islamic banking and finance research topics

• Understanding Poverty
• Financial Sector

Islamic Finance

Islamic finance has emerged as an effective tool for financing development worldwide, including in non-Muslim countries. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system – and that it has the potential to help address the challenges of ending extreme poverty and boosting shared prosperity.

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• Documents & Reports

The Islamic finance industry has expanded rapidly over the past decade, growing at 10-12% annually. Today, Sharia-compliant financial assets are estimated at roughly US$2 trillion, covering bank and non-bank financial institutions, capital markets, money markets and insurance (“Takaful”).

In many majority Muslim countries, Islamic banking assets have been growing faster than conventional banking assets. There has also been a surge of interest in Islamic finance from non-Muslim countries such as the UK, Luxembourg, South Africa, and Hong Kong.

Over the past decade Islamic finance has emerged as an effective tool for financing development worldwide, including in non-Muslim countries. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system – and that it has the potential to help address the challenges of ending extreme poverty and boosting shared prosperity.

Islamic finance is equity-based, asset-backed, ethical, sustainable, environmentally- and socially-responsible finance. It promotes risk sharing, connects the financial sector with the real economy, and emphasizes financial inclusion and social welfare.

The following key principles guide Islamic Finance: 1) Prohibition of interest on transactions (riba); ii) Financing must be linked to real assets (materiality); iii) Engagement in immoral or ethically problematic businesses not allowed (e.g., arms manufacturing or alcohol production); iv) Returns must be linked to risks. 

The World Bank Group involvement in Islamic finance is directly linked to the Bank’s work on reducing poverty, expanding access to finance, developing the financial sector, and building financial sector stability and resilience in client countries.

By helping expand the use of Sharia-compliant modes of financing in World Bank Group operations, we are helping deliver benefits to client countries in three areas:

• The sustainable development of Islamic finance offers benefits for economic growth, reducing poverty and fostering shared prosperity. Islamic finance can significantly contribute to economic development, given its direct link to physical assets and the real economy. The use of profit- and loss-sharing arrangements encourages the provision of financial support to productive enterprises that can increase output and generate jobs. The emphasis on tangible assets ensures that the industry supports only transactions that serve a real purpose, thus discouraging financial speculation.
• Islamic finance helps promote financial sector development and broadens financial inclusion. By expanding the range and reach of financial products, Islamic finance could help improve financial access and foster the inclusion of those deprived of financial services. Islamic finance emphasizes partnership-style financing, which could be useful in improving access to finance for the poor and small businesses.  It could also help improve agricultural finance, contributing to improved food security. In this regard, Islamic finance can help meet the needs of those who don’t currently use conventional finance because of religious reasons. Of the 1.6 billion Muslims in the world, only 14% use banks. It can help reduce the overall gap in access to finance, since non-Muslims aren’t prohibited from using Islamic financial services.
• It helps strengthen financial stability. As the 2008 global financial crisis ravaged financial systems around the world, Islamic financial institutions were relatively untouched, protected by their fundamental operating principles of risk-sharing and the avoidance of leverage and speculative financial products.

Despite its recent years of rapid growth, Islamic finance is still in its early stages of development, and it will need to address several challenges. We are supporting our client countries to strengthen the legal, regulatory and institutional foundations of Islamic finance. We have also expanded our efforts in promoting the systematic and sustained use of relevant knowledge of Islamic finance to raise awareness, build consensus and promote the worldwide use of Sharia compliant financing instruments.

As part of its work on Islamic finance, the World Bank, in partnersip with the government of Turkey, established the Global Islamic Finance Development Center in 2013 as a knowledge hub for developing Islamic finance globally, conducting research and training, and providing technical assistance and advisory services to World Bank Group client countries interested in developing Islamic financial institutions and markets.

Recent Engagements

In recent operations in Egypt and  Turkey , for example, the Bank Group helped governments to design Sharia-compliant financing frameworks to expand financing for small and medium scale enterprises.

Also, in July 2015, the  World Bank and the General Council for Islamic Banks and Financial Institutions (CIBAFI) , the global umbrella of Islamic financial institutions, signed a Memorandum of Understanding (MoU) to help foster the development of Islamic finance globally and expand its use as an effective tool for financing development worldwide, including in non-Muslim countries.

Islamic Finance Principles and Instruments

The term Islamic finance is used to refer to financial activities conforming to Islamic Law (Sharia). One of the main principles of the Islamic finance system is the prohibition of the payment and the receipt of riba (interest) in a financial transaction. The term riba covers all forms of interest and is not limited to usury or excessive interest only. The most critical and significant implication of banning interest is the indirect prohibition of a “pure” debt security. The key point to bear in mind is that Islamic law doesn’t recognize money and money instruments as a commodity but merely as a medium of exchange. Hence any return must be tied to an asset, or participation and risk-taking in a joint enterprise (such as partnerships). A pure debt security is replaced with an “asset-linked” security, direct financing of a real asset, and different forms of partnerships of which equity financing is the most desirable.

In addition to prohibition of riba, there are several other important provisions which may affect financial transactions. These include the prohibition of ‘gharar’ (uncertainty or asymmetrical information), ‘maysir’ (gambling, speculation), hoarding, as well as trading in prohibited commodities (for example, pork and alcohol).

Instruments

Basic instruments include: cost-plus financing (murabaha), profit-sharing (mudaraba), leasing (ijara), partnership (musharaka) and forward sale (bay’salam).  These constitute the basic building blocks for developing a wide array of more complex financial instruments. 

Murabaha – Trade with markup or cost-plus sale. The purchase of an asset is financed for a profit margin, with the asset purchased on behalf of client and resold at a pre-determined price. Payment could be in lump sum or in installments and ownership of the asset remains with bank till full payments are made

Ijara – Operational or financial leasing contracts.  Bank purchases asset on behalf of client and allows usage of asset for a fixed rental payment. Ownership of the asset remains with the financier but may gradually transfer to the client who eventually becomes the owner ( ijara wa iqtina ).

Mudaraba – Trustee financing contract.  One party contributes capital while the other contributes effort or expertise. Profits are shared according to a predetermined ratio and the investor is not guaranteed a return and bears any financial loss.

Musharaka – Equity participation contract.  Different parties contribute capital and profits are shared according to a pre-determined ratio, not necessarily in relation to contributions, but losses are shared in proportion to capital contributions. The equity partners share and control how the investment is managed and each partner is liable for the actions of the others.

Sales contracts.  Deferred-payment sale (bay’ mu’ajjal) and deferred-delivery sale (bay’salam) contracts, in addition to spot sales, are used for conducting credit sales.  In a deferred-payment sale, delivery of the product is taken on the spot, but delivery of the payment is delayed for an agreed period.  Payment can be made in a lump sum or in installments, provided there is no extra charge for the delay.  A deferred-delivery sale is similar to a forward contract where delivery of the product is in the future in exchange for payment on the spot market. 

Sukuk – Certificates of Ownership. Sukuk are certificates of equal value representing undivided shares in ownership of tangible assets, usufruct and services, or (in the ownership of) the assets of particular projects. The returns on the certificates are directly linked to the returns generated by the underlying assets.

• General Council for Islamic Banks and Financial Institutions (CIBAFI)
• Borsa İstanbul
• Islamic Development Bank
• Islamic Research and Training Institute
• Guidance Financial Group
• Global Report on Islamic Finance : Islamic Finance - A Catalyst for Shared Prosperity? 
• On the Sustainable Development Goals and the Role of Islamic Finance
• Realizing the Potential of Islamic finance
• Economic Development and Islamic Finance
• The Global Findex Database: Islamic Finance and Financial Inclusion

Abayomi A. Alawode

• EVENT CMA-World Bank International Conference: 'Sukuk Markets, Challenges & Opportunity' Dec 06, 2016
• REPORT Global Report on Islamic Finance : Islamic Finance - A Catalyst for Shared Prosperity? Feb 21, 2017

Turkey’s SMEs Prosper Through Islamic Financing

Additional resources.

• Webinar Series Islamic Financing in PPPs
• Publications World Bank Documents & Reports on Islamic Finance

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Bibliometric network analysis of thirty years of islamic banking and finance scholarly research

• Published: 04 June 2022
• Volume 57 , pages 1961–1989, ( 2023 )

Cite this article

• Ahmed Hassanein   ORCID: orcid.org/0000-0001-6295-9362 1 , 2 &
• Mohamed M. Mostafa 2  

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A Correction to this article was published on 11 August 2022

This article has been updated

This study utilizes bibliometric analyses to map and visualize the development, conceptual structure, and thematic evolution of the Islamic Banking and Finance (IB&F) scholarly research. It analyses 464 WoS IB&F research publications of 921 authors comprising 58 countries published over three decades from 1990 to 2019. The results reveal that (i) collaboration among countries is limited and institutional collaboration can be described as a “locally concentrated and globally isolated,“ (ii) the IB&F research is a type of “small-world-network” where few authors and journals dominate the networks and play a central role in the diffusion of knowledge and the “homophily impact” is present among the leading authors of the IB&F research, (iii) the networks in IB&F research reflects the “Matthew Effect,“ implying that few authors have a more significant number of networks compared to the rest of authors. The study has also identified the conceptual structure and thematic trends in the IB&F research and provides avenues for future research.

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1 Introduction

The Islamic Banking and Finance (hereafter, IB&F) system is established on the concept of abolishing interest and unfair facets of the economy to comply with the principles of Islamic Shariah (Islamic jurisprudence). Besides, it is escorted by Islamic doctrine principles supporting risk sharing. Thus, lending, borrowing, and investment functions are likely to be conducted based on risk-sharing. In addition, IB&F is accompanied by social activities, including distributing social dividends. Hence, it can be seen as a value-based system aiming to ensure the substantial well-being of people and sustainable economic growth (Aydin 2020 ; Musa et al. 2020 ). The IB&F covers different sectors, including Islamic banks, financial markets, and financial intermediation. The principles of IB&F have been applied since the 1970s in the Middle East, leading to the establishment of Islamic banks Footnote 1 . At a later stage, the Western banks (e.g., Citibank & HSBC) have begun establishing their Islamic windows, which provide Islamic banking services to attract deposits from Muslims in Middle Eastern countries.

The IB&F system grows through seeking innovation and diversity of services, customers, and markets. The Islamic services cover many areas such as Islamic Bonds (i.e., Sukuk), Islamic Insurance (i.e., Takaful), investments funds, and Islamic Stock Exchange (e.g., Dow Jones Islamic Index). The Banker’s report in 2015 declares that the Islamic assets have increased rapidly with a growth rate of 12.7% annually. The European Union countries were in the top 20 major countries that complied with Islamic Shariah in providing their Islamic services. Furthermore, the Islamic Financial Services Board report published in 2019 indicated that the IB&F industry worth is $2.19 trillion as of the second quarter of 2018, compared to the $2.05 trillion recorded at the end of 2017. Islamic banking represents 71.7% of the IB&F industry, while the Islamic capital market represents 27% of the global IF&B asset. The Takaful (Islamic Insurance) services represent 1.3% of the IB&F services, with an annual growth rate of 4.3%.

IB&F research has received significant attention in recent years. Nevertheless, Narayan and Phan ( 2017 ) argue that research in this area is still evolving. Prior research on IB&F has focused mainly on investigating the performance of Islamic banks (e.g., Mobarek and Kalonov 2014 ; Saraç and Zeren 2015 ; Kabir et al. 2015 ; Mollah et al. 2017 ; Grira et al. 2016 ). Another stream of research has examined the corporate governance system of Islamic banks (Hayat and Hassan 2017 ; Elnahas et al. 2017 ; Jan et al. 2021 ). Previous studies have also explored the features of Islamic bond markets (Naifar and Hammoudeh 2016 ) and the Islamic Insurance system (Raza et al. 2019 ). Furthermore, research has explored some ethical issues related to IB&F. For instance, Al-Suhaibani and Naifar ( 2014 ) explore the ethical framework of Islamic financial institutions (IFIs) and Platonova et al. ( 2018 ) examine the social responsibility roles of IFIs.

The evolution of research in a field of study induces scholars to quantitatively review its scientific production to understand its “intellectual structure” (Rivera and Pizam 2015 ). This helps develop a knowledge base for this field, identify its research trends, understand its theories and methodologies, determine the contributions and suggest potential avenues for future research (Ferreira et al. 2014 ). The bibliometric analysis is an innovative methodology aiming to reveal the development and structure and visualize the scientific production in a field of study (Mostafa 2020 ; Qi et al. 2018 ). It is applied to explore the knowledge structure in different fields of research, such as Halal food (Mostafa 2020 ), circular economy (Alnajem et al. 2021 ), operational research (Argoubi et al. 2020 ), innovation (Yahaya et al. 2020 ), and corporate governance (Zheng and Kouwenberg 2019 ). Nonetheless, there is a lack of research analyzing the intellectual structure of IB&F research. Therefore, the current study fills this gap and uses bibliometric networks to investigate IB&F scholarly publications. This technique helps identify the development, conceptual structure, and thematic evolution of the IB&F.

The current study aims to answer the following research questions. First, how the research on IB&F has been evolved since its emergence? Second, what are the influential authors, journals, and countries in the IB&F field? Third, what are the collaborative networks among authors, institutions, and countries in the IB&F research? Fourth, what are the intellectual structure and thematic trends of IB&F research? Finally, what are the key hotspots in the IB&F research? The study analyses 464 World of Science (WoS) IB&F research publications of 921 comprising 58 countries published over three decades from 1990 to 2019. This helps to understand the development, intellectual structure, and contribution of the IB&F research and identify challenges and areas for future research in this field of study.

The study contributes to the extent of literature in several ways. First, it is the first to employ the bibliometric analysis to review IB&F knowledge structure which adds an innovative way to show the thematic evolution of the key research themes in IB&F. Bibliometric networks methodology objectively, rather than subjectively, produces findings that show a joint view expressed by actual data (Linnenluecke et al. 2020 ). This helps to build knowledge, gain an understanding, and show the future direction in this research area. Second, the study also adds to the theoretical development of IB&F research as it helps scholars discover potential opportunities and define the significant intellectual structure and research themes in the field of IB&F. Third, the study focuses solely on examining Islamic rather than conventional banking and finance, which enriches the body of knowledge of this underrepresented field of study.

The paper is structured as follows. Section 2 provides a review of IB&F literature. Section 3 describes the research design. Section 4 presents the descriptive statistics pertaining to the IB&F scientific production. Section 5 reports the network analyses. Section 6 presents the intellectual structure maps. Finally, the concluding remarks and directions for future research are provided in Sect. 7.

