Contemporary trends in Islamic finance: A bibliometric analysis

Abstract

Islamic finance, guided by Islamic principles, has become a prominent and unique player in the global financial landscape. This study analyzes a decade of research (2012-2022) through a comprehensive bibliometric analysis using Scopus data. We explore the historical foundations, core principles, legal frameworks, and governance structures of Islamic finance. We also delve into the diverse financial instruments used to promote financial inclusion. Employing statistical methods and network analysis with VOSviewer software, this research provides a holistic view of trends in Islamic finance research. Our analysis examines document sources, publication years, subject areas, document types, author and affiliation countries, and funding sponsors. We further explore co-authorship and co-occurrence networks to understand research collaborations, emerging themes, and key contributors. English stands as the primary language of research publications. Notably, Malaysia, the USA, and the UK lead in research output. The results highlight the growing international significance of Islamic finance research within academia. They also reveal its inherent cross-disciplinary nature and potential to address socio-economic challenges. The research volume demonstrates a rising trend, peaking in 2021 with 350 publications. While 2022 saw a slight decrease with 315 publications, the overall volume remains significantly higher compared to earlier years. This study offers a comprehensive overview for both practitioners and scholars. By identifying research themes, geographic patterns, and collaborative networks, it lays the groundwork for future studies on the evolving trends and global impact of Islamic finance.