Islamic Finance and Economic Growth: A Bibliometric Analysis of Scholarly Contributions
DOI:
https://doi.org/10.58812/wsiss.v3i03.2117Keywords:
Islamic Finance, Economic Growth, Bibliometric Analysis, VOSviewerAbstract
This study presents a comprehensive bibliometric analysis of scholarly contributions at the intersection of Islamic finance and economic growth. Using data extracted from the Scopus database and analyzed through VOSviewer software, the research maps the intellectual structure, thematic evolution, and collaborative networks within this growing academic domain. The findings reveal a significant increase in publication volume since 2015, peaking in 2024, with Malaysia leading in research output and international collaboration. The co-occurrence analysis identifies key thematic clusters centered around Islamic banking, financial development, social finance, and emerging areas such as Islamic fintech and sustainability. Influential scholars such as M.K. Hassan and A. Mirakhor, along with foundational economic theories, shape the field’s discourse. The country and institutional collaboration networks highlight a regional concentration in Southeast Asia and the Middle East, while also reflecting the increasing involvement of global North institutions. Despite the field's growth, research gaps remain in geographical inclusivity, empirical validation, and innovation-focused studies. This study provides a structured overview of existing literature and offers directions for future research at the nexus of Islamic finance and sustainable economic development.
References
[1] S. Kassim, “Islamic finance and economic growth: The Malaysian experience,” Glob. Financ. J., vol. 30, pp. 66–76, 2016.
[2] M. I. Tabash and R. S. Dhankar, “The flow of Islamic finance and economic growth: An empirical evidence of Middle East,” J. Financ. Account., vol. 2, no. 1, pp. 11–19, 2014.
[3] M. P. Ferreira, N. R. Reis, and C. F. Pinto, “Schumpeter’s (1934) Influence on entrepreneurship (and management) research,” REGEPE Entrep. Small Bus. J., vol. 6, no. 1, pp. 4–39, 2017.
[4] R. I. McKinnon, “The value-added tax and the liberalization of foreign trade in developing economies: a comment,” Journal of Economic Literature, vol. 11, no. 2. JSTOR, pp. 520–524, 1973.
[5] S. A. Naz and S. Gulzar, “Impact of Islamic finance on economic growth: an empirical analysis of Muslim countries,” Singapore Econ. Rev., vol. 67, no. 01, pp. 245–265, 2022.
[6] M. S. Abd. Majid and S. H. Kassim, “Assessing the contribution of Islamic finance to economic growth: Empirical evidence from Malaysia,” J. Islam. Account. Bus. Res., vol. 6, no. 2, pp. 292–310, 2015.
[7] M. K. Hassan, S. Hossain, and H. Ahmed, “Impact of Islamic finance on economic growth,” J. Econ. Coop. Dev., vol. 43, no. 2, pp. 101–128, 2022.
[8] N. Donthu, S. Kumar, D. Mukherjee, N. Pandey, and W. M. Lim, “How to conduct a bibliometric analysis: An overview and guidelines,” J. Bus. Res., vol. 133, pp. 285–296, 2021.
[9] M. Aria and C. Cuccurullo, “bibliometrix: An R-tool for comprehensive science mapping analysis,” J. Informetr., vol. 11, no. 4, pp. 959–975, 2017.
[10] N. Hachicha and A. Ben Amar, “Does Islamic bank financing contribute to economic growth? The Malaysian case,” Int. J. Islam. Middle East. Financ. Manag., vol. 8, no. 3, pp. 349–368, 2015.
[11] M. I. Tabash and R. S. Dhankar, “Islamic financial development and economic growth--Empirical evidence from United Arab Emirates,” J. Emerg. Econ. Islam. Res., vol. 2, no. 3, pp. 15–31, 2014.
[12] А. Баторшина, В. Токар, Л. Колінець, Л. Сибирка, and У. Альмарашді, “The interplay between the global Islamic finance and economic growth of muslim countries,” Financ. Credit Act. Probl. theory Pract., vol. 3, no. 38, pp. 231–239, 2021.
[13] M. A. Ledhem and M. Mekidiche, “Economic growth and financial performance of Islamic banks: a CAMELS approach,” Islam. Econ. Stud., vol. 28, no. 1, pp. 47–62, 2020.
[14] J. A. Schumpeter and R. Swedberg, The theory of economic development. Routledge, 2021.
[15] G. F. Yazdan and S. S. Mohammad Hossein, “Analysis of Islamic Bank’s Financing and Economic Growth: Case Study Iran and Indonesia.,” J. Econ. Coop. Dev., vol. 33, no. 4, 2012.
[16] I. M. Lawal and U. B. Imam, “Islamic finance and economic growth: Empirical evidence from Nigeria,” J. Econ. Sustain. Dev., vol. 7, no. 16, pp. 99–108, 2016.
[17] M. A. Ledhem and M. Mekidiche, “Islamic finance and economic growth nexus: an empirical evidence from Southeast Asia using dynamic panel one-step system GMM analysis,” J. Islam. Account. Bus. Res., vol. 12, no. 8, pp. 1165–1180, 2021.
[18] M. I. Tabash and R. S. Dhankar, “The relevance of Islamic finance principles in economic growth,” Int. J. Emerg. Res. Manag. &Technology, vol. 3, no. 2, pp. 49–54, 2014.
[19] A. El-Galfy and K. A. Khiyar, “Islamic banking and economic growth: A review,” J. Appl. Bus. Res., vol. 28, no. 5, pp. 943–956, 2012.
[20] D. Mustafa, A. J. Baita, and A. Y. Usman, “Impact analysis of Islamic finance on financial inclusion and economic growth in selected Muslim countries: Lessons for Nigeria,” Int. J. Econ. Manag. Account., vol. 26, no. 2, pp. 393–414, 2018.
[21] M. Hanif, M. Chaker, and A. Sabah, “Islamic finance and economic growth: Global evidence,” Dig. Middle East Stud., vol. 33, no. 1, pp. 83–102, 2024.
[22] H. A. Butt, M. Sadaqat, and F. Shear, “Does Islamic financial development foster economic growth? International evidence,” J. Islam. Account. Bus. Res., vol. 14, no. 6, pp. 1013–1029, 2023.
[23] T. Muhammad and S. A. Dauda, “Islamic finance in promoting economic growth in Nigeria,” South East Asia J. Contemp. Business, Econ. Law, vol. 15, no. 5, pp. 41–45, 2018.
[24] H. Bakhita, “Impact of Islamic modes of finance on economic growth through financial stability,” J. Bus. Financ. Aff., vol. 6, no. 1, pp. 1–7, 2017.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Loso Judijanto
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Facebook 
Instagram 
Twitter 
Youtube 
westscience.journals@gmail.com