A study of Islamic banking and finance for interest-free investors: A bibliometric analysis

Sulaiman Aldhawyan, Mohd Naved Khan, Md Shabbir Alam, Mohammed Abdul Imran Khan, Mohammed Asif

Article ID: 5872
Vol 8, Issue 8, 2024

VIEWS - 1745 (Abstract)

Abstract


Islamic banking is one of the fastest-growing sectors of the financial industry. Several works have been written in this field, but none attempt to learn the entire Islamic banking and financial system. Furthermore, the study could not locate any publications investigating the conceptual and intellectual foundations of this emerging field of inquiry. The current study uses bibliometric methodologies to assess the current state of Islamic banking, financial research, and the upcoming trends. For the people who choose interest-free investments, the current research examines a conceptual research context on Islamic banking and finance at various planning and decision-making stages. One thousand research studies appearing in scholarly journals between 2005 and 2023 were reviewed for the purpose. In order to examine the works on Islamic banking and finance, bibliometric techniques were used, including analysis of citation network, content, co-citation, keyword, and publishing trends. By suggesting thirteen clusters, to enhance research on Islamic banking and finance to help interest-free investors learn more, the goal of the research is to promote the body of knowledge. The field of Islamic banking and finance has grown from a young lot to a prominent teaching and research tool. Investigating and identifying current research trends in this area is crucial. As institutions and society are placing more emphasis on Islamic banking to raise individual citizens’ responsibilities in developing interest-free investing strategies, the findings are crucial to the community of interest-free financiers. Further research urges with the studies not restricted to a thousand researches only.


Keywords


Islamic banking and finance; bibliometric analysis; Interest-free Banking; citation analysis; content analysis; co-citation analysis; clustering

Full Text:

