This study aims to provide an in-depth bibliometric and content analysis of the academic literature on Islamic sustainable finance (ISF) and its role in achieving the Sustainable Development Goals (SDGs). Several classifications are made, including analysing the most influential authors, the keywords, the citations and the network. A content analysis of the most cited articles was also provided. This study further analysed the most cited works in this field, presented a segmentation framework and provided a summary of the literature content.
A bibliometric method was employed to examine the characteristics, citation patterns and content of the most recent articles in ISF, as well as collaborations among researchers. Data were extracted from Scopus-indexed research articles from 1997 to 2025 and analysed using VOSViewer.
This study found that the publication and citation of sustainability in Islamic finance literature related to sustainability are increasing over time, contributing to significant progress in terms of impact and visibility. Oseni and Hassan are among the most influential authors. The International Islamic University Malaysia has the highest affiliations, and Malaysian researchers have authored the most publications. The keyword analysis reveals that the trending keywords are Islamic finance, investment, banking and sustainability. The network analysis reveals that Malaysia is a leading research hub in ISF, with strong cooperation with countries in Asia, Central Asia and the Middle East.
For scholars and practitioners, the analyses of literature streams and the future research agenda serve as valid starting points for future research in the field.
This study shows the pattern and attention of the academic world toward the relation between Islamic finance and SDGs.
1. Introduction
The global financial crisis and the hardships it imposed on many people have raised many questions about the stability and sustainability of the conventional financial system. This situation highlights the importance of Islamic finance, an alternative financing system, in promoting sustainable development objectives. Many countries have tried to create a conducive ecosystem for Islamic sustainable finance (ISF). Malaysia, for example, has created frameworks and guidelines for the Islamic finance ecosystem and encouraged investors to participate in Environmental, Social, and Governance (ESG) initiatives (Aziz and Zhang, 2019). Saudi Arabia responded to sustainability efforts by being at the forefront of the global adoption of ESG sukuk (Halawi, 2022). Intergovernmental organisations and banks, such as the United Nations (UN) and the Islamic Development Bank, also significantly accelerate the use of Islamic finance to support sustainable development. Several initiatives have been undertaken, including efforts to address poverty in rural areas (Saldinger, 2021).
On a global scale, Islamic finance investment is also growing significantly, particularly under sustainable-themed investing, also known as Sustainable and Responsible Investment (SRI). Sustainability-related considerations gather momentum from various parties, including policymakers, companies, and investors. Companies have adopted multiple strategies to ensure their products and services contribute to building a more sustainable future. For example, investment companies ensure that their assets under management meet ESG criteria, which include emission reduction and minimising harmful pollutants and chemicals.
The Islamic financial sector also plays a significant role in contributing to the achievement of Sustainable Development Goals (SDGs). According to Ahmed et al. (2015), financial stability, financial inclusion, vulnerability reduction, social and environmental initiatives, and infrastructure financing are among the five key areas that require the cooperation of Islamic finance. A conducive ecosystem for sustainable Islamic finance is necessary, and effective coordination among the public, private, and third sectors is essential. However, the activities remained largely muted despite ISF's considerable growth and importance in achieving many of the most pressing development goals aligned with the SDGs. In addition, a lack of standardisation has been recognised in many countries (ISFI, 2022).
Furthermore, it has been noted that knowledge gaps persist in the relationship between ISF and SDGs (Zarrouk, 2015). The absence of literature makes it worthwhile to investigate the evolution of the literature and the research agenda and direction in this area. Hence, this study aims to examine the evolution of the literature on ISF and answer the research objectives below. Specifically, this paper seeks to (1) identify the most productive authors, the keywords, the citations, and the network in ISF, (2) analyse the content of the most cited articles in ISF, and (3) predict future research directions.
This paper is organised as follows. The next section presents a literature review that briefly discusses the concept of ISF and its relationship to the SDGs. The methodology, which outlines the research approach, study design, and data selection strategy, is presented in the third section. The fourth section elaborates on the findings, categorised into three themes: authorship, keyword, citation, and network analysis. The fifth section contains the content analysis. The conclusion, future research agenda and study limitations are presented in the sixth section.
2. Literature review
2.1 Islamic sustainable finance (ISF)
The International Union for Conservation of Nature gave a broader definition of sustainable development as “improving the quality of life while living within the carrying capacity of supporting ecosystems” (Qadir and Zaman, 2018). The UN World Commission defines sustainable development as “the development that meets the needs of the present without compromising the ability of future generations to meet their own needs.” (Qadir and Zaman, 2018).
