ISLAMIC BANKING AND SHARIAH GOVERNANCE:A BIBLIOMETRIC ANALYSIS OF KEY THEMES
Keywords:
Islamic banking, Shariah governance, Shariah compliance, financial performance, Clusters.Abstract
Over recent decades, Islamic banking has grown rapidly, driven by increasing global demand for financial products and services aligned with Shariah principles. To ensure the products and services are aligned with Shariah principles, shariah governance is in place for Islamic banking. However, despite increasing research efforts, our understanding of this domain remains fragmented. To offer a comprehensive overview using the meta-data of 260 research articles from the period of 2009-23, the analysis begins with a description of the sample dataset retrieved from the Scopus database. Bibliometric software, Biblioshiny (Bibliometrix) package of R-Studio and VOS-viewer was utilized to identify key trends and research hot spots through thematic maps, co-occurrence networks, co-citation analysis, keyword analysis, and most relevant sources and affiliations.
The present study used a combination of two categories of research questions intellectual structure and conceptual structure to achieve research objectives. For intellectual structure, this study relied on a co-citation network and co-occurrence of keywords-plus. On the other hand, for the conceptual structure, Co-occurrence network and Research themes analysis was conducted. This study highlights that existing literature centers on the concepts of Islamic banking governance, Shariah compliance, service quality, and financial performance. Moreover, the result of this bibliometric research reveals that Islamic banking governance literature mainly focuses on the impact of Shariah board (SB) characteristics. There is a need to emphasize more on Shariah governance structures, processes, and disclosure practices.
The most prominent countries of origin for research activities in Islamic banking include Malaysia, Indonesia, Pakistan, the U.K., and Tunisia. This research highlights that the sound Shariah governance system, increased collaboration among researchers across jurisdictions, and standardization of the Shariah governance framework across jurisdictions will further promote Islamic banking globally. This study provides valuable insights for researchers, practitioners, policymakers, and government to further strengthen the Islamic banking system. It enhances understanding in a vital area for guiding future endeavors to promote Islamic banking for a more sustainable and efficient banking system.
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