PDF


References

  1. Abdul-Majid, M., Saal, D. S., & Battisti, G. (2009). Efficiency in Islamic and conventional banking: an international comparison. Journal of Productivity Analysis, 34(1), 25–43. https://doi.org/10.1007/s11123-009-0165-3
  2. Abdul-Majid, M., Saal, D. S., & Battisti, G. (2011). Efficiency and total factor productivity change of Malaysian commercial banks. The Service Industries Journal, 31(13), 2117–2143. https://doi.org/10.1080/02642069.2010.503882
  3. Abedifar, P., Molyneux, P., & Tarazi, A. (2013). Risk in Islamic banking. Review of finance, 17(6), 2035-2096.
  4. Aderemi, A. M. R., & Ishak, M. S. I. (2023). Qard Hasan as a feasible Islamic financial instrument for crowdfunding: its potential and possible application for financing micro-enterprises in Malaysia. Qualitative Research in Financial Markets, 15(1), 58–76. https://doi.org/10.1108/qrfm-08-2021-0145
  5. Ahmad, H. M. (2024). World’s Best Islamic Banks in 2024. The Halal Times. Available online: https://www.halaltimes.com/worlds-best-islamic-banks-in-2024/ (accessed on 1 April 2024).
  6. Ahmed, S., Alshater, M. M., Ammari, A. E., et al. (2022). Artificial intelligence and machine learning in finance: A bibliometric review. Research in International Business and Finance, 61, 101646. https://doi.org/10.1016/j.ribaf.2022.101646
  7. Ajmi, A. N., Hammoudeh, S., Nguyen, D. K., & Sarafrazi, S. (2014). How strong are the causal relationships between Islamic stock markets and conventional financial systems? Evidence from linear and nonlinear tests. Journal of International Financial Markets, Institutions and Money, 28, 213-227.
  8. Al-Khazali, O., & Mirzaei, A. (2017). Stock market anomalies, market efficiency and the adaptive market hypothesis: Evidence from Islamic stock indices. Journal of International Financial Markets, Institutions and Money, 51, 190–208. https://doi.org/10.1016/j.intfin.2017.10.001
  9. Alqahtani, F., Mayes, D. G., & Brown, K. (2017). Islamic bank efficiency compared to conventional banks during the global crisis in the GCC region. Journal of International Financial Markets, Institutions and Money, 51, 58–74. https://doi.org/10.1016/j.intfin.2017.08.010
  10. Ashraf, D., Rizwan, M. S., & Azmat, S. (2021). Not one but three decisions in sukuk issuance: Understanding the role of ownership and governance. Pacific-Basin Finance Journal, 69, 101423. https://doi.org/10.1016/j.pacfin.2020.101423
  11. Atal, N. U., Iranmanesh, M., Hashim, F., et al. (2022). Drivers of intention to use Murabaha financing: religiosity as moderator. Journal of Islamic Marketing, 13(3), 740–762. https://doi.org/10.1108/jima-07-2019-0147
  12. Azmat, S., Azad, A. S. M. S., Bhatti, M. I., et al. (2020). Islamic Banking, Costly Religiosity, And Competition. Journal of Financial Research, 43(2), 263–303. Portico. https://doi.org/10.1111/jfir.12207
  13. Baele, L., Farooq, M., & Ongena, S. (2014). Of religion and redemption: Evidence from default on Islamic loans. Journal of Banking & Finance, 44, 141–159. https://doi.org/10.1016/j.jbankfin.2014.03.005
  14. Banna, H., Hassan, M. K., Ahmad, R., et al. (2022). Islamic banking stability amidst the COVID-19 pandemic: the role of digital financial inclusion. International Journal of Islamic and Middle Eastern Finance and Management, 15(2), 310–330. https://doi.org/10.1108/imefm-08-2020-0389
  15. Beck, T., Demirgüç-Kunt, A., & Merrouche, O. (2013). Islamic vs. conventional banking: Business model, efficiency and stability. Journal of Banking & Finance, 37(2), 433–447. https://doi.org/10.1016/j.jbankfin.2012.09.016
  16. Belkhaoui, S. (2023). Banking system and economic growth linkages in MENA region: complementarity and substitutability between Islamic and conventional banking. Journal of Islamic Accounting and Business Research, 14(2), 267–288. https://doi.org/10.1108/jiabr-03-2021-0091
  17. Belyadi, H., & Haghighat, A. (2021). Unsupervised machine learning: clustering algorithms. Machine Learning Guide for Oil and Gas Using Python, 125–168. https://doi.org/10.1016/b978-0-12-821929-4.00002-0
  18. Ben Amar, A., & O. El Alaoui, A. (2023). Profit- and loss-sharing partnership: the case of the two-tier mudharaba in Islamic banking. International Journal of Islamic and Middle Eastern Finance and Management, 16(1), 81–102. https://doi.org/10.1108/imefm-12-2020-0630