2 IB&F literature: an overview

The research on IB&F is fast growing due to innovative Islamic products, including Islamic bonds, insurance, and stock exchange (Zaher and Hassan, 2001 ). However, limited research has attempted to review the research about IB&F. For instance, Narayana and Phan (2019) surveyed the academic research on IB&F. They focused on 112 research papers from 1983 to 2017. The results suggest that examining bank performance is the most popular topic in IB&F, representing 44% of the research papers, followed by research on the equity market (24%) and market interactions (16%). Nonetheless, the research on Islamic bonds has received less attention from academics. The analysis of prior studies also reveals that they focus on several aspects of IB&F, including the performance of IFIs, their governance system, and ethical issues in IB&F.

Substantial research has focused on the performances of Islamic compared to conventional (non-Islamic) banks. For instance, some studies (e.g., Olson and Zoubi 2011 & Beck et al. 2010 ) have explored how Islamic banks are cost-efficient compared to conventional banks. They find that conventional banks utilize their costs less efficiently than Islamic banks. However, Kabir et al. ( 2015 ) find that the credit risk is higher in conventional banks than in Islamic banks. Besides, Baele et al. ( 2014 ) and Pappas et al. ( 2017 ) suggest that the rate of loan default in conventional banks is higher than that of the Islamic banks. Mobarek and Kalonov ( 2014 ) confirm that Islamic banks are more likely to be financially secure than conventional banks. A group of prior studies reports mixed findings regarding the efficiency of Islamic relative to conventional banks. Some research reports the same efficiency level in conventional and Islamic banks (Johnes et al. 2014 ). However, other research reports that the efficiency of Islamic banks is either higher (Wanke et al. 2016 ) or lower (Belanès et al. 2015 ) relative to conventional banks’ efficiency. Research also has found that drivers of Islamic banking performance are the degree of capital adequacy, quality of management, and diversification of Islamic products (Sun et al. 2017 ).

There is growing research on the performance of Islamic equity markets, though it reports mixed findings. It finds that the profitability of Islamic markets is better than conventional markets (Narayan et al. 2017 ; Dewandaru et al. 2015 ). Nevertheless, research suggests that Islamic stocks are less successful than conventional stocks (Rahim and Masih 2016 ; Narayan and Bannigidadmath 2017 ) examine how Islamic stocks respond to market news. They find that positive news has more substantial effects than negative news in Islamic and conventional banks. Azmat et al. ( 2014 ) examine the Islamic bonds and find differences in the characteristics of Islamic compared to conventional banks. Besides, Naifar and Hammoudeh ( 2016 ) find that spillover effects of Islamic bonds and stocks and the yields of Islamic bonds are more significantly associated with the conventional than Islamic stock markets. In support, Alexakis et al. ( 2016 ) and Alaoui et al. ( 2015 ) provide evidence that Islamic markets are co-moving with conventional markets.

Research also explores the Shariah compliance issue and the corporate governance system of IFIs. Notably, the corporate governance system in IFIs is different from conventional counterparts in that it must be undertaken based on Islamic Shariah. Hence, non-compliance with Islamic Shariah can lead to financial turmoil (Grassa and Matoussi 2014 ). Besides, Shariah’s supervisory board is a crucial element in the governance system of IFIs. Grassa and Matoussi ( 2014 ) report significant variations in the structure of governance systems among Islamic banks, requiring more improvements and standardizations. Empirically, Mollah and Zaman ( 2015 ) find that Islamic banks’ performance is positively affected by the presence of the Shariah supervisory board. However, it is negatively associated with board structure and CEO duality. Mollah et al. ( 2017 ) confirm that Islamic banks’ governance structure facilitates risk-taking achievement of better performance. Apart from governance structure, Mallin et al. ( 2014 ) indicate that Islamic banks are aware of the mandatory disclosure requirements of the Accounting and Auditing Organization of Islamic Financial Institution (AAOIFI) Footnote 2 . However, they give less consideration to voluntary disclosure.

The research area investigating the ethical issues in IB&F is still evolving. Limited research has investigated the effect of ethics and religion on either performance or reporting of Islamic banks. Ashraf ( 2016 ) examines whether the Islamic Shariah screening criteria influence the performance of the Islamic equity funds (IEFs). The findings reveal no significant variations between the performance of IEFs and conventional funds. Baele et al. ( 2014 ) examine whether religion affects the default rate of bank loans. Their results reveal that the rate of loan default in Islamic banks is less than that of the Islamic banks, suggesting that the religion from either individual piousness or network significantly influences the loan default. Likewise, Belal et al. ( 2015 ) examine the ethical reporting of Islamic banks. They find an increase in ethical information disseminated by Islamic banks. Besides, Islamic banks are likely to provide more clarity and community-related disclosures. Prior studies also explore the corporate social responsibility role of IB&F. Hassan et al. ( 2010 ) find that Islamic banks respond to society’s welfare needs and comply with the Islamic business ethics framework. Furthermore, Platonova et al. ( 2018 ) find that Islamic banks’ corporate social responsibility activities positively affect the current and future performance of Islamic banks.

Finally, few studies also examine the nexus between IB&F and small-medium enterprises (SMEs). These studies suggest that Islamic banks are likely to provide different kinds of finance to SMEs (Aysan et al. 2016 ). Limited research focuses on the IB&F from a macro-economic perspective. It finds that IB&F leads to development in the banking sector (Gheeraert 2014 ) and contributes significantly to economic growth and welfare (Abedifar et al. 2016 ). Despite the significant research on IB&F, there is a lack of comprehensive evaluation of the scientific publication in this area. Hence, this study aims to fill this gap by comprehensively evaluating the research of IB&F.

3 Research design

The current study employs the “Scientometrics” method to analyze the IB&F research. It analyses various aspects of the field of study, including journals and their impacts, influential authors, countries, institutions, and thematic groups in the field of study. It involves developing “bibliometric network analyses” to examine all publications to identify the various networks, productivity, quality, and citations in a particular research field and evaluate its intellectual development. It has more advantages than the traditional state-of-the-art review in that it can investigate more relevant themes and provides an extra point of reference (Argoubi et al. 2020 ; Ronda-Pupo 2017 ) suggests that outputs of a specific field of study help understand its development and structure. Nonetheless, Block et al. ( 2020 ) indicate that research restricted to analyzing parameters such as influential authors, journals, and countries is not qualified to be bibliographic analysis. Besides, they argue that bibliometric analyses should aim to evaluate the development and thematic structure of the research field. In response, this study has followed Mostafa ( 2020 ) to conduct a thorough bibliometric analysis that evaluates the evolution, structure, and thematic of the IB&F scholarly research. This helps understand the development, intellectual formation, and contribution of the IB&F research and identify challenges and areas for future research in this field of study (Shi and Li 2019 ).

We have used the VoSviewer software and the R statistical computing version 4.1 to develop citation and co-citation analyses. The influential authors are identified based on the number of articles and total citations. Lotka’s law is used to measure the authorship concentration. The citation analysis identifies the most cited articles in the IB&F research. The VoSviewer software and the R statistical computing also develop visualized network maps for chronological IB&F citations (i.e., historiographic network), keyword co-occurrence, conceptual structure, and thematic contents. These methods ensure concluding a comprehensive evaluation of the IB&F research. The VoSviewer and R statistical computing are dominant software instruments for building visualized maps for objects of interest. It is common in bibliometric studies such as Halal food (Mostafa 2020 ), operational research (Argoubi et al. 2020 ), innovation (Yahaya et al. 2020 ), and circular economy (Alnajem et al. 2021 ).

The data was collected based on the WoS database. The WoS is a leading database covering high-quality information on multidisciplinary subjects (Argoubi et al. 2020 ), and it is a substantial source for research abstracts and citations (Amrutha and Geetha 2020 ). In addition, it permits scholars to download a database including the bibliographic information of a particular research area, such as journals, citations, and affiliations. In this study, we have reviewed IB&F publications, definitions, and categories of IB&F to develop a central theme search string. We have searched all articles, books, and editorial reviews that include the following terms, “Islamic Banking, “Islamic Banks,“ and “Islamic Finance,“ in the research papers’ titles, keywords, and abstracts. We limited our search to include only research papers written in the English language. The year 1990 is considered the date of reference as there are virtually no significant studies regarding IB&F studies published earlier.

Table ( 1 ) shows that the search has produced 464 documents published from 1990 to 2019 in the WoS database comprising journal articles, book reviews, editorial materials, and proceeding papers. It also reveals that 921 authors wrote these documents. The average number of documents per author is 0.504, and on average, there are approximately1.98 authors per document. The average citation per document is 7.524 times. The collaboration index was 2.33, suggesting the non-dominance of single-authored papers, as per prior research (e.g., Alnajem et al. 2021 ).

4 Scientific production

To answer the first research question, we traced the evolution of the scientific production of IB&F literature. Figure ( 1 ) presents the development and trend of IB&F research production. The graph shows that the IB&F research has witnessed exponential growth at an average rate of 5.6% annually. Nevertheless, this rate of growth is not equally dispersed over the years. The first decade of IB&F research starts from 1990 to 2000. During this decade, the IB&F literature seems to be relatively rare, representing a maximum of four annual research documents. This decade can be seen as the early application of IB&F principles as different nations began to develop their Islamic financial institutions. The second decade of the IB&F research starts from 2001 to 2010. This period has witnessed substantial interest in research in IB&F, as evidenced by the significant growth in IB&F publications, with a peak of 12 documents published per year. Therefore, the second decade can be called the “initial growth stage” in Islamic financial institutions. The third decade of IB&F research starts from 2011 to 2015, and it has a significant boost by scholars in the IB&F field of study, representing on average 30 annual research publications. Thus, it can be called the “swift growth stage” in the IB&F. The last decade of the IB&F research is from 2016 to 2019. It is observable that IB&F research has reached maturity during this decade, evidenced by the publication, on average, of 60 annual research documents. Hence, this decade can be called the “maturity stage” in the IB&F. Eventually, there has been an exponential increase in IB&F research since 2008.

Development of IB&F research production

The large number of countries involved in IB&F research provides shreds of evidence for the significant growth of the IB&F research outputs. Table ( 2 ) shows the total citations, % of citations, and average article citations of the top 20 active countries in the IB&F research. It reveals that the USA led the publication in IB&F, with approximately 674 citations representing 20% of the total citations in this field. The United Kingdom contributes approximately 561 citations (17%), followed by Netherland (10%). There is no substantial contribution from other countries, including Egypt (0.74), South Africa (0.74), and Brazil (0.68).

Nonetheless, in Table ( 3 ), we have calculated the single-country publications (SCP) and the multiple country publications (MCP). The Table indicates that Malaysia ranks first in both SCP and MCP, followed by Indonesia and the United Kingdom. Malaysia has produced 82 single publications and 23 joint publications with other nations. The SCP and MCP of Indonesia are 50 and 6, respectively. The United Kingdom has produced 26 (14) SCP (MCP). In addition, there are a limited contribution of other countries such as Egypt (SCP = 2, MCP = 2) and the Netherland (SCP = 1, MCP = 3).

The substantial growth in the IB&F research is evident in the significant number of authors involved in this field of study. The top 20 influential authors in the IB&F research are shown in Table ( 4 ). The Table shows that the leading author in this field is Kabir Hassan [Hassan, M. K], with 14 research publications, followed by Sanaullah Ansari [Ansari, S], with seven publications. Besides, Ahmet Faruk Aysan [Aysan, A. F], Abdoulkarim Idi Cheffou [Cheffou, A. I], Fredj Jawadi [Jawadi, F], and Huseyin Ozturk [Ozturk, H] contribute by six publication each. Other IB&F leading authors include Ahmad Baehaqi [Ahmad, A], Mohammad Bitar [Bitar, M], Mustafa Disli [ Disli, M], Mansor H Ibrahim [Ibrahim, M. H], Nabila Jawadi [Jawadi, N], Kashif-Ur-Rehman [Kashif-Ur-Rehman, K. R], Ismah Osman [Osman, I], and Amine Tarazi [Tarazi, A] who provides five research publication each in the IB&F field. Other influential authors provide four IB&F research publications, including Khaliq Ahmad [Ahmad, K], Faisal Alqahtani [Alqahtani, F], Kym Brown [Brown, K], Sri Rahayu Hijrah Hati [Hati, S. R], Marwan Izzeldin [Izzeldin, M], and Abul Mansur M. Masih [Masih, M].

The dominance of the IB&F influential authors varied over time. Figure ( 2 ) presents the dominance of the top ten IB&F influential authors from 1990 to 2019. The varying sizes of circles and their colours in the Figure suggest the authors’ dominance in terms of the number of articles and total citations, respectively, during a particular time. The Figure reveals that Sanaullah Ansari [Ansari, S] had the highest number of publications and total citations from 2010 to 2014, suggesting that this author was the most influential author from 2010 to 2014. Then, Kabir Hassan [Hassan, M. K] took the lead and became the most influential author from 2014 till now. It is also observable that Ahmet Faruk Aysan [Aysan, A. F], Huseyin Ozturk [Ozturk, H], Mustafa Disli [ Disli, M], and Mansor H Ibrahim [Ibrahim, M. H] were influential from 2015 to 2018. Other authors had also dominated for shorter periods, including Abdoulkarim Idi Cheffou [Cheffou, A. I] and Fredj Jawadi [Jawadi, F] for the period of 2016–2017, and Mohammad Bitar [Bitar, M] for the period of 2017–2019.

Dominance of influential authors over time

It is argued that the consistency and concentration of the contributions of the authors in a field of study is an essential feature in bibliometric studies (Merediz-Solà and Bariviera 2019 ). Literature suggests that Lotka’s law, developed by Lotka ( 1926 ), is a widely used measure in bibliometric studies to measure the authorship concentration in a particular field of study (Corbet et al. 2019 ). To the best of our knowledge, this study provides the first application of Lotka’s law in the field of IB&F. Figure ( 3 ) presents the distributions of the observed and the fitted Lotka’s. The results of the Kolmogorov-Smirnov two-sample test show a β coefficient of 2.7 with a p-value of 0.27 and a goodness of fit of 0.92. These statistics imply no significant differences between the theoretical and the empirical distributions of the IB&F research, suggesting that authors contribute to both theoretical and practical aspects. Besides, Lotka’s law holds in the IB&F research at a 5% significance level.

