, M. (2021). Developing an Islamic corporate governance framework to examine sustainability performance in Islamic
banks and financial institutions. Journal of Cleaner Production, 315(1), 128099. https://doi.org/10.1016/j.jclepro.2021.128099
Jawadi, F., Jawadi, N., & Louhichi, W. (2014). Conventional and Islamic stock price performance: An empirical investigation. International Economics,
137(1), 73–87. https://doi.org/10.1016/j.inteco.2013.11.002
Johnes, J., Izzeldin, M., & Pappas, V. (2014). A comparison of performance of Islamic and conventional banks 2004–2009. Journal of Economic Behavior
& Organization, 103(1), S93-S107. https://doi.org/10.1016/j.jebo.2013.07.016
Kaleem, A., & Ahmed, S. (2010). The Quran and poverty alleviation. Nonprofit and Voluntary Sector Quarterly, 39(3), 409–428.
https://doi.org/10.1177/0899764009332466
Kassim, S. (2016). Islamic finance and economic growth: The Malaysian experience. Global Finance Journal, 30(1), 66–76.
https://doi.org/10.1016/j.gfj.2015.11.007
Khan, A., Hassan, M. K., Paltrinieri, A., Dreassi, A., & Bahoo, S. (2020). A bibliometric review of takaful literature. International Review of Economics &
Finance, 69(1), 389–405. https://doi.org/10.1016/j.iref.2020.05.013
Khan, F. (2010). How ‘Islamic’ is Islamic banking? Journal of Economic Behavior & Organization, 76(3), 805–820.
https://doi.org/10.1016/j.jebo.2010.09.015
Lanzara, F. (2021). Islamic finance and sustainable development goals. A bibliometric analysis from 2000 to 2021. European Journal of Islamic Finance,
18(2021), 1-19. https://doi.org/10.13135/2421-2172/5765
Leung, X. Y., Sun, J., & Bai, B. (2017). Bibliometrics of social media research: A co-citation and co-word analysis. International Journal of Hospitality
Management, 66(1), 35–45. https://doi.org/10.1016/j.ijhm.2017.06.012
Moisseron, J.‑Y., Moschetto, B.‑L., & Teulon, F. (2015). Islamic finance: A review of the literature. International Business & Economics Research Journal,
14(5), 745–762.
Mollah, S., & Zaman, M. (2015). Shari’ah supervision, corporate governance and performance: Conventional vs. Islamic banks. Journal of Banking &
Finance, 58(1), 418–435. https://doi.org/10.1016/j.jbankfin.2015.04.030
Mustafa, R. R., Khan, S., & Eleftherios, I. T. (2020). FinTech, blockchain and Islamic finance: An extensive literature review. International Journal of
Economics and Business Administration, VIII(2), 65–86. https://doi.org/10.35808/ijeba/444
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Paltrinieri, A., Hassan, M. K., Bahoo, S., & Khan, A. (2019). A bibliometric review of sukuk literature. International Review of Economics & Finance, 1(1),
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2023-01-31
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Four nuances of Islamic finance research: A bibliometric analysis approach for exploring the structure of research. (2023). Journal of Nusantara Studies (JONUS), 8(1), 158-183. https://doi.org/10.24200/jonus.vol8iss1pp158-183