  19. Ben Naceur, S., Barajas, A., & Massara, A. (2015). Can Islamic Banking Increase Financial Inclusion? IMF Working Papers, 15(31), 1. https://doi.org/10.5089/9781498370813.001
  20. Blanco-Mesa, F., Merigó, J. M., & Gil-Lafuente, A. M. (2017). Fuzzy decision making: A bibliometric-based review. Journal of Intelligent & Fuzzy Systems, 32(3), 2033–2050. https://doi.org/10.3233/jifs-161640
  21. Boubaker, S., Uddin, M. H., Kabir, S. H., et al. (2022). Does cost-inefficiency in Islamic banking matter for earnings uncertainty? Review of Accounting and Finance, 22(1), 1–36. https://doi.org/10.1108/raf-07-2022-0193
  22. Chen, C. (2005). CiteSpace II: Detecting and visualizing emerging trends and transient patterns in scientific literature. Journal of the American Society for Information Science and Technology, 57(3), 359–377. Portico. https://doi.org/10.1002/asi.20317
  23. Chen, C. (2014). The Citespace Manual. College of Computing and Informatics, 1(1), 1-84.
  24. Chen, C., Zhuang, Y., & Xiao, J. (2010). Silhouette representation and matching for 3D pose discrimination – A comparative study. Image and Vision Computing, 28(4), 654–667. https://doi.org/10.1016/j.imavis.2009.10.008
  25. Chong, B. S., & Liu, M.-H. (2009). Islamic banking: Interest-free or interest-based? Pacific-Basin Finance Journal, 17(1), 125–144. https://doi.org/10.1016/j.pacfin.2007.12.003
  26. Cihák, M., & Hesse, H. (2008). Islamic Banks and Financial Stability: An Empirical Analysis. IMF Working Papers, 08(16), 1. https://doi.org/10.5089/9781451868784.001
  27. Čihák, M., & Hesse, H. (2010). Islamic Banks and Financial Stability: An Empirical Analysis. Journal of Financial Services Research, 38(2–3), 95–113. https://doi.org/10.1007/s10693-010-0089-0
  28. Comerio, N., & Strozzi, F. (2018). Tourism and its economic impact: A literature review using bibliometric tools. Tourism Economics, 25(1), 109–131. https://doi.org/10.1177/1354816618793762
  29. Dewandaru, G., Rizvi, S. A. R., Masih, R., et al. (2014). Stock market co-movements: Islamic versus conventional equity indices with multi-timescales analysis. Economic Systems, 38(4), 553–571. https://doi.org/10.1016/j.ecosys.2014.05.003
  30. EI Qorchi, M. (2005). Islamic finance gears up. International Monetary Fund. pp. 46-49.
  31. Ergeç, E. H., & Arslan, B. G. (2013). Impact of interest rates on Islamic and conventional banks: the case of Turkey. Applied Economics, 45(17), 2381–2388. https://doi.org/10.1080/00036846.2012.665598
  32. Fakhfekh, M., Hachicha, N., Jawadi, F., et al. (2016). Measuring volatility persistence for conventional and Islamic banks: An FI-EGARCH approach. Emerging Markets Review, 27, 84–99. https://doi.org/10.1016/j.ememar.2016.03.004
  33. Farooq, M., & Zaheer, S. (2015). Are Islamic Banks More Resilient During Financial Panics? Pacific Economic Review, 20(1), 101–124. Portico. https://doi.org/10.1111/1468-0106.12096
  34. Gassouma, M. S., Benhamed, A., & El Montasser, G. (2023). Investigating similarities between Islamic and conventional banks in GCC countries: a dynamic time warping approach. International Journal of Islamic and Middle Eastern Finance and Management, 16(1), 103–129. https://doi.org/10.1108/imefm-11-2020-0565
  35. Ghaffour, A. R. (2024). Keynote address-Third Fitch Ratings Islamic Finance Symposium 2024. Organised by Fitch Ratings, Kuala Lumpur. Available online: https://www.bis.org/review/r240306d.htm (accessed on 1 April 2024).
  36. Gheeraert, L. (2014). Does Islamic finance spur banking sector development? Journal of Economic Behavior & Organization, 103, S4–S20. https://doi.org/10.1016/j.jebo.2014.02.013
  37. Godlewski, C. J., Turk-Ariss, R., & Weill, L. (2013). Sukuk vs. conventional bonds: A stock market perspective. Journal of Comparative Economics, 41(3), 745-761.
  38. Haddou, S., & Mkhinini, S. (2022). Investigating the linkage between Shariah board size, liquidity risk and bank stability through an asymmetric lens. Journal of Islamic Accounting and Business Research, 14(4), 652–674. https://doi.org/10.1108/jiabr-03-2022-0074
  39. Hambali, A., & Adhariani, D. (2022). Sustainability performance at stake during COVID-19 pandemic? Evidence from Sharia-compliant companies in emerging markets. Journal of Islamic Accounting and Business Research, 14(1), 80–99. https://doi.org/10.1108/jiabr-01-2022-0014
  40. Hamidi, M. L., & Worthington, A. C. (2023). Beyond the triple bottom line: Prosperity, People, Planet, and Prophet in Islamic banking. Journal of Islamic Marketing, 14(2), 394–409. https://doi.org/10.1108/jima-02-2021-0036