Lotka’s law in IB&F research

The citation analysis is utilized to determine the most popular articles in the IB&F research. It counts the frequency of citations that other research articles have cited a particular research paper for recognizing the impact of a research article in a specific field of study (Kumar et al. 2019 ). Table ( 5 ) presents the ten most cited research articles in IB&F. The first top-cited article was conducted by Thorsten Beck, Asli Demirguc-Kunt, and Ouarda Merrouche in 2013. It has 325 citations and was published in the “Journal of Banking and Finance.“ This article investigated how Islamic banks are different from conventional banking regarding business models, bank efficiency, and stability. Beng Chong and Ming-Hua Liu conducted the second most widely cited article in 2009. It was published in the “Pacific-Basin Finance Journal” with 200 citations. It focuses on the paradigm of distributing profit/ loss in the Islamic banking sector. The third most cited article was performed by Martin Cihak and Heiko Hesse in 2010, published in the “Journal of Finance Service Research,“ and has 170 citations. It aims to investigate the financial stability issue in Islamic banks. Feisal Khan did the fourth most cited article in 2010, published in the “Journal of Economic Behavior & Organization,“ and has 150 citations. It explores the practices that differentiate Islamic banks from conventional ones. The fifth most cited research paper was performed by Pejman Abedifar, Philip Molyneux, and Amine Tarazi in 2013. It was published in the “Review of Finance” with 121 citations. It examines the risk issue in Islamic banks. Finally, other research articles are considered influential in the field of IB&F, including Aggarwal and Yousef ( 2000 ), Maali et al. ( 2006 ), Haniffa and Hudaib ( 2007 ), Pollard and Samers ( 2007 ), and Johnes et al. ( 2014 ).

5 Network analyses

5.1 historiographic and co-citation networks.

The historiographic network is utilized to identify the temporal direct citation flow of highly cited research papers to trace the intellectual history of the IB&F field. It has been employed in myriad fields of studies, including the circular economy (Alnajem et al. 2021 ), Halal food (Mostafa 2020 ), and service networks (da Silva et al. 2017 ). The Historiographic network of the IB&F research is shown in Fig. ( 4 ). The Figure indicates a presence of various distinct IB&F research with, to some extent, joint clusters. The primary subnetwork was initiated in 2000 through a research paper conducted by Aggarwal and Yousef ( 2000 ). This paper was published in the “Journal of Money Credit and Banking” and investigated Islamic banks’ financial instruments. It has remained influential in the IB&F field until 2016. Besides, it has gained a substantial impact over time because Abdul-Majid first cited it in 2010, which was cited by Beck et al. ( 2010 ). Subsequently, several authors have cited this article leading to a complicated citation network of this research paper. Considerably, it becomes a central research paper in IB&F after several years. A research paper by Maali B. (2006) developed another cluster of citations, which was cited by Mallin c. (2014) and Elnahass M. (2014), followed by a large number of citations.

IB&F historiographic network

The influential authors can distribute the knowledge through their networks because they are in a good position to initiate interactions and seek comments on a particular research area. Hence, they are more likely to stimulate the flow of ideas and information in a field of study. The co-citation network of authors helps identify the leading authors in an area of research (Alnajem et al. 2021 ). The IB&F co-citation network of authors is shown in Fig. ( 5 ). Several meaningful insights are observable from examining the Figure. For instance, the nodes’ sizes suggest that Kabir Hassan (Hassan MK) dominates a key node spot in the network, suggesting his central role in the diffusion of knowledge in the IB&F research (i.e., a leading author in the IB&F author co-citation network). It is also observable that several spots of nodes are relatively close. This suggests a presence of a “homophily impact” among authors of the IB&F research. In IB&F, authors have common research interests, leading to a high level of coordination among authors. The “homophily impact” can be identified in the co-citations networks through the authors’ thematic similarity of the research agenda (Jiang et al. 2019 ). The Figure also shows that the node spot representing Thorsten Beck (Beck, T) is close to the node spot representing Allen N. Berger (Berger, A. N), suggesting that they share common research interests (i.e., homophily impact). Furthermore, the red-coloured nodes on the right side of the Figure represent, to some extent, virtually separate nodes. This suggests a presence of structural holes (Mostafa 2020 ), meaning that some authors develop research articles that may act as bridges to link between different separate nodes and are subsequently cited by authors in different clusters.

IB&F co-citation network of authors

Likewise, Fig. ( 6 ) presents the IB&F co-citation network of academic Journals. It reveals four distinct Journal co-citation nodes presented in four different colours. Each coloured node combines journals that publish a particular theme of IB&F research. The Figure also depicts a low connection among the four coloured nodes. The Journals within each coloured node can be described as a core-periphery pattern (Dobusch and Kapeller 2012 ). The core journals are shown in the central spot within each node, which are considered the primary academic Journals of a particular thematic area of the IB&F research. The periphery journals are presented around the core journals of each node. It is observable that few core journals dominate the publication of IB&F research on a specific theme of research.

The red nodes present academic Journals that focus on the financial performance and instruments of Islamic financial institutions. The “Journal of Banking and Finance” is considered the core journal in this thematic area. While the periphery journals include the “Journal of Finance,“ “Pacific-Basin Finance Journal,“ and “Journal of Corporate Finance.“ The green nodes deal with Shariah-compliance issues, ethical values, and social responsibility duties of Islamic financial institutions. It includes the “Journal of Business Ethics” and the “International Journal of Islamic and Middle Eastern Finance and Management” as core journals. However, this node’s periphery journals include the “Managerial Auditing Journal” and the “International Journal of Social Economics.“ The blue cluster focuses on journals dealing with marketing aspects and customer preferences in IB&F. It includes the “International Journal of Bank Marketing” as a core journal and the “Journal of Applied Psychology” and “Emerging Market Business Research” as periphery journals. Finally, the yellow cluster focuses on managerial and administrative issues of Islamic financial institutions. It includes the “Academy Management Journal” and the “Academy Management Review.“

IB&F co-citation network of journals

5.2 Keyword, Sankey diagram, and co-occurrence network analyses

Analyzing keywords of a field of study is essential in bibliometric analysis (Mostafa 2020 ). The keyword co-occurrence analysis identifies the main topics, domains, contents, and thematic structure in a particular field of study (Su and Lee 2010 ). The tag cloud is a visual figure depicting a specific word’s frequency of occurrence in a research article. Words with higher (lower) frequency are more (less) likely to be present in the tag could. The tag cloud of the keywords in the abstracts of the IB&F research is presented in Fig. ( 7 ). It is observable that the most repetitive keywords were “Islamic,“ “banks,“ “banking,“ “conventional,“ “performance,“ and “financial.“ This suggests that IB&F research mainly focuses on examining the financial performance of Islamic relative to conventional banks. This is consistent with the significant research that examines this issue (e.g., Narayan et al. 2017 ; Dewandaru et al. 2015 ; Wanke et al. 2016 ; Belanès et al. 2015 ; Baele et al. 2014 ; Pappas et al., 2016; Mobarek and Kalonov 2014 ).

IB&F tag cloud of keywords

Moreover, Colicchia et al. ( 2019 ) argue that knowledge of a field of study includes topics and themes that are more likely to be investigated and attain particular research interest from scholars but then become less attractive to scholars and disappear eventually. Therefore, Fig. ( 8 ) presents the temporal occurrence of keywords with a sharp rise in frequency over time in the IB&F research. It reveals that keywords such as “performance,“ “efficiency,“ “risk,“ and “stability” have received more attention in IB&F research in recent years and may be seen as essential research fronts or hotspots in the future studies. It is also worth mentioning that methodological advancement was introduced recently, evidenced by the keyword “model.“ Thus, it is expected to see advanced models such as structural equation modelling and the generalized method of moments (GMM) model in the future research of IB&F.

IB&F temporal evolution of keyword

The Sankey diagram presents the flow of parameters among two or more groups (Sankey 1898 ). For example, the Sankey diagram is presented in three field plots in bibliometric analysis. The left side represents the keywords in the field of study, the middle side represents the authors, and the right side reflects the cited publications in this field. Figure ( 9 ) presents the Sankey diagram, which illustrates the flow among keywords, authors, and research publications in the field of IB&F. It is observable that “Islamic banks” and “Islamic banking” keywords have the most significant edge widths. That is, these keywords are dominant and highly searched by scholars in the field of IB&F. Also, authors including Kabir Hassan [Hassan, M.K], Marwan Izzeldin [Izzeldin, M.], David Geoffrey Mayes [Mayes G. D], Ahmet Faruk Aysan [Aysan, A. F], Amine Tarazi [Tarazi, A], Huseyin Ozturk [Ozturk, H], Faisal Alqahtani [Alqahtani, F], Kym Brown [Brown, K], and Mohammad Bitar [Bitar, M.] have used relatively more keywords relative to other authors. This implies that their research publications covered numerous themes and topics in the field of IB&F, which is evidenced by their publications in diversifiable academic journals such as “Journal of Banking and Finance,“ “Journal of Finance Service Research,“ “Journal of Economic Behavior & Organization,“ “Review of Finance,“ and “Pacific-Basin Finance Journal.“

IB&F Sankey diagram

The keywords provided by authors in the abstracts of their research papers are used to develop the “keyword co-occurrence network.“ This network helps further probe the frequency that keywords appear in the research articles. Figure ( 10 ) presents the IB&F keyword co-occurrence network. The node’s size represents the frequency of each keyword, and the link thickness is the number of times a pair of keywords appears together in a research article. The large nodes close to the center of the network present research “hotspots” in the study field (Van Eck and Waltman 2014 ). The Figure reveals that IB&F deals mainly with five main clusters of topics, including “Islamic and conventional banking,“ “performance and corporate governance system,“ “risks and competition in Islamic and conventional banks,“ “efficiency of Islamic banking,“ and “service quality and consumer loyalty in Islamic and conventional banks.“ These topics can be considered core trends for current and future research in IB&F.

IB&F keywords co-occurrence network

5.3 Collaboration networks

The authors’ collaboration network identifies the frequency of their joint research publications in a particular area. Figure ( 11 ) presents the author’s collaboration network in the IB&F field. The node’s size represents each author’s research, and the link thickness is to the frequency of joint research articles. The coloured nodes in the Figure represent 12 research groups of authors, suggesting a limited collaboration between authors in the IB&F research field. There is also a limited and dispersed collaboration network, such as the network of Marwan Izzeldin [Izzelldin, M.] and Vasileios Pappas [Pappas, V.]. The Figure also suggests that most of the networks are somewhat disjointed. This indicates rare cooperation among authors in the IB&F research field. This phenomenon could be explained on the basis that leading authors in IB&F are more likely to develop collaboration with authors from different research fields.

IB&F authors’ collaboration network

Likewise, Fig. ( 12 ) presents the IB&F research institutions’ collaboration network. It shows that the institutions are categorized into three groups based on the colour used. The first group is shown in green and represents the largest institutions’ collaboration group. It consists of ten institutions located in different countries, such as the International Islamic University Malaysia [Malaysia], the King Abdulaziz University [Saudi Arabia], and the Universiti Teknologi Malaysia [Malaysia]. These institutions develop collaborations with other institutions such as the University of Durham [UK] and the Shariah Advisory Council [Malaysia]. The second cluster is blue and includes nine institutions, such as the Institute of Islamic Banking and Finance and Kuala Lumpur University in Malaysia. They initiate collaboration with the association of Islamic banking and financial institution of Malaysia. The final cluster shows isolated and limited collaboration and includes only one institution: the University of New Orleans in the USA.

The IB&F research institutions’ collaboration network is a “locally concentrated and globally isolated” collaboration. This is observable from the high level of collaboration among universities and research institutions in Malaysia and the limited collaboration between Malaysian and international institutions. Furthermore, there is limited collaboration among institutions in developed and developing countries. For example, the University of New Orleans has not developed collaboration with other institutions in developed countries. Henceforth, the institution’s collaboration network in the IB&F field denotes its scattered nature, leading to limited knowledge sharing among scholars and institutions.

IB&F institution’s collaboration network

Furthermore, Fig. ( 13 ) shows the IB&F research countries’ collaboration. It reveals that Malaysia is the most productive in IB&F research, and it is highly collaborating with some other countries such as New Zealand, Indonesia, the USA, and the UK. Besides, it has some bit collaborations with Turkey, Nigeria, Belgium, and Egypt. The countries’ collaboration network is denser than the collaboration networks of authors (Fig.  11 ) and institutions (Fig.  12 ). However, this represents only 5% of countries’ collaboration with a few isolated countries such as Israel and Slovakia. Besides, the countries’ collaboration is more likely to be attributable to collaboration among authors from different countries rather than direct official collaboration between institutions from the countries. Overall, the collaborations of institutions and countries are driven by their Islamic culture, geographical area, and degree of economic development.

IB&F countries’ collaboration network

6 Intellectual structure maps

6.1 conceptual structure map.

The current study utilizes the multiple correspondence analysis (MCA) to detect the conceptual structure and different dimensions of research in the IB&F field. The MCA has extensively been employed in prior studies (e.g., Mostafa 2020 ; Alnajem et al. 2021 ). Figure ( 14 ) is a mapping of the conceptual structure of the keywords that appeared in the IB&F research during the last 30-years. It categorizes the conceptual structure of IB&F research into four mutually interrelated clusters. It is observable that the core cluster is shown in red and incorporates keywords that are concerned with the performance of Islamic banks, such as “performance,“ “efficiency,“ “productivity,“ “liquidity,“ “stability,“ “diversification,“ “return” and “equity.“ This cluster may include, but is not limited to, research articles that explore the performance of Islamic compared to conventional banks concerning profitability (Narayan et al. 2017 ; Dewandaru et al. 2015 ), bank efficiency (Johnes et al. 2014 ; Wanke et al. 2016 ; Belanès et al. 2015 ), cost efficiency (Beck et al., 2013; Olson and Zoubi 2011 ), a default rate of loans (Baele et al. 2014 ; Pappas et al. 2017 ), and financial stability (Mobarek and Kalonov 2014 ).

The second cluster is blue and deals with Islamic banks’ ethics, corporate governance system, and social responsibility. It includes keywords such as “ethics’, “management”, “quality”, “disclosure”, “corporate social responsibility” and “audit committee”. The authors within this cluster examine the efficiency of Islamic banks’ corporate governance system and how social responsibility affects the performance of Islamic financial institutions. Representative research articles include Mollah and Zaman ( 2015 ), who examine whether Shariah’s supervisory board and corporate governance system influence Islamic banks’ performance. Also, they include Mollah et al. (2016), who explore the impact of governance structures on risk-taking and financial performance of Islamic relative to conventional banks, and Baele et al. ( 2014 ), who investigate religion’s effect on the default rate of bank loans. Other representative articles of this cluster include Belal et al. ( 2015 ), who analyze the ethical reporting of Islamic banks, Hassan et al. ( 2010 ), and Platonova et al. (2016), who investigate the social responsibility behaviour of Islamic banks and its consequences on the future performance of bank banks.

The third cluster is green and seems to deal with service quality and consumer perceptions of Islamic banks. It includes keywords such as “service quality”, “behavior”, “consumer perception”, “satisfaction”, and “culture”. Representative research includes Taap et al. ( 2011 ), who investigate the quality of services in Islamic banks relative to conventional ones, and Haron et al. ( 2020 ), who examine the customers’ satisfaction, loyalty, and trust in Islamic banks. The last cluster is shown in purple, and it seems to deal with behavioural and social finance in Islamic banking. It includes keywords such as “adoption,“ planned behaviour,“ perceptions,“ and “image.“ Representative research includes Hoque et al. ( 2019 ), who explores the drivers of customers’ intention to follow a variety of products and services of Islamic banks.

