Mapping Islamic finance and new technologies: research and managerial perspectives
New technologies promote radical changes in how banking services are delivered. The field of Islamic finance is not exempt from radical changes and is gaining increasing attention from academics and practitioners. Although several scientific studies have been conducted on the impact of technologies on specific Islamic finance instruments, no research has examined bibliometric variables in this area. This study aims to cover this gap by conducting a bibliometric and open coding analysis on 170 sources of published studies on Islamic finance and technology. Our study detects the most influential authors, journals and countries of publication that currently prioritise research in this field. In addition, the thematic analysis reveals that among the niche themes are applications of technology to Takaful. Among the motor themes is the opportunity for technology to facilitate decision-making in Islamic banks. Finally, in terms of originality, this study highlights the field's current state by combining methodological approaches and providing valuable insights for future research. Moreover, it is also a starting point for practitioners to fully understand the characteristics and potential of technology in Islamic finance. Finally, the article provides researchers with a research agenda to guide future research ideas.
G. Adomavicius, J. Bockstedt, A. Gupta, and R. J. Kauffman, "Understanding Patterns of Technology Evolution: An Ecosystem Perspective," in Proceedings of the 39th Annual Hawaii International Conference on System Sciences (HICSS'06), Jan. 2006, vol. 8, pp. 189a–189a. doi: 10.1109/HICSS.2006.515.
V. Jafari-Sadeghi, A. Garcia-Perez, E. Candelo, and J. Couturier, "Exploring the impact of digital transformation on technology entrepreneurship and technological market expansion: The role of technology readiness, exploration and exploitation," Journal of Business Research, vol. 124, pp. 100–111, Jan. 2021, doi: 10.1016/j.jbusres.2020.11.020.
D. Calandra and M. Favareto, "Artificial Intelligence to fight COVID-19 outbreak impact: an overview," European Journal of Social Impact and Circular Economy, vol. 1, no. 3, Art. no. 3, Dec. 2020, doi: 10.13135/2704-9906/5067.
S. Secinaro, D. Calandra, and P. Biancone, Blockchain, trust, and trust accounting: can blockchain technology substitute trust created by intermediaries in trust accounting? A theoretical examination,” IJMP, vol. 14, no. 2, p. 129, 2021, doi: 10.1504/IJMP.2021.113824.
S. Secinaro, F. Dal Mas, V. Brescia, and D. Calandra, "Blockchain in the accounting, auditing and accountability fields: a bibliometric and coding analysis," Accounting, Auditing & Accountability Journal, vol. ahead-of-print, no. ahead-of-print, Jan. 2021, doi: 10.1108/AAAJ-10-2020-4987.
N. M. Ariffin, S. Archer, and R. A. A. Karim, "Risks in Islamic banks: Evidence from empirical research," J Bank Regul, vol. 10, no. 2, pp. 153–163, Mar. 2009, doi: 10.1057/jbr.2008.27.
M. Hassan, M. Rabbani, and M. Ali, "Challenges for the Islamic Finance and banking in post COVID era and the role of Fintech," Journal of Economic Cooperation and Development, vol. 41, pp. 93–116, Aug. 2020.
K. B. Khediri, L. Charfeddine, and S. B. Youssef, "Islamic versus conventional banks in the GCC countries: A comparative study using classification techniques," Research in International Business and Finance, vol. 33, pp. 75–98, Jan. 2015, doi: 10.1016/j.ribaf.2014.07.002.
M. I. B. Ab Razak, N. A. Mohd Dali, G. Dhillon, and A. W. Manaf, "Fintech In Malaysia: An Appraisal to the Need of Shariah-Compliant Regulation," Pertanika Journal of Social Science and Humanities, vol. 28, pp. 3223–3233, Dec. 2020, doi: 10.47836/pjssh.28.4.40.
N. Khan, B. Kchouri, N. A. Yatoo, Z. Kräussl, A. Patel, and R. State, "Tokenization of sukuk: Ethereum case study," Global Finance Journal, p. 100539, Jun. 2020, doi: 10.1016/j.gfj.2020.100539.
M. Radwan, D. Calandra, and P. Koumbarakis, "Takaful industry and Blockchain: challenges and opportunities for costs' reduction in Islamic insurance companies," European Journal of Islamic Finance, Oct. 2020, doi: 10.13135/2421-2172/4926.
R. Hasan, M. K. Hassan, and S. Aliyu, "Fintech and Islamic Finance: Literature Review and Research Agenda," International Journal of Islamic Economics and Finance (IJIEF), vol. 3, no. 1, Art. no. 1, Jan. 2020, doi: 10.18196/ijief.2122.
A. Delle Foglie, I. C. Panetta, E. Boukrami, and G. Vento, "The impact of the Blockchain technology on the global Sukuk industry: smart contracts and asset tokenisation," Technology Analysis & Strategic Management, vol. 0, no. 0, pp. 1–15, Jun. 2021, doi: 10.1080/09537325.2021.1939000.
B. Uluyol, "A comprehensive empirical and theoretical literature survey of Islamic bonds (sukuk)," Journal of Sustainable Finance & Investment, vol. 0, no. 0, pp. 1–23, Apr. 2021, doi: 10.1080/20430795.2021.1917224.