  41. Hanic, A., & Smolo, E. (2023). Islamic approach to corporate social responsibility: an international model for Islamic banks. International Journal of Islamic and Middle Eastern Finance and Management, 16(1), 175–191. https://doi.org/10.1108/imefm-07-2021-0284
  42. Haniffa, R., & Hudaib, M. (2007). Exploring the ethical identity of Islamic banks via communication in annual reports. Journal of business Ethics, 76, 97-116.
  43. Hassan, M. K., & Aliyu, S. (2018). A contemporary survey of islamic banking literature. Journal of Financial Stability, 34, 12–43. https://doi.org/10.1016/j.jfs.2017.11.006
  44. Hayat, R., & Kraeussl, R. (2011). Risk and return characteristics of Islamic equity funds. Emerging markets review, 12(2), 189-203.
  45. Haziaton, M., Noor, M., Bakri, M., et al. (2020). The Determinants of The Bank Regulation and Supervision on The Efficiency of Islamic Banks in Different Country's Income Level*. The Journal of Asian Finance, Economics and Business, 7(12), 721-730. https://10.13106/jafeb.2020.vol7.no12.721
  46. Hoque, M. E., Nik Hashim, N. M. H., & Azmi, M. H. B. (2018). Moderating effects of marketing communication and financial consideration on customer attitude and intention to purchase Islamic banking products. Journal of Islamic Marketing, 9(4), 799–822. https://doi.org/10.1108/jima-01-2017-0005
  47. Ho, C. S. F., Abd Rahman, N. A., Yusuf, N. H. M., & Zamzamin, Z. (2014). Performance of global Islamic versus conventional share indices: International evidence. Pacific-Basin Finance Journal, 28, 110-121.
  48. Hoepner, A. G., Rammal, H. G., & Rezec, M. (2011). Islamic mutual funds’ financial performance and international investment style: evidence from 20 countries. The European Journal of Finance, 17(9-10), 829-850.
  49. Jatmiko, W., Ebrahim, M. S., Iqbal, A., et al. (2023). Can trade credit rejuvenate Islamic banking? Review of Quantitative Finance and Accounting, 60(1), 111–146. https://doi.org/10.1007/s11156-022-01092-6
  50. Johnes, J., Izzeldin, M., & Pappas, V. (2014). A comparison of performance of Islamic and conventional banks 2004–2009. Journal of Economic Behavior & Organization, 103, S93-S107.
  51. Khan, F. (2010). How ‘islamic’is islamic banking? Journal of economic behavior & organization, 76(3), 805-820.
  52. Li, K., Rollins, J., & Yan, E. (2017). Web of Science use in published research and review papers 1997–2017: a selective, dynamic, cross-domain, content-based analysis. Scientometrics, 115(1), 1–20. https://doi.org/10.1007/s11192-017-2622-5
  53. Liu, W. (2019). The data source of this study is Web of Science Core Collection? Not enough. Scientometrics, 121(3), 1815–1824. https://doi.org/10.1007/s11192-019-03238-1
  54. Malik, Bilal A. & Khaki, G. N. (2015). Scope and Feasibility of Islamic Banking And Finance Model Kazakhstan & Indian Perspective. Journal of Central Asian Studies, XXII, 83-98.
  55. Maali, B., Casson, P., & Napier, C. (2006). Social reporting by Islamic banks. Abacus, 42(2), 266-289.
  56. Merchant, H., & Gaur, A. (2008). Opening the ‘Non-Manufacturing’ envelope: The next big enterprise for international business research. Management International Review, 48(4), 379–396. https://doi.org/10.1007/s11575-008-0022-z
  57. Mindra, R., Bananuka, J., Kaawaase, T., et al. (2022). Attitude and Islamic banking adoption: moderating effects of pricing of conventional bank products and social influence. Journal of Islamic Accounting and Business Research, 13(3), 534–567. https://doi.org/10.1108/jiabr-02-2021-0068
  58. Mohd Dali, N.R. S., Yousafzai, S. Y., & Hamid, H. A. (2013). The Development of Islamic Banking and Finance. Underpinning Theory Affecting Islamic Banking Consumers Post Purchase Behaviour. In: 2nd International on Asean Economic Development organised by Faculty of Economics; Thailand.
  59. Muhammad, T., & Bin Ngah, B. (2023). Mediating role of customer’s satisfaction on Jaiz bank products: a model development. Journal of Islamic Marketing, 14(1), 215–235. https://doi.org/10.1108/jima-08-2020-0241
  60. Naifar, N. (2014). Credit Default Sharing Instead of Credit Default Swaps: Toward a More Sustainable Financial System. Journal of Economic Issues, 48(1), 1–18. https://doi.org/10.2753/jei0021-3624480101
  61. Nomran, N. M., & Haron, R. (2021). Financial Performance in Islamic Banking and Shari’ah Supervision under Interventionist Regulatory Approach: A System-GMM Dynamic Panel Analysis. Turkish Journal of Islamic Economics, 8(1), 59–86. https://doi.org/10.26414/a095