IB&F conceptual structure map

6.2 Thematic map

The thematic map is a clustering algorithm used to identify the concentration of different themes related to a specific field of study. It is divided into four quadrants based on the levels of density and centrality. The first one is the “well-developed” theme with high density and centrality. The second one is the “highly-developed-and-isolated” theme which can be identified by a high density and a low centrality. The third one is the “emerging-or-declining” theme with low density and centrality. The final them is termed “basic-and-transversal” and is described by low density and high centrality. The size of the theme bubble is prorated to the frequency of research publications that include particular keywords.

Figure ( 15 ) presents the thematic map of IB&F research. It shows that the well-developed theme includes “corporate governance,“ “finance,“ and ‘management,‘ while the highly developed and isolated theme includes “performance,“ “impact’ and “financial institutions.“ The emerging or declining theme in IB&F research includes the “determinants,“ “conventional banks” and “panel data.“ However, the primary and transversal theme includes “efficiency,“ “risk” and “stability.“ The Figure also shows some issues that occupy a hybrid positions (present in two quadrants) including “model,“ ‘behaviour” and “customer satisfaction.“ These can be seen as highly total citations implying impactful themes in the IB&F field (Mostafa 2020 ).

IB&F thematic map

7 Concluding remarks and future research directions

The IB&F is a value-based system aiming to ensure the substantial well-being of people and sustainable economic growth of a country. The research on IB&F has witnessed exponential growth at an average rate of 5.6% annually during the last three decades. Besides, scholars are interested in examining the roles of Islamic financial institutions in the COVID-19 pandemic (Hassan et al. 2021 ), suggesting future research in this area. This study is motivated by a research interest in mapping IB&F scholarly research. It adds to the literature by utilizing bibliometric analyses–an innovative way to map and visualize the development, conceptual structure, and thematic evolution of the IB&F field. The study analyses 464 WoS IB&F research publications of 921 authors comprising 58 countries published over three decades from 1990 to 2019. It presents a “big picture” of IB&F research that identifies the temporal chronological IB&F citations to trace the intellectual history of the IB&F. It also builds different networks between authors, research publications, academic journals, institutions, and countries to understand the sources and flow of knowledge in IB&F filed. In addition, it utilizes the MCA to detect the conceptual structure and different dimensions of research in the IB&F field. Furthermore, it develops a thematic clustering algorithm map to identify the concentration of different themes in IB&F research.

The results suggest the following insights and implications for scholars. First, there has been an exponential increase in IB&F research since 2008, evidenced by a significant number of authors and countries involved alongside total citations in this field of study. Malaysia is the most productive in IB&F research, and it is ranked first in both SCP and MCP, followed by Indonesia and the United Kingdom. The collaboration among countries is limited and influenced by the culture (Islamic vs. non-Islamic countries), economic development (developed vs. developing countries), and geographical area. Besides, the countries’ collaboration is more likely to be attributable to collaboration among authors from different countries rather than direct official collaboration between institutions from these countries. The results also suggest that the collaboration among institutions can be described as a “locally concentrated and globally isolated” collaboration. This is evidenced by the high collaboration among universities and research institutions in Malaysia and their limited global collaboration. This scattered nature of institutions and countries’ collaborations is likely to lead to limited knowledge sharing among scholars and institutions.

Second, the co-citations networks of authors and academic journals reveal that the IB&F research can be seen as a type of “small-world network.“ Few authors and journals dominate the networks and play a central role in the diffusion of knowledge in the IB&F research. Besides, there is a “homophily impact” among the leading authors of the IB&F research, meaning that they have common research interests, leading to a high level of coordination. Furthermore, there are structural holes in IB&F research, meaning that some authors develop research articles that may act as bridges to link different research themes. Thus, the networks in IB&F research reflect the “Matthew Effect” (described in sociology), meaning that few authors have a more significant number of networks than the rest of the authors.

Third, the conceptual structure of IB&F research can be classified into four mutually interrelated clusters, including (i) performance of Islamic banks, (ii) Islamic banks’ ethics, corporate governance system, and social responsibility, (iii) service quality and consumer perceptions of Islamic banks, and (iv) behavioural and social finance in Islamic banking. This conceptual structure is essential in developing agenda for future research in the IB&F field. Finally, thematic development suggests a promising research trend in this field of study, especially in analyzing the performance of Islamic and conventional banks using longitudinal panel data techniques.

The study has some limitations that can be suggested as avenues for future research. First, data is collected from only the WoS database, covering high-quality peer-reviewed research publications. Thus, the results of our search may not cover all publications of the IB&F research. Future research can use multiple data sources. Besides, we focus on English IB&F research publications, limiting the scope of research coverage. Future research can consider different languages (e.g., Arabic and Malay) alongside the English language to be able to generalize the results. Second, the current study follows prior research and uses the co-citations networks (Mostafa 2020 ; Argoubi et al. 2020 ; Yahaya et al. 2020 ; Alnajem et al. 2021 ). However, other methods, including self-organization- maps and continuous space (Skupin 2004 ), can be used for future research. Finally, based on our keyword network analyses, future research can employ methodological advancements such as structural equation modelling and the generalized method of moments (GMM) model. Besides, future research can explore several research aspects of Islamic institutions which are ignored in IB&F research, including Islamic banks’ level of cash holdings (Hassanein and Kokel 2022 ), voluntary disclosure (Alm El-Din et al. 2022 ), social responsibility (Alazzani et al. 2017 ), market reaction (Hassanein et al. 2021 ), earning management (Zalata et al. 2019 ), and future-oriented information (Hassanein and Hussainey 2015 ; Hassanein et al. 2019 ; Benameur et al. 2022 ).

Change history

11 august 2022.

A Correction to this paper has been published: https://doi.org/10.1007/s11135-022-01491-w

In 1970s, many Islamic banks have been established such as Nasser Social Bank Cairo (1972, Egypt), Islamic Development Bank (1975, Saudi Arabia), Dubai Islamic Bank (1975, United Arab Emirates), Kuwait Finance House (1977, Kuwait), Faisal Islamic Bank of Sudan (1977, Sudan).

AAOIFI was created in 1990 to ensure that IFIs are complying with the Islamic jurisprudence. It develops standards for IFIs throughout the world and its standards focus on different areas including Shariah, accounting, auditing, governance, and codes of ethics.

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Hassanein, A., Mostafa, M.M. Bibliometric network analysis of thirty years of islamic banking and finance scholarly research. Qual Quant 57 , 1961–1989 (2023). https://doi.org/10.1007/s11135-022-01453-2

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5 Dissertation Topics on Islamic Finance

Published by Owen Ingram at January 9th, 2023 , Revised On October 5, 2023

Introduction

Islamic finance is a means of finance followed and undertaken by financial corporations (banks and lending institutions) in the Muslim world and Islamic companies operating in the Western world.

Islamic finance helps these companies raise finance following the Sharia law, also known as Islamic law. Islamic finance also refers to the different types of investments that are allowed under Sharia or Islamic law.

Islamic law outlines certain rules and regulations that need to be followed. One main rule of understanding Islamic banking and finance is avoiding interest (also known as riba). Since Islamic law views interest payments as favouring the lender, who is charging interest at the borrower’s expense, these payments are considered haram (prohibited) under the Islamic law of finance.

In contrast to the traditional banking method, Islamic finance and Islamic banking work with the sole purpose of contributing to the socio-economic goals of the society by placing its focus on profit-sharing schemes.

Profit banking, under which the financial institution shares its profits and losses, is considered halal (permissible) under Islamic finance law.

On the other hand, traditional banking is based on profits through halal or haram means of doing business, which is why this form of banking is discouraged under Islamic rules and teachings.

Considering Islamic Finance as a burgeoning field, this topic must be studied in-depth. Here are five dissertation topics on Islamic finance that will help understand the subject comprehensively:

These topics have been developed by PhD qualified writers of our team , so you can trust to use these topics for drafting your dissertation.

You may also want to start your dissertation by requesting  a brief research proposal  from our writers on any of these topics, which includes an  introduction  to the topic,  research question ,  aim and objectives ,  literature review  along with the proposed  methodology  of research to be conducted.  Let us know  if you need any help in getting started.

Check our  dissertation examples  to get an idea of  how to structure your dissertation .

Review the full list of  dissertation topics for 2022 here.

2022 Dissertation Topics on Islamic Finance

Topic 1: the role of islamic finance in financial inclusion among young working adults in the uk.

Research Aim: This research aims to find the role of Islamic finance in financial inclusion among young working adults in the UK. It will find how Islamic finance, through various aspects such as Islamic banking, investments, lending, etc., attract young working individuals to become a part of the UK financial system. Moreover, it will analyze how such as marketing, etc. Islamic financial institutions make Islamic finance more accessible and easier to manage for the young working individuals from various fields of life in the UK.

Topic 2: COVID-19 and Islamic Finance: Impact of COVID-19 on the Growth of Islamic Banking in Indonesia

Research Aim: This study will assess the impact of COVID-19 on the growth of Islamic banking in Indonesia. It will analyze the effects of COVID-19 on various Islamic banking operations in Indonesia. It will also show what strategies Islamic banks used to curb the aftereffects of COVID-19. Moreover, it will analyze its impact on profits, the number of accounts opened, lending, investments, etc., to show how did COVID-19 affect Islamic banking growth in Indonesia.

Topic 3: Islamic vs. Conventional Finance: A Study to Find the Impact of Islamic and Conventional Instruments on the Financial Sector Stability in Pakistan

Research Aim: This research intends to find the impact of Islamic and conventional instruments (bonds, investments, mortgages, etc.) on the financial sector stability in Pakistan. It will review how Islamic and conventional instruments operates in Pakistan and the difference in demands for both instruments among various individuals. Moreover, it will show how it affects the overall financial sector in Pakistan and the overall economy through investment, mortgages, lending, employment generation, banking sector growth, and financial inclusion.

Topic 4: Islamic vs. Conventional Bonds, which Absorb Global Economic Shocks Better? A Case of Sukuk vs. Conventional International Bonds during COVID-19

Research Aim: This study compares Islamic and conventional bonds to absorbing global economic shocks such as high inflation, high oil and gas prices, global economic uncertainty, global pandemics, supply chain disruptions, etc. It will compare how the performance of Islamic and conventional bonds varies with the global financial situation. It will use COVID-19 as a case study of how it affected the returns on Islamic vs. conventional bonds. Moreover, it will show how global economic and political power affects these bonds.

Topic 5: Is Islamic Finance Acceptable in Wall Street? The Role Played by Islamic Financial Companies in the US Financial Sector

Research Aim: This research sheds light on the role played by Islamic financial companies in the US financial sector. It will find how Islamic companies are listed on the New York stock exchange (NYSE) and other major exchanges in the US? How do these companies raise capital in the US? What is their financial performance as compared to their non-Islamic counterparts? Moreover, it will determine whether these companies have significant contributions to the US economy or are still outcasts?

Covid-19 Islamic Finance Research Topics

Topic 1: impact of coronavirus on islamic finance.

Research Aim: This study will address the impact of Coronavirus on Islamic finance.

Topic 2: The role of Islamic finance during COVID-19

Research Aim: This study will address the contribution and implications of Islamic finance during COVID-19.

Topic 3: Global Islamic banking and COVID-19

Research Aim: This study will focus on the situation of global Islamic banking, including the challenges and measures to overcome those challenges during COVID-19.

Islamic Finance Research Topics 2021

Topic 1: international conference on islamic finance 2021.

Research Aim: This research aims to conduct an in-depth study of the international conference on Islamic finance 2021.

Topic 2: Entrepreneurship in Islam- a literature review

Research Aim: This research aims to identify the role of entrepreneurship in Islam and conduct a literature review to draw evidence-based conclusions.

Topic 3: Customers satisfaction with Islamic banking

Research Aim: This research aims to evaluate the customer’s satisfaction with Islamic banking

Topic 4: Concept of profitability in Islamic Vs. Conventional banks

Research Aim: This research aims to conduct a comparative study on the concept of profitability in Islamic and Conventional banks.

Evaluating the Islamic Types of Investments – Which One is the Most Profitable?

Research Aim: Islamic finance is a vast field. To understand how it works and what opportunities it presents, we must understand its offers. Among the different types of Islamic finances available, the various sources of Islamic funds, etc. There are different types of Islamic investment opportunities one can invest in.

As a religion, Islam does not allow interest earned on any investment. This study will be an exciting one. The thesis will discuss all the available types of Islamic investments and the type of returns they offer.

Each investment instrument will be evaluated based on what it offers and how people can earn a return on their investments. This research will be based on statistics and qualitative data and discuss which type of investment could be the most profitable.

Understanding the Fundamentals of Islamic Finance and How it Works

Research Aim: Islamic finance is an exciting field. The more you learn about it, the more curious you become about how it operates, what rules and standards it follows, and what returns the system offers.

This research will explore the basics of Islamic finance, i.e. how the system was developed, its guiding principles, and the rules and regulations set. Most importantly, the research will cite examples from the Holy Quran and include fatwas from renowned Muslim scholars regarding investment and finance.

The thesis will prove a stepping stone for researchers looking to learn Islamic finance and how it should be implemented for the best outcome for the borrower and the investor.

How Can ResearchProspect Help?

ResearchProspect writers can send several custom topic ideas to your email address. Once you have chosen a topic that suits your needs and interests, you can order for our dissertation outline service which will include a brief introduction to the topic, research questions , literature review , methodology , expected results , and conclusion . The dissertation outline will enable you to review the quality of our work before placing the order for our full dissertation writing service !

Comparative Study of Traditional and Islamic Finance

Research Aim: Traditional banking is something that everyone is aware of. From basic accounts to loans and investment opportunities, banks offer their customers all sorts of money-making opportunities. However, they charge interest on loans and offer interest payments to account holders and different investment schemes.

This is exactly the opposite of what Islamic banking offers. Islamic finance and banks run on a basic rule of profit and loss sharing. If the bank or financial institution earns profits, they are shared according to a certain fixed percentage. In cases where the institutions suffer losses, the same is shared/deducted from investors’ earnings.

This thesis will focus on the main difference between the two types of banking, focusing on investment instruments, etc. The research will then conclude which banking is favourable for society and how people can gain more.

Islamic Finance and Economic Development: How Does Islamic Finance Law Contribute?

Research Aim: Many Islamic finance proponents argue that Islamic Finance helps people earn more in the right manner. Still, it also helps them build a society and contribute to the well-being of people.

This study will discuss how finance and banking help individuals borrow and lend and how Islamic finance contributes to societies’ economic development.

The thesis will conclude by suggesting new and innovative ways for the banking and finance industry to help people struggling with finances and assist the economy by offering friendly investment opportunities and loans.

How Interest-Free is Islamic Interest-Free Banking?