I. Zupic and T. Čater, "Bibliometric methods in management and organization," Organizational Research Methods, vol. 18, no. 3, pp. 429–472, 2015.
P. Mongeon and A. Paul-Hus, "The journal coverage of Web of Science and Scopus: a comparative analysis," Scientometrics, vol. 106, no. 1, pp. 213–228, 2016.
M. Massaro, J. Dumay, and J. Guthrie, "On the shoulders of giants: undertaking a structured literature review in accounting," Accounting Auditing & Accountability Journal, vol. 29, no. 5, pp. 767–801, 2016, doi: 10.1108/AAAJ-01-2015-193.
M. R. Rabbani, S. Khan, and E. I. Thalassinos, "FinTech, Blockchain and Islamic Finance: An Extensive Literature Review," International Journal of Economics and Business Administration, vol. VIII, no. 2, pp. 65–86, Apr. 2020.
D. Tranfield, D. Denyer, and P. Smart, "Towards a Methodology for Developing Evidence-Informed Management Knowledge by Means of Systematic Review," Br J Management, vol. 14, no. 3, pp. 207–222, Sep. 2003, doi: 10.1111/1467-8551.00375.
H. Zarrouk, T. E. Ghak, and E. A. A. Haija, "Financial development, Islamic finance and economic growth: evidence of the UAE," Journal of Islamic Accounting and Business Research, Feb. 2017, doi: 10.1108/JIABR-05-2015-0020.
M. Kamdzhalov, "Islamic Finance and the New Technology Challenges," European Journal of Islamic Finance, Mar. 2020, doi: 10.13135/2421-2172/3813.
J. Dumay and L. Cai, "A review and critique of content analysis as a methodology for inquiring into IC disclosure," Journal of Intellectual Capital, vol. 15, no. 2, pp. 264–290, Jan. 2014, doi: 10.1108/JIC-01-2014-0010.
G. Chen and L. Xiao, "Selecting publication keywords for domain analysis in bibliometrics: A comparison of three methods," Journal of Informetrics, vol. 10, no. 1, pp. 212–223, Feb. 2016, doi: 10.1016/j.joi.2016.01.006.
A. de Bem Machado, S. Secinaro, D. Calandra, and F. Lanzalonga, "Knowledge management and digital transformation for Industry 4.0: a structured literature review," Knowledge Management Research & Practice, vol. 0, no. 0, pp. 1–19, Dec. 2021, doi: 10.1080/14778238.2021.2015261.
P. Rosa, C. Sassanelli, A. Urbinati, D. Chiaroni, and S. Terzi, "Assessing relations between Circular Economy and Industry 4.0: a systematic literature review," International Journal of Production Research, vol. 58, no. 6, pp. 1662–1687, Mar. 2020, doi: 10.1080/00207543.2019.1680896.
M. Massaro, S. Secinaro, F. Dal Mas, V. Brescia, and D. Calandra, "Industry 4.0 and circular economy: An exploratory analysis of academic and practitioners' perspectives," Business Strategy and the Environment, vol. n/a, no. n/a, 2020, doi: https://doi.org/10.1002/bse.2680.
S. Secinaro and D. Calandra, "Halal food: structured literature review and research agenda," British Food Journal, vol. 123, no. 1, pp. 225–243, 2020, doi: 10.1108/BFJ-03-2020-0234.
C. Okoli and K. Schabram, "A Guide to Conducting a Systematic Literature Review of Information Systems Research," SSRN Electronic Journal, vol. Sprouts: Working Papers on Information Systems, 2010, doi: 10.2139/ssrn.1954824.
M. Massaro, J. Dumay, and A. Garlatti, "Public sector knowledge management: a structured literature review," Journal of Knowledge Management, vol. 19, no. 3, pp. 530–558, Jan. 2015, doi: 10.1108/JKM-11-2014-0466.
B. Uluyol, S. Secinaro, D. Calandra, and F. Lanzalonga, "Mapping waqf research: a thirty-year bibliometric analysis," Journal of Islamic Accounting and Business Research, vol. 12, no. 5, pp. 748–767, Jan. 2021, doi: 10.1108/JIABR-01-2021-0031.
R. N.-U.-D. Jalal, I. Alon, and A. Paltrinieri, "A bibliometric review of cryptocurrencies as a financial asset," Technology Analysis & Strategic Management, vol. 0, no. 0, pp. 1–16, Jun. 2021, doi: 10.1080/09537325.2021.1939001.
A. Liberati et al., "The PRISMA statement for reporting systematic reviews and meta-analyses of studies that evaluate health care interventions: explanation and elaboration," PLoS medicine, vol. 6, no. 7, p. e1000100, 2009.
M. Aria and C. Cuccurullo, "bibliometrix: An R-tool for comprehensive science mapping analysis," Journal of Informetrics, vol. 11, no. 4, pp. 959–975, 2017, doi: 10.1016/j.joi.2017.08.007.
