Demystifying the Theoretical Framework of Research in Islamic Finance: A Review of Literature

  • Nanik Kustiningsih Universitas Airlangga Indonesia
  • Soesilowati Soema Atmadja SITE Mahardhika, Indonesia
  • Syed Alamdar Ali Shah Universitas Airlangga
Keywords: Islamic Socialism, Islamic Capitalism, Capitalism, Islamic Socialistic Capitalism


This research takes insights into the research on Islamic finance before and after the occurrence of financial crisis to rediscover its linkages with Islamic socialism and capitalism across international boundaries to establish grounds of Islamic finance theoretical framework. It takes extensive review of literature on Islamic Socialism, Capitalism and Islamic Capitalism taking into account differences in practices of Islamic finance in Islamic and non Islamic countries. Research in Islamic finance has great linkages with Islamic socialism, Islamic capitalism and capitalism as affected by the occurrence of financial crisis during the period of research. The originality value of this research work lies in the novel selection of period of research literature, and the discovery of theoretical framework in Islamic finance research, “Islamic socialistic capitalism”.


Author Biography

Nanik Kustiningsih, Universitas Airlangga Indonesia

Visiting Faculty

Punjab Group of Colleges 


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How to Cite
Kustiningsih, N., Atmadja, S. S., & Shah, S. A. A. (2019). Demystifying the Theoretical Framework of Research in Islamic Finance: A Review of Literature. European Journal of Islamic Finance, (14).