Research Aim: Islamic finance is usually considered a system that does not directly benefit the people. Many experts believe that Islamic finance is interest-free only on the surface but applies interest as ‘hidden charges’ or renames the term ‘interest.’

While this holds for a few financial institutions, the bigger picture might be a little different. Islamic finance is interest-free and can run successfully if appropriately and implemented accurately, as many Islamic researchers claimed.

This research will provide an in-depth analysis of how successful Islamic finance has been, how it works interest-free, and how people benefit from it. The research will also negate notions of Islamic finance, i.e. the system is not interest-free. Moreover, the thesis will investigate how the system works concerning Islamic teachings and how people benefit from them.

Important Notes:

As a student of Islamic finance looking to get good grades, it is essential to develop new ideas and experiment on existing Islamic finance theories – i.e., to add value and interest in your research topic.

Islamic finance is vast and interrelated to many other academic disciplines like finance, management , and project management . That is why it is imperative to create an Islamic finance dissertation topic that is particular, sound, and actually solves a practical problem that may be rampant in the field.

We can’t stress how important it is to develop a logical research topic based on your entire research. There are several significant downfalls to getting your topic wrong; your supervisor may not be interested in working on it, the topic has no academic creditability, the research may not make logical sense, and there is a possibility that the study is not viable.

This impacts your time and efforts in writing your dissertation , as you may end up in the cycle of rejection at the initial stage of the dissertation. That is why we recommend reviewing existing research to develop a topic, taking advice from your supervisor, and even asking for help in this particular stage of your dissertation.

While developing a research topic, keeping our advice in mind will allow you to pick one of the best Islamic finance dissertation topics that fulfil your requirement of writing a research paper and add to the body of knowledge.

Therefore, it is recommended that when finalizing your dissertation topic, you read recently published literature to identify gaps in the research that you may help fill.

Remember- dissertation topics need to be unique, solve an identified problem, be logical, and be practically implemented. Please look at some of our sample Islamic finance dissertation topics to get an idea for your own dissertation.

How to Structure your Islamic Finance Dissertation

A well-structured dissertation can help students to achieve a high overall academic grade.

• A Title Page
• Acknowledgements
• Declaration
• Abstract: A summary of the research completed
• Table of Contents
• Introduction: This chapter includes the project rationale, research background, key research aims and objectives, and the research problems. An outline of the structure of a dissertation can also be added to this chapter.
• Literature Review : This chapter presents relevant theories and frameworks by analysing published and unpublished literature on the chosen research topic to address research questions . The purpose is to highlight and discuss the selected research area’s relative weaknesses and strengths whilst identifying any research gaps. Break down the topic and key terms that can positively impact your dissertation and your tutor.
• Methodology : The data collection and analysis methods and techniques employed by the researcher are presented in the Methodology chapter, which usually includes research design , research philosophy, research limitations, code of conduct, ethical consideration, data collection methods, and data analysis strategy .
• Findings and Analysis : Findings of the research are analysed in detail under the Findings and Analysis chapter. All key findings/results are outlined in this chapter without interpreting the data or drawing any conclusions. It can be useful to include graphs, charts, and tables in this chapter to identify meaningful trends and relationships.
• Discussion and Conclusion : The researcher presents his interpretation of results in this chapter and states whether the research hypothesis has been verified or not. An essential aspect of this section of the paper is to link the results and evidence from the literature. Recommendations with regards to implications of the findings and directions for the future may also be provided. Finally, a summary of the overall research, along with final judgments, opinions, and comments, must be included in the form of suggestions for improvement.
• References : This should be completed following your University’s requirements
• Bibliography
• Appendices : Any additional information, diagrams, and graphs used to complete the dissertation but not part of the dissertation should be included in the Appendices chapter. Essentially, the purpose is to expand the information/data.

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The June 2015 Research Bulletin features summaries and updates on current research topics at the IMF.

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Although still a small share of global finance, Islamic finance has grown rapidly over the past decade and is projected to continue to expand. The growth of Islamic finance presents opportunities to improve access to finance for the large underserved Muslim populations, and for small- and medium-sized enterprises, opportunities to facilitate investment in public infrastructures and to promote financial stability. However, for the potential to be realized and to safeguard financial stability, a number of challenges will need to be addressed. In their IMF Staff Discussion Note (SDN 15/05), entitled “Islamic Finance: Opportunities, Challenges and Policy Implications,” the authors discuss the macroeconomic and financial stability implications of Islamic finance and the policy options. This article provides brief answers to seven commonly asked questions about Islamic finance, drawing on the findings of recently completed analytical work .

• Question 1. What is Islamic finance and why does it matter?

Islamic Finance refers to the provision of financial services in accordance with Shari’ah Islamic law, principles, and rules. The main tenets of Shari’ah as applied to finance are: the prohibition of interest; excessive uncertainty and gambling; risk sharing; the requirement that finance supports real economic activities; and the adherence to ethical standards.

The Islamic finance industry mainly comprises banking and the Sukuk or Islamic bond market which account for 80 percent and 15 percent of total Islamic financial assets, respectively. The balance is accounted for by equities, investment funds, insurance (Takaful), and microfinance. Islamic finance is growing rapidly in terms of assets and geographical reach, although the assets are concentrated in Southeast Asia and the Middle East, particularly the Gulf Cooperation Countries (GCC). The Islamic banking sector is now systemically important in a dozen countries and Sukuk is increasing its global reach to include issuers from advanced, emerging, and developing economies ( Figure 1 ).

Overview of Trends in the Islamic Finance Industry

Citation: IMF Research Bulletin 2015, 002; 10.5089/9781513500041.026.A003

The growth of the Islamic finance industry offers important potential benefits. It can facilitate financial inclusion by increasing access to banking services to underserved Muslim populations; the risk-sharing characteristics of Islamic financial products can facilitate access to finance by small- and medium-sized enterprises (SMEs); and the asset-backed nature of Sukuk makes them suitable for infrastructure financing that can help spur economic development, including creating an enabling environment for private sector investment. Moreover, the requirement to finance real economic activity can reduce leverage while the risk-sharing features enhance the loss absorbency of capital.

However, to realize the potential and to safeguard financial stability, countries need to adapt their regulatory, supervisory, and consumer protection frameworks to the specificities of Islamic finance; to develop Shari’ah-compliant financial markets and monetary instruments; and to build an enabling environment for Sukuk market development.

• Question 2. What stability risks are unique to Islamic banking and what changes are needed to regulatory frameworks to safeguard financial stability?

Islamic financial transactions are structured differently from conventional products because of the need to comply with Shari’ah principles. Unlike conventional banks, Islamic banks are funded by current accounts that do not attract interest or by profit-sharing investment accounts (PSIA) where the investment account holder (IAH) receives a return that is determined, after the fact, by the profitability of the underlying financing and the IAH bears losses, if any. On the assets side, transactions include sales with a profit markup and deferred payments, leases, partnerships, or joint ventures. Additionally, to facilitate the investments, Islamic banks are permitted in some jurisdictions to establish subsidiaries of non-financial corporations in their groups, resulting in conglomerate corporate structures.

Consequently, in addition to standard banking risks (such as credit, market, liquidity, and operational risks), Islamic banks also face unique risks such as the displaced commercial risk (DCR) whereby shareholders may forego a part of their profits to provide competitive earnings to IAHs, equity investment risk stemming from partnership-like financing, rate of return risk in a context of dual systems where lower earnings may lead to customer flight, and Shari’ah compliance risk. Other standard banking risks such as operational, group risks, concentration, and liquidity risks could also be more heightened because of the complexity of some contracts; corporate structures that include a myriad of non-financial corporations; and underdeveloped liquidity infrastructure and safety nets. PSIAs also raise unique consumer protection issues because of inadequacies in disclosures and the asymmetric treatment of PSIA as investors without shareholder rights.

Therefore, to safeguard financial stability, there is need for further regulatory clarity and consistency, through greater adoption of Islamic standards developed by Islamic standard setting bodies. Countries with Islamic banks need to adopt a cross sectional approach to supervision of Islamic banks, avoid treating profit-sharing investment accounts as pure deposits while enhancing disclosures and corporate governance for the PSIA, strengthen Shari’ah governance structures, and build supervisory capacity. There is also a need to develop supporting financial infrastructures, including Shari’ah-compliant financial safety nets and appropriate resolution frameworks.

• Question 3: How does Islamic banking affect monetary policy conduct given the prohibition on interest and what reforms are needed?

Monetary policy formulation and implementation are challenging in the presence of Islamic finance because of the scarcity of Shari’ah-compliant monetary policy instruments, the under development of money and interbank markets, and inadequate understanding of the monetary transmission mechanism. Shari’ah-compliant central bank facilities are also limited, reflecting the difficulty in designing market-based instruments for monetary control and limited Sukuk issuance. The shortage of Shari’ah-compliant high-quality liquid assets (HQLA) also reduces the collateral available for liquidity management and may also affect the smooth functioning of the payment systems. Therefore, a key priority will be to bolster the supply of Sukuk and develop Shari’ah-compliant monetary policy instruments.

• Question 4. What needs to be done to deepen the Sukuk market?

Although the Sukuk market has registered rapid growth in value and the issuer base has broadened, the markets for Sukuk are still neither deep nor liquid, and most issues of Sukuk are asset based and not asset backed. Issuance also takes place without a comprehensive strategy to develop the domestic market.

National authorities should, therefore, develop the necessary infrastructure, including developing securitization and trust laws, promoting true securitization, clarify legally the investor’s rights—particularly in defaults—and promote standardization of contracts. Regular sovereign issuance, and at different maturities, is critical for deepening the market and establishing a yield (or Sukuk) curve that could provide a benchmark for corporate Sukuk. Increased sovereign issuance should also be underpinned by sound public financial management (PFM), and attention should be given to the accounting and statistical treatment of Sukuk instruments, which are currently largely overlooked in existing international standards.

• Question 5. What are the tax implications of the growth of Islamic finance?

Islamic finance raises a number of taxation issues that call for policy attention at both national and international levels. The favorable treatment of debt in most tax systems relative to equity can disadvantage Islamic finance. Secondly, Islamic finance involves a series of transactions that could attract value-added, stamp, and other sales taxes that could put Islamic finance at a disadvantage relative to conventional finance. Therefore, particular attention is needed to ensure that tax systems guarantee a level playing field and that the system does not create incentives for international regulatory arbitrage.

• Question 6: Does Islamic finance require changes to macroprudential policies?

Most macroprudential policies are applicable to Islamic banks with some modifications. The countercyclical capital buffer framework, conservation buffers, leverage ratio, dynamic provisioning, and sectoral risk weights could help in mitigating credit risks. Also, profit equalization reserves (PER) and investment risk reserve (IRR) can serve as countercyclical reserve buffers. However, given the business model that includes investment, modifications are needed to risk metric and stress tests for identifying and monitoring risks. Sectoral concentrations and liquidity risks also deserve greater attention because of the requirement to underpin all transactions with real economic activity and also the underdeveloped nature of Shari’ah-compliant financial markets and safety nets.

• Question 7. What has prompted the IMF to focus on Islamic finance and what is the agenda going forward?

The IMF’s interest in Islamic finance is not new. In the early 1980s, the IMF initiated a program of research on the theoretical underpinnings of an Islamic financial system, the operations of Islamic banking, and the conduct of monetary policy within an Islamic system. The IMF also played a key role in the establishment of the Islamic Financial Services Board in 2002. Where relevant, the IMF has been providing policy advice (Article IV consultations and its FSAP assessment) and technical assistance (TA) to strengthen the regulatory framework and monetary operations and to develop the Sukuk market.

However, with the growth of the industry, demands from member countries for policy advice and technical assistance have increased and the evolution of and innovations in the industry also present new opportunities and challenges. So to ensure coherence and consistency in our policy advice, the IMF formed an interdepartmental working group on Islamic finance to undertake analytical work on the macroeconomic and financial stability implications of Islamic finance. The IMF also established an external advisory group which helped to identify policy challenges facing the Islamic finance industry and facilitated coordination with those international institutions involved in establishing standards for the industry. The findings are summarized in the Staff Discussion Note (SDN 15/05) issued on April 6, 2015, entitled “Islamic Finance: Opportunities, Challenges, and Policy Options.”

To foster policy dialogue on issues raised in the SDN, the IMF and the G20 presidency jointly organized a seminar on Islamic finance during the 2015 IMF-World Bank Spring Meetings entitled “Islamic Finance: Unlocking Its Potential and Supporting Stability.” The seminar was a kickoff event for a global conference on Islamic Finance that will be held in November 2015 in Kuwait. In the interim, a series of working papers that underpinned our policy conclusions will be published and consolidated into a book. The IMF will also continue regular policy dialogue with our member countries, our financial stability assessments, our technical assistance, and training.

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Mind the gap: theories in Islamic accounting and finance, Islamic economics and business management studies

ISRA International Journal of Islamic Finance

ISSN : 2289-4365

Article publication date: 21 September 2022

Issue publication date: 8 December 2022

This study aims to analyse whether theories and views of classical Islamic scholars are widely adopted as references in Islamic accounting and finance (IAF), Islamic economics (IE) and Islamic business management (IBM) research studies as part of their contribution to solving current economic and financial problems.

Design/methodology/approach

The research adopts a qualitative meta-analysis methodology using NVivo 12 with selected data from 474 international journal articles published between 1981 and 2021. The study considers 172 IAF articles, 111 IE articles and 191 IBM articles.

The results of the study show that the use of theories and views of classical Islamic scholars is not widespread among the examined research papers. The findings show that 90% of researchers tend to acquire modern economics, management, psychological and sociological theories instead of classical theories. Both modern and classical theories have been discussed in the studied articles namely agency theory, stakeholders' theory, ḥisbah (accountability), maqāṣid al-Sharīʿah (objectives of Islamic law) and waʿd (unilateral promise). The gaps prevail not only in the taxonomy of terms but also in the choice of paradigm references. It is found that 66% of the 474 journal articles adopt a positivist paradigm, followed by interpretivism (19%), post-structuralism (9%) and critical orientation (6%).

Research limitations/implications

This paper considers only ABS ranking journal articles. Future research may consider other journal articles from different ranking groups such as Scopus or Thomson & Reuters.

Practical implications

The paper sheds light on how Islamic educational institutions can develop strategies for the Integration of Knowledge (IOK) in their curriculum.

Social implications

This paper helps to shape the Muslims' way of thinking within an Islamic worldview which will lead to an Islamic way of expressing knowledge, skill and behaviour.

Originality/value

This paper contributes to the model of IOK that has been deliberated among Islamic universities, especially those that develop IAF, IE and IBM studies.

• Classical theories
• Modern theories

Islamic accounting and finance

Islamic economics, islamic business management.