  62. Omran, M. G. H., Engelbrecht, A. P., & Salman, A. (2007). An overview of clustering methods. Intelligent Data Analysis, 11(6), 583–605. https://doi.org/10.3233/ida-2007-11602
  63. Platonova, E., Asutay, M., Dixon, R., & Mohammad, S. (2018). The impact of corporate social responsibility disclosure on financial performance: Evidence from the GCC Islamic banking sector. Journal of business ethics, 151, 451-471.
  64. Qureshi, M. F. (2018). Concepts Of Islamic Banking & Finance In The Light Of Quran & Sunnah. Wiley Publishing House.
  65. R.V., S., Annamalai, B., et al. (2024). Consumer behavior in Islamic banking: a systematic literature review and agenda for future research. Journal of Islamic Marketing, 15(5), 1326–1349. https://doi.org/10.1108/jima-06-2023-0195
  66. Safieddine, A. (2009). Islamic Financial Institutions and Corporate Governance: New Insights for Agency Theory. Corporate Governance: An International Review, 17(2), 142–158. Portico. https://doi.org/10.1111/j.1467-8683.2009.00729.x
  67. Safiullah, M., & Shamsuddin, A. (2018). Risk in Islamic banking and corporate governance. Pacific-Basin Finance Journal, 47, 129–149. https://doi.org/10.1016/j.pacfin.2017.12.008
  68. Said, L. R., Bilal, K., Aziz, S., et al. (2022). A comparison of conventional versus Islamic banking customers attitudes and judgment. Journal of Financial Services Marketing, 27(3), 206–220. https://doi.org/10.1057/s41264-021-00113-0
  69. Saiti, B., Ardo, A. A., & Yumusak, I. G. (2022). Why non-Muslims subscribe to Islamic banking? Qualitative Research in Financial Markets, 14(2), 247–269. https://doi.org/10.1108/qrfm-01-2018-0005
  70. Samsudeen, S. N., Selvaratnam, G., & Hayathu Mohamed, A. H. (2022). Intention to use mobile banking services: an Islamic banking customers’ perspective from Sri Lanka. Journal of Islamic Marketing, 13(2), 410–433. https://doi.org/10.1108/jima-05-2019-0108
  71. Shabbirhusain, R. V., Annamalai, B., & Chandrasekaran, S. (2024). What to Say: Demystifying Tourism Content Marketing Strategy. Tourism Review International.
  72. Shamsudheen, S. V., & Muneeza, A. (2022). Depicting ethical dilemma in Islamic financial institutions; addressing the gender heterogeneity. Eurasian Economic Review, 12(1), 29–54. https://doi.org/10.1007/s40822-021-00196-z
  73. Shamsudheen, S. V., & Rosly, S. A. (2023). Organizational decision-making behaviour related to ethical issues, developing scale with special reference to “inter-variable circular causality and religious (Islamic) discourse.” International Journal of Ethics and Systems, 39(1), 1–20. https://doi.org/10.1108/ijoes-05-2021-0105
  74. Small, H. (1973). Co‐citation in the scientific literature: A new measure of the relationship between two documents. Journal of the American Society for Information Science, 24(4), 265–269. Portico. https://doi.org/10.1002/asi.4630240406
  75. Surwase, G., Sagar, A., Kademani, B., et al. (2011). Co-citation Analysis: An Overview. In: Beyond Librarianship: Creativity, Innovation and Discovery; 16-17 September 2011; Mumbai, India.
  76. van Eck, N. J., & Waltman, L. (2009). Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics, 84(2), 523–538. https://doi.org/10.1007/s11192-009-0146-3
  77. Wu, Y.-C. J., & Wu, T. (2017). A decade of entrepreneurship education in the Asia Pacific for future directions in theory and practice. Management Decision, 55(7), 1333–1350. https://doi.org/10.1108/md-05-2017-0518
  78. Yusfiarto, R., Sunarsih, S., & Darmawan, D. (2023). Understanding Muslim’s switching from cash to m-payments: based on push-pull-mooring framework. Journal of Islamic Marketing, 14(2), 342–365. https://doi.org/10.1108/jima-05-2021-0135
  79. Zarrouk, H., Ben Jedidia, K., & Moualhi, M. (2016). Is Islamic bank profitability driven by same forces as conventional banks? International Journal of Islamic and Middle Eastern Finance and Management, 9(1), 46–66. https://doi.org/10.1108/imefm-12-2014-0120


DOI: https://doi.org/10.24294/jipd.v8i8.5872

Refbacks

  • There are currently no refbacks.


Copyright (c) 2024 Sulaiman Aldhawyan, Mohd Naved Khan, Md Shabbir Alam, Mohammed Abdul Imran Khan, Mohammed Asif

License URL: https://creativecommons.org/licenses/by/4.0/

This site is licensed under a Creative Commons Attribution 4.0 International License.