S. Hwang, "Utilizing Qualitative Data Analysis Software: A Review of Atlas.ti," Social Science Computer Review, vol. 26, no. 4, pp. 519–527, Nov. 2008, doi: 10.1177/0894439307312485.
J. Al-Ammary and S. Hamad, "IInformation technology for enhancing NGO performance in the Kingdom of Bahrain," International Journal of Electronic Commerce Studies, vol. 3, no. 1, Art. no. 1, Aug. 2012, doi: 10.7903/ijecs.1017.
S. Secinaro, V. Brescia, D. Calandra, and P. Biancone, "Employing bibliometric analysis to identify suitable business models for electric cars," Journal of Cleaner Production, vol. 264, p. 121503, Aug. 2020, doi: 10.1016/j.jclepro.2020.121503.
L. Gheeraert and L. Weill, "Does Islamic banking development favor macroeconomic efficiency? Evidence on the Islamic finance-growth nexus," Economic Modelling, vol. 47, pp. 32–39, Jun. 2015, doi: 10.1016/j.econmod.2015.02.012.
D. Rudnyckyj, "Economy in practice: Islamic finance and the problem of market reason," American Ethnologist, vol. 41, no. 1, pp. 110–127, 2014, doi: 10.1111/amet.12063.
Mohammad, S. Khan, Mustafa, and Yannis, "An Artificial Intelligence and NLP based Islamic FinTech Model Combining Zakat and Qardh-Al-Hasan for Countering the Adverse Impact of COVID 19 on SMEs and Individuals," IJEBA, vol. VIII, no. Issue 2, pp. 351–364, Apr. 2020, doi: 10.35808/ijeba/466.
A. DIAW, "The global financial crisis and Islamic finance: a review of selected literature," Journal of Islamic Accounting and Business Research, vol. 6, no. 1, pp. 94–106, Jan. 2015, doi: 10.1108/JIABR-03-2012-0015.
P. P. Biancone and M. Radwan, "Social Finance And Unconventional Financing Alternatives: An Overview," European Journal of Islamic Finance, vol. 0, no. 10, Jul. 2018, doi: 10.13135/2421-2172/2818.
S. Secinaro, D. Calandra, D. Petricean, and F. Chmet, "Social Finance and Banking Research as a Driver for Sustainable Development: A Bibliometric Analysis," Sustainability, vol. 13, no. 1, Art. no. 1, Jan. 2021, doi: 10.3390/su13010330.
E. Garfield, "Historiographic Mapping of Knowledge Domains Literature," Journal of Information Science, vol. 30, no. 2, pp. 119–145, Apr. 2004, doi: 10.1177/0165551504042802.
U. A. Oseni and S. O. Omoola, "Banking on ICT: The relevance of online dispute resolution in the Islamic banking industry in Malaysia," Information & Communications Technology Law, vol. 24, no. 2, pp. 205–223, May 2015, doi: 10.1080/13600834.2015.1067968.
V. Bakhshi and A. Krajeski, "Accounting for climate change: A window on the future," Harv. Bus. Rev., vol. 85, no. 10, pp. 36-+, Oct. 2007.
S. Secinaro, V. Brescia, D. Calandra, and B. Saiti, "Impact of climate change mitigation policies on corporate financial performance: Evidence-based on European publicly listed firms," Corporate Social Responsibility and Environmental Management, vol. n/a, no. n/a, 2020, doi: 10.1002/csr.1971.
M. Oppenheimer, "Climate change impacts: accounting for the human response," Climatic Change, vol. 117, no. 3, pp. 439–449, Apr. 2013, doi: 10.1007/s10584-012-0571-9.
P. P. Biancone, S. Secinaro, and M. Kamal, "Crowdfunding and Fintech: business model sharia compliant," European Journal of Islamic Finance, vol. 0, no. 12, Apr. 2019, doi: 10.13135/2421-2172/3260.
N. Naifar, Impact of Financial Technology (FinTech) on Islamic Finance and Financial Stability. IGI Global, 1AD. Accessed: Oct. 05, 2021. [Online]. Available: https://www.igi-global.com/book/impact-financial-technology-fintech-islamic/www.igi-global.com/book/impact-financial-technology-fintech-islamic/225847
P. P. Biancone, B. Saiti, D. Petricean, and F. Chmet, "The bibliometric analysis of Islamic banking and finance," Journal of Islamic Accounting and Business Research, vol. ahead-of-print, no. ahead-of-print, Jan. 2020, doi: 10.1108/JIABR-08-2020-0235.
F. H. L. Chong, "Enhancing trust through digital Islamic finance and blockchain technology," Qualitative Research in Financial Markets, vol. 13, no. 3, pp. 328–341, Jan. 2021, doi: 10.1108/QRFM-05-2020-0076.
Copyright (c) 2022 Davide Calandra, Roberto Marseglia, Vincenzo Vaccaro, Federico Chmet
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
EJIF content is licensed under a Creative Commons Attribution 4.0 International License.
Authors keep the copyrights for their work and give the journal the work's first publication copyright, which is at the same time licensed under a Creative Commons License – Attribution, which in turn allows other parties to share the work with an acknowledgement of the work's authorship and initial publication in this journal.