• Integration of knowledge

Mukhlisin, M. , Ismail, N. and Jamilah Fikri, R. (2022), "Mind the gap: theories in Islamic accounting and finance, Islamic economics and business management studies", ISRA International Journal of Islamic Finance , Vol. 14 No. 3, pp. 333-348. https://doi.org/10.1108/IJIF-11-2019-0175

Emerald Publishing Limited

Copyright © 2022, Murniati Mukhlisin, Nurizal Ismail and Reza Jamilah Fikri

Published in ISRA International Journal of Islamic Finance . Published by Emerald Publishing Limited. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this licence may be seen at http:// creativecommons.org/licences/by/4.0/legalcode

Introduction

For the development of Islamic economics (IE), it is important that the primary legal sources of Islam, the Qurʾān and Sunnah, be referred to. Along with the primary legal sources, uṣūl al-fiqh (Islamic legal theory) is also used. This helps in responding to contemporary issues by referring to the methods explained in Imam al-Shāfiʿī’s al-Risālah comprising ijmāʿ (consensus), qiyās (deductive analogy), istiṣḥāb (the presumption of continuity) , maṣlaḥah mursalah (public interest) and sadd al-dharāʾiʿ (blocking the means to evil) to produce legal judgements and conclusions. After the application of uṣūl al-fiqh in the early IE literature in the 1950s–1970s, there was a need to consider other methodologies to examine the issues within IE. This is because the areas which are under study within IE do not pertain only to rulings governing Islamic commercial transactions but also to methodology. A major tool in this regard is the discipline of maqāṣid al-Sharīʿah (the objectives of Islamic law), which grew out of uṣūl al-fiqh during the Seljuk period. An early pioneer of the field was Imam al-Ghazālī (1058–1111). Prior to that, during the time of al-Maʾmūn and Hārūn al-Rashīd, the science of tadbīr al-manzil (household management), one of the branches of practical philosophy, was developed by early Muslim philosophers, based on a translation of Oikosnomos (Family Rules). During the same time, the analytical method was developed. For instance, Abū Yūsuf employed case studies before developing the price theory in Al-Kharāj ( The Book of Taxation ) . Also, Ibn Taymiyyah, in his Majmūʿ al-Fatāwā , undertakes market analysis before developing theories of barter and currency.

In addition to the above approaches, scholars also argue for two other approaches to be incorporated within IE development. First, the discussion should extend the understanding of early Muslim thinkers to criticise conventional theories and provide solutions to current economic realities. Second, not only is Islamic tradition important but also modern knowledge that takes into account contemporary issues faced in modern society. This triggered the movement of Integration/Islamisation of Knowledge (IOK), which is highlighted in the works of Syed Naquib al-Attas and Ismail Raji' al-Faruqi. The IOK project is one of the essential Islamic resurgence methods whose goal is to bring back the legacy of Islamic principles and values in contemporary times. Al-Attas' concept of IOK is only to present knowledge, while al-Faruqi's concept focuses on knowledge inherited from the Islamic legacy. The distinction between them is manifested in the methodology for the process of Islamization of contemporary knowledge ( Hashim and Rossidy, 2000 ).

Nevertheless, modernity accompanied by a secularist orientation can take Muslims far from Islamic teachings and Sharīʿah (Islamic law). According to modernity theory, any non-Western society must follow or should be forced to follow the footsteps of the West in matters of industrialisation, science and technology ( Moten, 2006 ; Cheng, 2006 ; Yusuf, 2006 ). Scientific and technical advances in Europe took place within an intellectual environment of increasing secularism, which had a strong impact on the social sciences, including economics. Neoclassical economists went so far as to argue that economics could not be scientific until it was made value-free, and “scientific socialism” was even more explicitly materialist. Muslims who studied these sciences frequently became acculturated, absorbing and adopting their axiomatic assumptions unconsciously and without critical analysis.

Therefore, it is important that Islamic knowledge – that combines the tools of uṣūl al-fiqh and maqāṣid al-Sharīʿah with the knowledge inherited from early Muslim scholars as well as modern theories that take into account contemporary realities, minus the secularist values – be integrated into accounting, finance, busines, and management studies within the body of IE to ensure that the discipline is relevant to the needs of modern societies.

Based on this understanding, the current research specifically aims to discover the relevance of theories and views of classical Islamic scholars in the development of current IE and finance thought. The research problem is accordingly phrased as follows: Are the theories and views of classical Islamic scholars adopted as references in Islamic accounting and finance (IAF), Islamic economics (IE) and Islamic business management (IBM) research?

The paper is structured as follows: the next section reviews the literature on IAF, IE and IBM. The methodology adopted in this research is then elaborated. It is followed by an analysis of the taxonomic models of the three research categories. Lastly, the conclusion and recommendations for future research are delineated.

Literature review

Classical versus modern economic thought.

The foundation of ideas and practice began during the era of the Prophet (SAW) and continued with the intellectual contributions of the Ṣaḥābah (companions) up until the third phase of khilāfah (Islamic rule). That initial phase lasted from the 7th until the 13th century CE. After that, there was a significant gap in the development of branches of Islamic knowledge including Islamic economics. There were very few IE works that appeared in response to the situations of those times. Modern IE began during the second quarter of the 20th century, in the post-colonial era ( Islahi, 2004 ).

From the above, it is understood that IE cannot be developed without referring to classical Islamic literature founded by early Muslim thinkers. Hermansen (1996) seconds this idea, suggesting that Islamic economists should refer to the turāth (classical Islamic texts) and derive clues on “earlier” conceptions of IE (or Islamic sciences in general); i.e. its underlying theories and methodology to explore the meta-disciplinary principles. Contemporary Muslim thinkers have conducted surveys analysing the thoughts of classical Muslim thinkers on issues in economics and IE. Siddiqi (1981) and Khan (1983) are among the early scholars who presented literature on Islamic economic thought, which appeared in the last century in various languages including Arabic, Urdu and English. To Siddiqi (1981) , the survey provides an opportunity to take stock and to plan further research in five areas: the economic philosophy of Islam, the Islamic economic system, the Islamic critique of contemporary economics, economic analysis in an Islamic framework, and the history of economic thought in Islam. Siddiqi remarks that the characteristics of the Islamic economic thought that has been surveyed yield some insights. First, the history of economic thought is integrated with Islamic thought on social, political and spiritual matters. Second, every single scholar shares the idea that the study and practice of economics entail a quest for social justice. Third, the authors show high concern for issues such as poverty and the plight of weaker sections of the population.

The development of Islamic economic thought

The formative period during which the sources of economic ideas originated in the Qurʾān and Sunnah. Most of the works written in this period are related to fiqh (Islamic jurisprudence), ʿilm al-kalām (theology) and ḥadīth (traditions of the Prophet SAW). Some Muslim thinkers who may be classified under this phase are Abū Yūsuf ( Kitāb al-Kharj ), Muḥammad al-Shaybānī ( Kitāb al-Kasb ), Yaḥyā ibn Adam ( al-Kharj ), Abū ʿUbayd al-Qāsim ( Kitāb al-Amwāl ) and Ibn Zanjawayh ( Kitāb al-Amwāl ) ( Ismail, 2016 ).

The translation period during which many foreign works came from Greek and Sanskrit into Arabic during the 8th century CE. Examples of relevant literature of this time are ʿilm tadbīr al-manzil and ḥisbah.

The translation of Islamic sciences in general and Greco-Arab sciences from Arabic into Latin and other European languages. To Islahi (2014) , this led to the birth of scholastic economics in the West and formed the bridging link between Greek philosophers and scholastic economists. This period was the golden age of Muslim intellectual scholarship that produced the likes of Ibn Khaldūn (d. 1406), al-Maqrīzī (d. 1442), al-Asadī (15th century), Ibn al-Azraq (d. 1489) and al-Dawānī (d. 1502).

The dormant period of Islamic scholarly culture. Works of this period on socio-economic problems do not have a stature comparable to the works produced by scholars of the third phase ( Islahi, 2004 ). Some Muslim thinkers such as al-Timurtāshī (1532–1598), Kınalızāde Ali Çelebi (1510–1572), Shah Waliullah Dahlawī (1510–1572) and Muḥammad Iqbal (d. 1938 CE) wrote about monetary issues and tadbīr al-manzil (household management) in this period. Some works are related to the cash waqf controversy that arose during the Ottoman Empire ( Islahi, 2009 ).

The first is the developmental stage of Islamic economic thought, which involved translation of books on conventional economics from English or French into Urdu or Arabic ( Islahi, 2010 ). Other activities included the editing and publication of classical Islamic literature on socio-economic issues, and many revivalists worked to reform the ummah (nation) and revive its past stature and glory ( Islahi, 2010 ). Therefore, this stage aimed to formulate the ground for a new generation of conscious writers of IE.

The second stage involved the generation born between 1926 and 1950. This generation translated Western economic writings and published relevant Islamic classical works. Among the pioneers of these IE scholars are Seoharawi, Manazir Ahsan Guilani, Hifzur Rahman, Abul Ala Mawdudi, Muḥammad Hamidullah, Shaikh Mahmud Ahmad, Anwar Iqbal Quraishi, and Yusufuddin. In the Middle East, some writers of IE included Muḥammad al-Ghazzali, Muḥammad al-Ṭāhir Ibn ʿĀshūr, and Aḥmad Mūsā Salīm. In Turkey, Ali Özek wrote İslami İktisadın Esasları ( Principles of Islamic Economics ) and Salih Tuğ wrote Modern İktisad ve İslam ( Modern Economics and Islam ). In Indonesia, IE scholars included Zainal Abidin Ahmad who wrote Dasar-Dasar Ekonomi Islam (Foundation of Islamic Economics) in 1950, and Kahruddin Yunus who authored Sistem Ekonomi Islam Menurut Islam: “Islamisme” (Islamic Economic System According to Islam: “Islamisme”) in 1955 ( Ahmad, 1950 ; Yunus, 1955 ).

The third stage is the generation born between 1951 and 1975. The cornerstone of this period was the First International Conference on Islamic Economics organised by King Abdulaziz University, which pushed the new era of Islamic economic thinking within Muslim academia universally. Most of their works are more analytical and modern in style compared to the previous generation, who were solely educated in economics.

The fourth stage covers the period from 1976 to 2000. This generation's presence was manifested in many conferences, seminars, and discussion forums on IE, and they published their thoughts not only in books but in many indexed journals.

The fifth stage covers the generation beginning with the 21st century. They may be referred to as the new generation of IE and finance. They use econometric models in their Internet-based research, but they are less dependent on original and classical Islamic sources. They tend to be specialised in various particular aspects such as waqf, finance, insurance, etc.

Modern economic thought

Modern economic thought began in the Scholastic School, which was not positive or hypothetical but normative, the principles and values being derived from the Bible. According to Spiegel (1991) , scholastic economic thought focuses on the salvation of souls in the next world rather than being interested in reforms that might produce an earthly paradise in this world. This was followed by the classical period of economic thought. According to Landreth and Colander (2002) , the three significant treatises of that period are Inquiry into the Nature and Causes of the Wealth of Nations (1776) by Adam Smith (1723–1790), On the Principles of Political Economy and Taxation (1817) by David Ricardo (1772–1823) and Principles of Political Economy (1848) by John Stuart Mill (1806–1873). Two other seminal thinkers, Thomas Malthus and Karl Marx, though in some ways classical, are more significant as critics than as adherents of classical economics ( Landreth and Colander, 2002 ). “Neoclassical” was the term first used by Veblen (1900 , pp. 242, 260–62, 265–8) to characterise Marshall and Marshallian economics ( Aspromourgos, 1991 ).

Some of the above thinkers relate modern economics with neoclassical economics. However, it cannot accurately be called neoclassical economics because the term “neoclassical” denotes specific ideas, approaches and assumptions that are not characteristics of the contemporary economic analysis theory ( Landreth and Colander, 2002 ). Modern economics has imbedded a broader worldview and multidisciplinary analysis in the economic theory. For instance, Amartya Sen questions whether utility maximisation is a meaningful approach to the problem of poverty. Robert Solow explores sociological issues in labour markets, and Paul Samuelson sets mathematical foundations of modern economic theory ( Landreth and Colander, 2002 ).

Research paradigms

Ponterotto (2015) identifies the following paradigms within which research on economics is conducted: positivism, post-positivism, constructivism–interpretivism and critical theory (with related ideological positions). Within IAF, IE and IBM research, the following research paradigms are used:

This research paradigm aims to predict future economic conditions. Auguste Comte in the 19th century established the positivism paradigm, arguing that its philosophical reasoning is deterministic and empirical ( Antwi and Hamza, 2015 ). It therefore studies causes and effects, observes and measures phenomenon in a quantitative way, and predicts relationships between variables in objective ways ( Mackenzie and Knipe, 2006 ). Positivist research methods include experiments that can be measured and analysed hypotheses. One major criticism of this approach is the issue of separating the researcher from what is being researched.

Interpretivism

This research paradigm aims to explain and discuss the problems to make readers understand them. Wilhelm (1833–1911), a German philosopher, develops the interpretivist or hermeneutic approach to help highlight that the subject matter investigated by natural sciences is different from social sciences. To him, human beings, as opposed to non-living objects, can interpret the environment and themselves ( Onwuegbuzie, 2001 ). Interpretivist research methods consist of focus groups, interviews and research diaries. Like other paradigms, it also has critics, and one of the criticisms of it is that it does not allow for generalisation because it encourages the study of cases that may not apply to the whole population.

Critical orientation

Critical studies are derived from the critical theories attributed to George Hegel (18th century) and Karl Marx (19th century) and critical pedagogy, of which one of the key figures is Paulo Freire (20th century). Research methods used under this paradigm include interviews and group discussions. These methods allow for collaboration and can be carefully deployed to avoid discrimination ( Mackenzie and Knipe, 2006 ). One major criticism in critical studies is that there is no concrete solution to the problem; the research is full of critiques.

Post-structuralism

Key figures in the inception of post-structuralism include Michel Foucault and Jacques Derrida in the 20th century ( Lather, 2006 ). Discourse analysis is an example of a research methodology conducted through observations and audio or visual recordings of interactions that focus on what is said or not said. Post-structuralism is criticised because it undermines self-agency as people are constructs of their own society.

Multi-paradigm

This paradigm is based on the idea that the research paradigm should not be seen as one dichotomy, but researchers can apply more than one paradigm by combining them into one research. Triyuwono (2006) explains multi-paradigm as an alternative paradigm that contains both technical and social aspects based on rationality by considering religion.

Research methodology

This research selected data involving 474 journal articles ranked in the Academic Journal Guide (AJG) of the Chartered Association of Business Schools (CABS) 2021. Only journal articles were selected, excluding working papers and conference proceedings. The journal papers explored both classical Islamic and Western theories. The scope of the selected journal articles included economics, accounting, banking and finance, and business management. The CABS guide is specific to business school studies, unlike Scopus List or Thomson & Reuters, which index and rank papers from various disciplines that were not the subject of this study.

