A Bibliometric Analysis of the Islamic Capital Market: Future Research Trends
Abstract
Introduction/ Main Objectives: This study aims to identify the trends in the growth of scientific publications that focus on authors, affiliations, journal names, and countries that make significant contributions to the literature on Islamic capital markets. This research is grounded in the importance of the role of Islamic capital markets in supporting the growth of the Islamic economy, as well as the necessity for adaptation to technological innovations and the dynamics of investor behavior. Novelty: This study lies in the utilization of recent literature and bibliometric analysis, thereby providing insights into the future direction of research topics. Research Methods: This research employs a bibliometric approach and a systematic literature review to examine publication trends and the research trajectory of Islamic capital markets over the past five years. Finding/Results: The findings indicate the evolution and trends within the literature on Islamic capital markets, as well as how this field continues to develop with the integration of technology, sustainability, and the complexities of the global market. Conclusion: The bibliometric analysis reveals that research in Islamic capital markets remains predominantly descriptive and conceptual, highlighting the need for the development of empirical research with an integrative theoretical model that combines Sharia principles, ESG, digital technology, and the psychological aspects of investors. Research limitation/implications: The limitations of this study are confined to literature published in the last five years and the use of bibliometric analysis; therefore, future research is recommended to utilize a longer data span and a mixed-method approach for more comprehensive results.
References
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Annisa, R., Majid, M. S. A., Agustina, M., Nurdin, R., Sartiyah, S., & Riyaldi, M. H. (2023). Do Financial Literacy and Digital Technology Drive Investment Intention Among Gen Z in the Islamic Capital Market: A Mediating Role of Risk Tolerance. 2023 International Conference on Sustainable Islamic Business and Finance, SIBF 2023, September, 276–280. https://doi.org/10.1109/SIBF60067.2023.10379888
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Asadov, A., Turaboev, I., & Nor, M. Z. M. (2023). Legal Challenges in Establishing the Islamic Capital Market in Uzbekistan. ISRA International Journal of Islamic Finance, 15(4), 45–63. https://doi.org/10.55188/ijif.v15i4.548
Ashraf, S., de Almeida, A. M. M., Naz, I., & Latief, R. (2023). Diversification of the Islamic stock market, Bitcoin, and Bullions in response to the Russia-Ukraine conflict and the COVID-19 outbreak. Heliyon, 9(8), e19023.
https://doi.org/10.1016/j.heliyon.2023.e19023
Athief, F. H. N., Izzah, L. N., Rizki, D., & El-Ashfahany, A. (2025). Intellectual Structure of Islamic Capital Market Studies: A Bibliometric Approach. Journal of Scientometric Research, 14(1), 221–238.
https://doi.org/10.5530/jscires.20250562
Bastomi, M., & Sudaryanti, D. (2024). The influence of islamic capital market literacy toward intention to invest in islamic capital market: Does risk perception mediate the relationship? Journal of Accounting and Investment, 25(1), 1–24. https://doi.org/10.18196/jai.v25i1.19630
Boresli, N. S., Haron, R., & Hassan, R. (2023). Corporate governance and foreign ownership in the Islamic capital market of Kuwait. Asian Economic and Financial Review, 13(1), 1–17. https://doi.org/10.55493/5002.v13i1.4681
Boumda, B., Duxbury, D., Ortiz, C., & Vicente, L. (2021). Do socially responsible investment funds sell losses and ride gains? The disposition effect in sri funds. Sustainability (Switzerland), 13(15), 1–14. https://doi.org/10.3390/su13158142
Doaei, M., & Dehnad, K. (2024). Bibliometric Analysis in Sukuk Market: Global Findings and Innovative Prospects for Iran. Iranian Journal of Finance, 8(4), 1–37.
Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of Business Research, 133(April), 285–296.
https://doi.org/10.1016/j.jbusres.2021.04.070
Elamin, M. O. I. (2023). Advancing Ethical and Sustainable Economy: Islamic Finance Solutions for Environmental, Social, & Economic Challenges in the Digital Age. International Journal of Membrane Science and Technology, 10(5), 408–429. https://doi.org/10.15379/ijmst.v10i5.2515
Fahmi, M. M., Suprayitno, E., Yuliana, I., Ekowati, V. M., & Rofiq, A. (2024). The Extended Theory of Planned Behavior to Measure Sharia Investment Intention Among the Z Generation. Tsaqafah, 20(1).
https://doi.org/10.21111/tsaqafah.v20i1.11280
Farid, S., Mohsan, T., & Jan, M. W. (2022). Do Islamic Stocks reinforce Real Economic Activity? Evidence from an Emerging Islamic Capital Market. Iranian Economic Review, 26(2), 421–433. https://doi.org/10.22059/ier.2022.88172
Fauzah, D. R., & Amaliyah, K. A. (2023). Impact of Financial Technology, Islamic Financial Literacy, and Behavioral Biases on Investment Decisions in the Sharia Capital Market. International Journal of Islamic Finance, 1(1), 1–19. https://doi.org/10.14421/ijif.v1i1.2039
Hardana, A., Razak, D. A., & Tussadiah, H. (2024). Ali Hardana, Djulastri Abdul Razak dkk. Sharia Economic Law In The Islamic Capital Market: Factors Influencing Selection And Decision-Making, 3(1), 61–76.