This study is categorised as historical qualitative research using the research method of meta-analysis with a meta-study approach to examine the results of previous studies and literature. Qualitative meta-analysis is a method for reviewing qualitative studies and an attempt to conduct a secondary qualitative analysis of primary qualitative findings ( Timulak, 2009 ). It involves a summary of theories, methods, and results of qualitative research and the synthesis of these insights into new ways of thinking about phenomena ( Paterson et al. , 2001 ).

Meta-analysis

Meta-data: analysis of data and findings presented in previous studies and literature.

Meta-method: analysis of the methods used in the research papers. Meta-method identifies how the methods applied to the area of study could have influenced the findings and shaped its understanding.

Meta-theory: analysis of the theories used in the research papers. Meta-theory involves an examination of the theoretical framework that provides direction to and basis for the research.

Meta-synthesis then brings together the ideas that have been collected through the components of the meta-analysis process and creates a new interpretation of the theme that has been studied by previous research and literature.

This study follows Mukhlisin and Komalasari (2018) , who adopt the meta-analysis approach to analyse 330 empirical studies in the area of Islamic banking and finance by mapping research direction and the depth of the studies. They categorise the papers based on their research paradigms, countries being researched, methods employed and results that lead to policy direction in the particular period.

Analysing the data that are collected through in-depth interviews and literature studies may employ taxonomy as a tool for analysis. Bradley et al. (2007) define taxonomy as a system for classifying multifaceted, complex phenomena according to common conceptual domains and dimensions. Taxonomy also defines an organised classification system based on a single semantic relationship ( Spradley, 1980 ). Onwuegbuzie (2001) defines taxonomy as a classification using figures (e.g. flowchart) to render a clearer understanding of relationships between domains. Many researchers stated that taxonomy is one of the steps in doing ethnography. Further, Spradley (1980) mentions it as the second step in the developmental research sequence.

Choose a space for the taxonomic analysis;

Identify the subsets including the terms;

Look for similarities based on the same semantic relationship;

Find larger domains that might consist of a subset of an area being analysed;

Build a tentative taxonomy;

Focus on observation to check out the analysis; and

Construct a completed taxonomy.

Analysis of taxonomic models

Table 1 presents the results run with NVivo 12. It shows that out of the 474 published articles, 36% of the papers discuss IAF category, while 24% are on IE and 40% on IBM.

Research paradigm

According to the classification of the 474 journal articles, 66% adopted the positivist paradigm, while 19% followed interpretivism, 9% employed post-structuralism, and 6% used critical orientation. No study adopted a multi-paradigm approach.

Table 2 shows the first set of results of the multi-tiered screening process. Of the 474 sampled articles, it was found that 172 discussed IAF.

After running the data through the NVivo 12 software, the results show that papers which discussed IAF have two dimensions: modern issues (new developments such as audit) and classical issues (such as contracts/ uqūd ). The next step was to identify the keywords with the highest repetitions within each of the two categories (modern or classical). This yielded semantic tier–2. As an example, 2.7% of the total number of papers discussed “Audit”, a category that includes the keywords “Audit” and “Auditing”, while 1.59% mentioned “Government”, a category that includes the keywords “Control”, “Government”, and Political”. Overall, more than 700 keywords have been taken from the journal articles. The most frequent keywords explaining modern issues are “Audit, Governance, Corporate, Disclosure and Standard”. Meanwhile, the articles adopting classical theories use keywords such as “Theory,” “Government”, “Stakeholder”, “Tax” and “Authenticity”.

The study also finds that the research papers which adopted classical Islamic accounting theories were limited, and the theories were not widely used to address recent problems in Islamic accounting research and practice. In contrast, modern theories have been developed and have become important references in accounting research. Classical Islamic theories were mostly referred to as supporting theories to realise the ideal accounting model and were not much adopted in the development of theory or used as the primary reference in solving an accounting problem.

It was also noted that research in IAF has branched out into different aspects of the accounting field, including financial management, tax and audit. Some of the main discussions by both classical and modern thinkers dealt with fundamental problems regarding Islamic accounting, ethics in accounting and how to regulate accounting from the Islamic perspective. With the current standardisation of accounting, Islamic accounting authors mostly refer to accounting standards when conducting research on companies, organisations and government. Various theories have been developed as the ijtihād (legal reasoning) of modern thinkers to answer more diverse problems.

Of the 172 IAF articles, 21 articles were papers published in 2021. Their themes can be divided into several clusters, namely general Islamic finance, Islamic banking and Islamic social finance. The general Islamic finance category includes systematic literature reviews of the standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the International Financial Reporting Standards (IFRS), as well as discussions of the digitalisation of Islamic finance through blockchain technology. The AAOIFI standards are considered an important reference for financial reporting by Islamic financial institutions, competing in that area with IFRS. In this digital era, Islamic finance is encouraged to adopt Islamic fintech; therefore, financial reporting based on technology has become more relevant.

Research within the Islamic banking cluster focused on corporate social responsibility (CSR), disclosure, efficiency, mushārakah (partnership contract), sustainability banking, and guiding principles for Islamic banking and finance. Classical theory is not touched upon much; the authors instead referred to modern theories such as agency theory, efficiency theory, demand and supply theory, triple bottom line theory, sustainability finance theory and risk theory.

Research within the Islamic social finance cluster discussed zakat, waqf and Islamic microfinance. The articles on zakat related the topic to good Islamic governance and also to digitalisation. It is thought that both Islamic governance and digital utilisation for zakat will continue to gain researchers' interest in future research. For waqf, the issue of cash waqf is still seen as a popular research area among authors. Research on Islamic microfinance discussed its performance and outreach. One paper discussed the role of Islamic social finance (zakat, waqf and Islamic microfinance) in the context of the COVID-19 pandemic in Nigeria.

This above analysis is relevant to Wilson (1997) , who states that accounting traditionally started with the concept of ḥisbah (accounting) during ʿUmar ibn al-Khaṭṭāb's era. The muḥtasib (accountant) was appointed to ensure that market trading and traders in the area complied with Sharīʿah. The concept as well as the role of ḥisbah and the muḥtasib in early Islamic governance models inspire accounting practices until today ( Gambling and Karim, 1991 ). However, in modern Islamic accounting research, most of the academic citations only spin around Western scholars' thought related to corporate and institutional issues such as agency theory by Jensen and Meckling (1979) and stakeholder theory by Freeman (1984) . Surprisingly, Luca Pacioli (1447–1517) was declared the father of accounting after announcing a double-entry bookkeeping system. Researchers have ignored the work of ʿAbdullāh ibn Muḥammad ibn Kiyā al-Māzandarānī in his book Risālah Falakiyah dar ʿIlm al-Siyāqat that initially proposed double-entry bookkeeping in the year 1363, long before Pacioli. Prior to that, Aḥmad ibn ʿAbd al-Wahhāb al-Nuwayrī in 1333 wrote about the ethics of accountants ( muḥāsibīn ) and financial audit ( riqābah ) in his book Nihāyat al-arab fī funūn al-adab .

Table 3 shows the taxonomy classification of journal articles within the IE area. In total, 111 IE research papers were analysed. They emphasised two aspects: commercial (e.g. Islamic banking, ṣukūk , earnings) and social (e.g. Sharīʿah-related research, poverty and development in Muslim countries). However, the discussion on the conceptual theory of IE is limited. For instance, Loffer-Lohmar in 1983 attempted to explain IE values and principles within the framework of contemporary Muslim scholars such as Syed Nawab Haider Naqvi, Ismail Raji' Al-Faruqi, Nejatullah Siddiqi, Khurshid Ahmad, Muhammad Umer Chapra, Timur Kuran and Masudul Alam Choudhury ( Bashir, 1998 ).

Table 3 elaborates 474 keywords taken from 111 journal articles. The most frequent keywords explaining Modern Theories are “Banking”, “Countries”, “ Ṣukūk ”, “Finance”, and “Earnings”. Meanwhile, classical theories refer mostly to “Institutions”, “Nation”, “Social”, “Christianity”, and “Middle”.

On the perspective of modern theories, Kuran (1986) criticises IE, which he claims to have been unsuccessful in linking and accommodating Muslim communities within the economy. To support his ideas, he refers to Ibn Khaldūn in al-Muqaddimah claiming that IE has ignored the social significance of tribal and other divisions in its construction. Kuran (1986, p. 440) argues that one of the effects of IE is to heighten the clash within individual Muslims, the conflict that makes people go against each other, e.g. Homo Economicus against Homo Islamicus . Unfortunately, he does not comprehensively explain Ibn Khaldūn's theory of ʿaṣabiyyah , the social cohesion arising from a sense of shared common descent by the members of a particular group. On the contrary, Chapra (2008) makes several attempts to solve the issue of development within Ibn Khaldūn's view in a comprehensive way. What Chapra's article explains is most related to classical Islamic economic thinking, discussing the institutional economic discussion in the attention of specific regions within Ibn Khaldūn's theory of development. Mehmet (1997) proposes a concept to develop al-Ghazālī's theory on social justice in modern contexts. He argues that the ethical aspects of economics in the economic development context should be instilled to enforce human knowledge and reason to shape human behaviours for living ethically in promoting social justice.

Several journals consider non-Islamic aspects or Christianisation in their discussion of IE. Sauer (2002) discusses religious metaphysics in economics, in particular, Christian and Islamic perspectives on the topic of interest (usury). Modern Christianity refers to Aristotle's view while the Islamic perspective is from the Qurʾān and Sunnah. In fact, the author should not have referred only to the Qurʾān and Sunnah but also to other sources developed by the early Muslim thinkers related to the ideas of interest (usury).

Three papers discussed issues on Islamic welfare, ribā (interest) and sustainable economic development in 2021. The first paper is written by Asutay and Yilmaz (2021) wherein they propose an Islamic welfare function using the axiomatic approach of the Islamic moral economy through shūratic (consensus) decision-making, the process of falāḥ (success in the world and the hereafter) and the criterion of maslaḥah (welfare). This paper does not refer to the thoughts of the classical Islamic scholars but instead to the thoughts of contemporary Islamic economists on welfare. The second paper, written by Eyerci (2022) , also uses the modern theory developed by Böhm-Bawerk (1851–1914) about the time preference theory of interest, which is connected to the thought of contemporary Muslim economists. The third paper discusses the principle of sustainable development, which is generated from the Qurʾān and the thought of Muslim jurists and economists on the framework of mainstream economics.

Lastly, it can be argued that the discussion of IE is still in the framework of neoclassical economics or mainstream economics embedded within Islamic values and principles. So, there are similar gaps that have apparently been discussed by classical thinkers and are still being discussed by modern thinkers such as religion, IE, laws and political economy. For instance, the issue of religion (especially Islam) in economics has been debated among modern Muslim scholars using their own perspectives with very little reference from classical Islamic thought. They take the easiest way such as quoting verses in the Qurʾān and the sayings of the Prophet ( ḥadīth ) when analysing contemporary issues.

The review of more than 458 keywords in 191 IBM journal papers shows a similar pattern of results with the previous classifications where research papers that employ classical IBM theories are limited. In contrast, modern theories have been developed in various research papers in that area. Table 4 shows keywords of IBM papers using modern theories, which mostly discuss topics on “Management,” “Markets”, “Governance”, “Performance” and “Corporate” with more detail on “Directors”, “Managers” and “Supervision”. The finding shows some papers elaborate classical theories with keywords such as “Cash”, “Compliance”, “Product”, “Uncertainty” and “ Waʿd (Promise)”.

The findings highlight that 90% of the authors cite references from modern scholars. This is because the discussion in IBM tends to be more applied research and authors consider that texts from classical Islamic scholars are not relevant enough. This is also due to language accessibility where the authors refer to modern Islamic scholars such as Muhammad Umer Chapra, Nejatullah Siddiqi and Masudul Alam Choudhury who write their papers in English, unlike Islamic thought, which is mostly available in classical Arabic. As a result, articles by authors such as Al-Buraey (2001) adopt the thoughts only of modern thinkers. Al-Buraey (2001) analyses the strategy, implementation, implications, problems and prospects of the Islamic model of administrative development in the contemporary Muslim world. He refers, among others, to Jeffrey Pressman and Aaron Wildavsky, who find virgin territory in the busy nexus of the social sciences and public affairs.

Many modern writers regard agency theory by Jensen and Meckling (1979) as the central focus of explanations that link corporate governance and firm performance. Jensen and Meckling (1979) also state that excess cash reserves increase administrative discretion and provide managers with the incentive to pursue their interests, while larger boards create agency costs, give rise to free-rider problems and cause a delay in making good decisions and in actively supervising the firm. This theory has been adopted by Garas (2012) in his explanation of the control of the Sharīʿah supervisory board in Islamic financial institutions.

Others like Hambrick and Mason (1984) promote the upper echelons theory, which highlights the differences in managers' decision-making styles. They argue that idiosyncratic differences exist due to different personal values and cognitive styles and that it can cause “idiosyncratic risk” in that overconfident managers are more likely to prefer more debt. This leads to a higher level of idiosyncratic risk (uncertainty associated with firms' internal factors and decisions) ( Kraus and Litzenberger, 1973 ). This problem needs to be addressed by good corporate governance based on the concept introduced by Arrow (1973) where an organisation is a group of individuals seeking to achieve some common goals, or, in other words, to maximise an objective function.

In Islam, the concept of Islamic corporate governance has been asserted by Ahmed and Chapra (2002) as a mechanism that allows fairness to all stakeholders through greater transparency and accountability. The model of Islamic corporate governance by Iqbal and Mirakhor (2004) and a similar model proposed by Dusuki (2006) emphasise the rights of all stakeholders, not just the shareholders' interest. Choudhury and Hoque (2006) also underline that the Islamic corporate governance model is based on the principle of shūrā (where all stakeholders are involved in achieving the main objective of promoting the Oneness of Allah). They develop a discussion expounding the Islamic perspective of corporate governance as a special case of a broader decision-making theory that uses the premise of Islamic socio-scientific epistemology.

However, discussions in Islamic banking find no evidence that the profit-and-loss sharing (PLS) scheme practised by Islamic banks has any influence on the society. Sadr (1982) , Siddiqi (1985) , Haron (1996) , Ahmad (2000) , Chapra et al. (2000) , Siddiqui (2002) , and Dusuki and Abdullah (2007) state that Islamic banks should not only offer products and services based on profit-and-loss sharing but also promote social welfare in the society, to achieve both commercial and social objectives at the same time. Sadr (1982) , Siddiqi (1985) , Ahmad (2000) , Siddiqi (2002) , Rosly and Bakar (2003) support the argument that PLS is the only principle that represents the true spirit of an Islamic banking system.