https://doi.org/https://doi.org/10.32332/muamalah.v3i1.8438
Hassan, M. K., Aliyu, S., Saiti, B., & Abdul Halim, Z. (2020). A review of Islamic stock market, growth and real-estate finance literature. International Journal of Emerging Markets, 16(7), 1259–1290.
https://doi.org/10.1108/IJOEM-11-2019-1001
Hassan, S., Dhali, M., Mehar, S. M., & Zaman, F. (2022). Islamic Securitization as a Yardstick for Investment in Islamic Capital Markets. International Journal of Service Science, Management, Engineering, and Technology, 13(1), 1–15. https://doi.org/10.4018/IJSSMET.315592
Hermansyah, Y., Suhara, D., Badruzaman, D., & Rudiansyah, A. (2024). Sharia Compliance In The Capital Market : Regulation, Implementation, And Challenges. International Conference on Health Science, Green Economics, Educational Review and Technology, 4(1), 631–638.
Hussain, I., Nazir, M., Hashmi, S. B., Shaheen, I., Akram, S., Waseem, M. A., & Arshad, A. (2021). Linking green and sustainable entrepreneurial intentions and social networking sites; the mediating role of self-efficacy and risk propensity. Sustainability (Switzerland), 13(13). https://doi.org/10.3390/su13137050
Irton, I., Khairawati, S., & Murtadlo, M. B. (2021). Investor Behavior In Islamic Capital Markets: Study On Muslim Students. Jurnal Manajemen Dan Bisnis Performa, 18(3), 45–60. https://doi.org/10.29313/performa.v18i3.7986
Jalari, Anwar, S., & Ardiansyah, M. (2023). Determinants of Hybrid Investor Behavior: Selecting Stock in The Islamic Capital Market with Maqasid of Sharia as Moderation. Millah: Journal of Religious Studies, 22(2), 701–732. https://doi.org/10.20885/millah.vol22.iss2.art15
Loang, O. K. (2024). Stability of Shariah-Compliant Stocks in Indonesia, Malaysia, and Gcc: the Roles of Monetary and Fiscal Policies and Contagion. Journal of Islamic Monetary Economics and Finance, 10(1), 155–176. https://doi.org/10.21098/jimf.v10i1.1899
Mahajan, et al. (2024). A Systematic Literature Review on the Islamic Capital Market: Insights Using the PRISMA Approach. Journal of Electrical Systems, 20(2s), 730–746. https://doi.org/10.52783/jes.1571
Maulida, A. Z., & Sari, S. P. (2023). Behavioral finance and financial literacy affecting investor millenial decision making process on sharia stock. American Journal of Sciences and Engineering Research, 6(2), 541–552.
Md Husin, M., Aziz, S., & Bhatti, T. (2023). The impact of brand familiarity, perceived trust and attitude on investors’ decision-making in Islamic stock market. Journal of Islamic Marketing, 14(8), 2009–2026.
https://doi.org/10.1108/JIMA-04-2020-0093
Misra, A. (2024). Impact of financial literacy towards ESG investing among salaried employees: A mediating effect of perceived usefulness of Robo-advisors. In Robo-Advisors in Management (pp. 274–284).
https://doi.org/10.4018/979-8-3693-2849-1.ch018
Muhammad Rafi Siregar, Rifai, A., Mariana, & Achmad Manarul. (2022). Applying Shariah Principles To Islamic Capital Market. El-Iqthisadi Jurnal Hukum Ekonomi Syariah Fakultas Hukum Dan Syariah, 4, 161–168. https://doi.org/10.24252/el-iqthisady.vi.30718
Mustafida, R., & Fauziah, N. N. (2021). IMPLEMENTING ESG CONCEPT IN SHARIA STOCK SCREENING PROCESS. Hasanuddin Economics and Business Review, 5(1), 1–7. https://doi.org/10.26487/hebr.v5i1.2549
Nofrianto, N., Nugraha, D. P., Ahmed, A. M., Muttaqin, Z., Fekete-Farkas, M., & Hágen, I. (2024). Exploring the Resilience of Islamic Stock in Indonesia and Asian Markets. Journal of Risk and Financial Management, 17(6). https://doi.org/10.3390/jrfm17060239
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Published
2026-04-30
How to Cite
ARYADI, Heri; HAMIDAH, Hamidah; ULUPUI, IGKA.
A Bibliometric Analysis of the Islamic Capital Market: Future Research Trends.
Jurnal Cendekia Keuangan, [S.l.], v. 5, n. 1, p. 1-13, apr. 2026.
ISSN 2810-0964.
Available at: <https://ejournal.uniska-kediri.ac.id/index.php/JCK/article/view/7369>. Date accessed: 14 apr. 2026.
doi: https://doi.org/10.32503/jck.v5i1.7369.
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