Conclusion and the way forward

This research finds that classical theories are less used as a reference in IAF, IE and IBM research studies as compared to modern theories. It finds that the discussion in current economic journal papers is more developed and complicated as compared to that in classical papers. The gaps show not only in the taxonomy of terms but also the choice of paradigms. For instance, for the classical theories, the researchers tend to borrow the thinking of Ibn Khaldūn, al-Mawardi and al-Ghazālī, while for the modern theories, they mostly adopt Kant, Freeman, Jensen and Meckling.

This is in line with the critique of Kuran (1986) , who argues that IE cannot offer a suitable framework for modern economic complexities. This paper thus recommends that theories from classical scholars should be combined with theories from modern scholars to address the complexities in current economic problems. Hence, this study argues that there should be a model in the educational system to combine these two groups of thoughts. The process of combining the two schools has been attempted at Tazkia Islamic University College in Bogor, Indonesia, which promotes the Integration of Knowledge (IOK) model in its academic curriculum.

Figure 1 shows the IOK model, which is triggered by current economic conditions and issues and seeks a solution from both Islamic and non-Islamic thoughts that are not against the Qurʾān and Sunnah. The next step of the process develops Islamic economic postulates, theories and policies. The model explains the application of the IOK model in the Tazkia educational system on the group of modules taught, such as spiritualisation, insertion, modification and pure-Islamic subjects. Examples of “Spiritualization” subjects are mathematics, accounting and statistics, which are taught with minimal citations from the Qurʾān and Sunnah, while the scholarship of classical scholars is introduced as they are considered as pure and natural science studies. “Insertion” includes a group of subjects such as taxation, research method, and information system that require insertion of the Qur'ān and Sunnah and the saying of classical scholars. Meanwhile, “Modification” requires efforts to ensure that any teaching that is against the Islamic core principles is eliminated. The subjects covered under this category include Islamic banking, Islamic marketing and Islamic accounting. Lastly, “pure Islamic” subjects include, for example, usūl al-fiqh and maqāṣid al-Sharīʿah . However, contemporary issues should be highlighted to show their relevance to the current problems of economics.

Tazkia integration of knowledge model

Categories of research papers (1985–2021)

Taxonomy model for Islamic accounting and finance

Taxonomy model for Islamic economics

Taxonomy model for Islamic business management

Ahmad , K. ( 2000 ), “ Islamic finance and banking: the challenge and prospects ”, Review of Islamic Economics , Vol.  9 No.  1 , pp.  57 - 82 .

Ahmad , Z.A. ( 1950 ), Dasar-dasar Ekonomi Islam , Penerbit Pustaka Sinar Ilmu , Jakarta .

Ahmed , H. and Chapra , M.U. ( 2002 ), “ Corporate Governance in Islamic Financial Institutions ”, Occasional Paper No. 93 , Islamic Research and Training Institute (IRTI) , Jeddah .

Al-Buraey , M.A. ( 2001 ), “ The Islamic model of administration: strategy, implementation and implications ”, Managerial Finance , Vol.  27 Nos 10/11 , pp.  5 - 24 , doi: 10.1108/03074350110767556 .

Antwi , S.K. and Hamza , K. ( 2015 ), “ Qualitative and quantitative research paradigms in business research: a philosophical reflection ”, European Journal of Business and Management , Vol.  7 No.  3 , pp.  217 - 225 .

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Aspromourgos , T. ( 1991 ), Neoclassical in the World of Economics , Palgrave Macmillan , London .

Asutay , M. and Yilmaz , I. ( 2021 ), “ Constituting an Islamic social welfare function: an exploration through Islamic moral economy ”, International Journal of Islamic and Middle Eastern Finance and Management , Vol.  14 No.  3 , pp.  524 - 540 , doi: 10.1108/IMEFM-03-2019-0130 .

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Chapra , M.U. ( 2008 ), “ Ibn Khaldūn's theory of development: does it help explain the low performance of the present-day Muslim world? ”, The Journal of Socio-Economics , Vol.  37 No.  2 , pp.  836 - 863 .

Chapra , M.U. , Khan , S. and Al Shaikh-Ali , A. ( 2000 ), The Islamic Vision of Development in the Light of Maqasid Al-Shariah , IIIT , London , Vol.  15 .

Cheng , Y. ( 2006 ), “ Islam and the modern study of religion ”, Kulliyyah Research Bulletin , Vol.  1 No. 1 , p. 1 .

Choudhury , M.A. and Hoque , M.Z. ( 2006 ), “ Corporate governance in Islamic perspective ”, Corporate Governance , Vol.  6 No.  2 , pp.  116 - 128 .

Dusuki , A.W. ( 2006 ), “ Corporate governance and stakeholder management: an Islamic perspective ”, National Seminar in Islamic Banking and Finance , KUIM, Nilai , 20–30 August .

Dusuki , A.W. and Abdullah , N.I. ( 2007 ), “ Why do Malaysian customers patronise Islamic banks? ”, International Journal of Bank Marketing , Vol.  25 No.  3 , pp.  142 - 160 .

Eyerci , C. ( 2022 ), “ The approach of Islamic economists to the prohibition of interest in the context of Böhm-Bawerk's time preference theory of interest ”, International Journal of Islamic and Middle Eastern Finance and Management , Vol.  15 No.  1 , pp.  18 - 31 , doi: 10.1108/IMEFM-05-2020-0202 .

Freeman ( 1984 ), Strategic Management: A Stakeholder Approach , Pitman , Boston .

Gambling , T. and Karim , R. ( 1991 ), Business and Accounting Ethics in Islam , Mansell , London .

Garas , S.N. ( 2012 ), “ The control of the Shari'a supervisory board in the Islamic financial institutions ”, International Journal of Islamic and Middle Eastern Finance and Management , Vol.  5 No.  1 , pp.  8 - 24 , doi: 10.1108/17538391211216794 .

Hambrick , D.C. and Mason , P.A. ( 1984 ), “ Upper echelons: the organization as a reflection of its top managers ”, Academy of Management Review , Vol.  9 No.  2 , pp.  193 - 206 .

Haron , S. ( 1996 ), “ Competition and other external determinants of the profitability of Islamic banks ”, Islamic Economic Studies , Vol.  4 No.  1 , pp.  49 - 64 .

Hashim , R. and Rossidy , I. ( 2000 ), “ Islamization of knowledge: a comparative analysis of the conceptions of Al-Attas and Al-Fārūqī ”, Intellectual Discourse , Vol.  8 No.  1 , pp.  19 - 44 .

Hermansen , M.K. ( 1996 ), “ Modernity and religious worldviews: the challenge of classical Islamic religious thought for contemporary Muslim intellectuals ”, in Al-Attas , S.S. (Ed.), Islam and the Challenge of Modernity , ISTAC , Kuala Lumpur .

Iqbal , Z. and Mirakhor , A. ( 2004 ), “ Stakeholders model of governance in Islamic economic system ”, Islamic Economic Studies , Vol.  11 No.  2 , pp.  44 - 63 .

Islahi , A.A. ( 2004 ), Contributions of Muslim Scholars to Economic Thought and Analysis (11–905 AH/632–1500 AD) , Islamic Economic Research Centre, King Abdul Aziz University , Jeddah .

Islahi , A.A. ( 2009 ), “ Islamic economic thinking in the 12th AH/18th CE century with special reference to Shah Wali-Allah Al-Dihlawi ”, Munich Personal RePEc Archive (MPRA) , Munich , pp.  1 - 128 .

Islahi , A.A. ( 2010 ), “ Four generations of Islamic economists ”, Journal of King Abdulaziz University: Islamic Economics , Vol.  23 No.  1 , pp.  163 - 169 .

Islahi , A.A. ( 2014 ), History of Islamic Economic Thought: Contributions of Muslim Scholars to Economic Thought and Analysis , Edward Elgar Publishing , Cheltenham .

Islahi , A.A. ( 2015 ), “ The genesis of Islamic economics: revisited ”, Islamic Economic Studies , Vol.  130 No.  2223 , pp.  1 - 28 .

Ismail , N. ( 2016 ), “ Scrutinizing the epistemology of Islamic economics: a historical analysis ”, Tsaqafah , Vol.  12 No.  1 , pp.  19 - 46 .

Jensen , M.C. and Meckling , W.H. ( 1979 ), “ Theory of the firm: managerial behavior, agency costs, and ownership structure ”, in Economics Social Institutions , pp.  163 - 231 .

Khan , M.A. ( 1983 ), Islamic Economics: Annotated Sources in English and Urdu , Islamic Foundation , Leicestershire .

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Landreth , H. and Colander , D.C. ( 2002 ), History of Economic Thought , Houghton Mifflin College Division , Boston, MA .

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Mackenzie , N. and Knipe , S. ( 2006 ), “ Research dilemmas: paradigms, methods and methodology ”, Issues in Educational Research , Vol.  16 No.  2 , pp.  193 - 205 .

Mehmet , O. ( 1997 ), “ Al‐Ghazzali on social justice ”, International Journal of Social Economics , Vol.  24 No.  11 , pp.  1203 - 1218 .

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Mukhlisin , M. and Komalasari , R. ( 2018 ), “ Do you capture financial crisis? ”, Journal of Islamic Monetary Economics and Finance , Vol.  3 No.  2 , pp.  245 - 292 , doi: 10.21098/jimf.v3i2.781 .

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Rosly , S.A. and Bakar , M.A.A. ( 2003 ), “ Performance of Islamic and mainstream banks in Malaysia ”, International Journal of Social Economics , Vol.  30 No.  12 , pp.  1249 - 1265 .

Sadr , S.M.B. ( 1982 ), An Introduction to Principles of Islamic Banking , Bonyad Be'that , Tehran .

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Siddiqi , M.N. ( 1985 ), Partnership and Profit-Sharing in Islamic Law , Islamic Foundation , Leicestershire , Vol.  9 .

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Corresponding author

About the authors.

Murniati Mukhlisin, PhD, is currently an associate professor in Islamic accounting at Institut Agama Islam Tazkia. Her research papers include areas in Islamic accounting, financial planning, microfinance, and financial technology.

Nurizal Ismail is a PhD candidate in Islamic thought at USIM Malaysia. He is a senior lecturer at Institut Agama Islam Tazkia teaching and researching subjects such as Islamic civilisation, Islamic thought, and maqāṣid al-Sharīʿah .

Reza Jamilah Fikri is a research assistant at LPPM Tazkia. Her research interest is in the area of Islamic economics and finance.

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Research Topics in Islamic Banking and Finance

1   How Islamic financial instruments can be used in international trade?

2   A mechanism for inter-bank transactions for Islamic and conventional banks

3  Can Sharia board play a role in the development of Islamic instruments?

4 Tawarruq as a tool of inter-bank borrowing

5  Risk management framework for Islamic banks: do we need something special?

6  Have the challenges faced by Islamic banks changed over the last decade?

7  The dynamics of financial crisis: Conventional vs Islamic finance

8  Can Zakat be used as a microfinancing tools?

9  Value at Risk of Sukuk and conventional bonds

10  Risk analysis of Murabaha financing and leasing

11  What customers say about Islamic banking? Values vs religious perspectives

12  Can ownership structure affect earning management?

13 Collaborative Islamic Banking Service: The Case of Ijarah

14 Success factors of collaboration in Islamic banks

15 Constraints in the application of partnerships in Islamic banks

16  Can Islamic finance reduce nonperforming loans?

17  Which firms use Islamic financing?

18  Can SME’s benefit more from Islamic financing?

19  Islamic banking development and access to credit

20  Islamic finance and economic growth

10 Comments

please provide me islaic finance and economic growth

What is the Role of Finance in an under developed country?

suggest an easy topic of finance for research for beginners.

What is the effect of Islamic Finance on Pakistan Economy? Please give me suggestion about the topic.

How islamic financial instruments can be use in intrnational trade

i am also need this one

can i get related cases to use as a case study in Islamic banking research topis

Assalamualaikum. pleases i need a research topic in islamic finance or islamic economy

pleases i need a research topic in islamic finance

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Mambu: 85% of Gen Z Muslims Want to Try Islamic Banking

Leading SaaS cloud banking platform Mambu has released new research suggesting that 85% of Gen Z Muslims actively want to try Islamic banking. 

The insight comes after Mambu conducted a follow-up survey to one conducted in 2021, with participants between 16-40 across the UK, South Africa, UAE, Indonesia, Malaysia and Saudi Arabia. 

Its 2024 report reveals more Gen Z Muslims are keen on banking with a financial institution that offers Shariah-compliant products than ever before.

One-fifth of those surveyed have even said they want to try Islamic Banking regardless of how difficult it is to access. 

Mambu: Islamic Banking shortcomings 

Mambu’s report, titled Beliefs & Business: The Shape of Islamic Finance in 2024 , could point to a new future where Shariah-compliant products start proliferating the market to meet growing demand. 

However, at present, a significant 39% of Muslims don’t yet know that Islamic banking is a possibility. This comes as 28% of Muslims struggle to find easy access to a bank that adheres to Islamic principles. 

Indeed, 25% of Muslims who have found a bank say they need more from their bank to deliver fully Shariah-compliant services, while 18% don’t trust their bank to fulfil promises of compliance.

Omar Paul, SVP of Product and Engineering at Mambu says: “What we think about the world determines the choices we make with our money. We are seeing a growing opportunity for financial institutions to offer Shariah-compliant financial products to meet the changing needs of consumers. 

“It’s no surprise that our new research echoes this, highlighting that 83% of respondents want the investments their bank makes using their money to align with their religious beliefs – an increase from 74% in 2021. 

“Banks need to examine their portfolio and increase awareness around financial options available, to ensure they meet the rise in demand for Islamic banking, as well as ethical banking.”

Availability of Shariah-compliant products to grow?

Mambu’s research suggests that despite the need for Shariah-compliant banking products, Muslims continue to be underserved. 

However, with record numbers of Gen Z Muslims seeking Islamic Banking, there is hope banks may tap into this market with Shariah-compliant products.

Mambu's research finds that in the UK, 31% of millennial and Gen Z Muslims use traditional/investment banking, but would switch to an Islamic Banking option should one be more widely available.

Of course, for banks to adopt Islamic Banking they first need to educate and inform Muslims that Islamic Banking is a viable option. Some 44% of those surveyed by Mambu in the UK and Saudi Arabia, respectively, say the reason they don’t use Islamic banking is because they didn’t know it was a possibility.

Some banks have bucked the trend in recent years, however. Boubyan Bank introduced Nomo , an Islamic digital bank brand, to the UK market in 2021 to meet the growing need for Shariah-compliant products.

While some banks may be under the impression there isn’t enough demand for Islamic Banking options, ethical and faith values remain important to millennial and Gen Z Muslims.

Mambu’s report finds that 82% of Muslims in these generations say it is important the investments banks make using their money do good in the world. 

In December 2023, we looked at the rise of Shariah-compliant apps , and how they are opening up the investment landscape to a new demographic.

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