Islam views sustainability from five aspects: life, faith, mind, property, and family (Satyakti, 2023). Muslims are obligated by their faith to ensure the sustainability of these five goals. From an Islamic perspective, sustainable development is founded on the concept that humans have a responsibility to care for nature, and it primarily depends on preserving the benefits for all spheres, including the animal kingdom and the environment, which aligns with Maqasid Al-Sharia (Ahmadi, 2016). Because preserving life is an explicit goal of Islamic law, only those development efforts are Islamically permissible and do not jeopardise future generations’ ability to meet their needs (Qadir and Zaman, 2018). Therefore, Islamic development is endogenously sustainable. Islamic traditions contribute to a sustainable community, as the SDGs and Islamic principles are compatible. Islamic sustainable development differs from conventional sustainable efforts in various ways. First, the role of human beings and vice versa. Second, the adoption of simple lifestyles (Zuhd), which involve living lightly on earth; and third, the distinctive Islamic worldview, which offers a unique perspective on what constitutes happiness, progress, success, scarcity, and a good life. In addition, Islamic tradition offers the state useful tools and interventions as well as incentives for people that can aid in the implementation of the ideals of sustainable development. The failure of market-based incentives to achieve sustainable development objectives (Qadir and Zaman, 2018) makes these instruments, interventions, and incentives all the more intriguing.
In terms of Islamic finance sustainability, the Islamic banking industry, for instance, employs two primary models in its banking operations: the institutional and welfare methods. According to Mansour et al., 2015), the institutional approach increases the bank’s stakeholders’ wealth. The well-being approach aims to achieve Maqasid Al-Sharia by enhancing people's overall well-being. Therefore, sustainability is vital to Islamic banking and is seen as a tool for institutional and economic actors to achieve the SDGs developed by the UN (OECD, 2020).
2.2 Sustainable development goals (SDGs)
The SDGs are a set of 17 global objectives initiated by the UN, covering a broad range of sustainable development issues, including reducing poverty and hunger, improving health and education, combating climate change, and protecting oceans and forests (Securities Commission Malaysia, 2019). The SDGs are designed to be a “shared blueprint for peace and prosperity for people and the planet, now and into the future”. It acknowledges and rectifies the critical social, economic, and environmental issues confronting society. Figure 1 shows the goals for sustainable development.
The figure shows a rectangular grid titled “SUSTAINABLE DEVELOPMENT GOALS” at the top. Seventeen square panels are arranged in rows, each labeled with a number, a goal title, and an icon. “1 No Poverty” shows a family group icon, “2 Zero Hunger” shows a bowl with steam lines icon, “3 Good Health and Well-Being” shows a heartbeat line with a heart icon, “4 Quality Education” shows an open book and pencil icon, “5 Gender Equality” shows a gender equality symbol icon, “6 Clean Water and Sanitation” shows a water drop in a glass icon, “7 Affordable and Clean Energy” shows a sun icon, “8 Decent Work and Economic Growth” shows an upward graph with an arrow icon, “9 Industry, Innovation and Infrastructure” shows interconnected cubes icon, “10 Reduced Inequalities” shows an equal sign inside a circle icon, “11 Sustainable Cities and Communities” shows buildings icon, “12 Responsible Consumption and Production” shows an infinity loop icon, “13 Climate Action” shows an eye with the earth icon, “14 Life Below Water” shows a fish with waves icon, “15 Life on Land” shows a tree with a bird and land icon, “16 Peace, Justice and Strong Institutions” shows a dove with a gavel icon, and “17 Partnerships for the Goals” shows interlinked circles icon. The “Sustainable Development Goals” logo appears again in the lower right corner.Sustainable development goals
The figure shows a rectangular grid titled “SUSTAINABLE DEVELOPMENT GOALS” at the top. Seventeen square panels are arranged in rows, each labeled with a number, a goal title, and an icon. “1 No Poverty” shows a family group icon, “2 Zero Hunger” shows a bowl with steam lines icon, “3 Good Health and Well-Being” shows a heartbeat line with a heart icon, “4 Quality Education” shows an open book and pencil icon, “5 Gender Equality” shows a gender equality symbol icon, “6 Clean Water and Sanitation” shows a water drop in a glass icon, “7 Affordable and Clean Energy” shows a sun icon, “8 Decent Work and Economic Growth” shows an upward graph with an arrow icon, “9 Industry, Innovation and Infrastructure” shows interconnected cubes icon, “10 Reduced Inequalities” shows an equal sign inside a circle icon, “11 Sustainable Cities and Communities” shows buildings icon, “12 Responsible Consumption and Production” shows an infinity loop icon, “13 Climate Action” shows an eye with the earth icon, “14 Life Below Water” shows a fish with waves icon, “15 Life on Land” shows a tree with a bird and land icon, “16 Peace, Justice and Strong Institutions” shows a dove with a gavel icon, and “17 Partnerships for the Goals” shows interlinked circles icon. The “Sustainable Development Goals” logo appears again in the lower right corner.Sustainable development goals
2.3 The contribution of Islamic finance to sustainable development
Islamic finance is viewed as a tool for institutional and economic actors seeking to achieve the SDGs (OECD, 2020). Islamic finance shares principles similar to those of sustainable finance, which aim for financial stability and economic growth, poverty alleviation and wealth distribution, financial and social inclusion, and environmental preservation (Securities Commission Malaysia, 2019). Islamic finance can significantly aid in achieving the SDGs due to its emphasis on risk sharing, asset-backed financing, and its social and ethical ethos. The Islamic financial sector has recently made some progress in promoting sustainable infrastructure. For example, Malaysia, through Khazanah SRI sukuk, issued two impact bonds to raise education standards in the country. Pakistan, through an energy company, received a substantial amount of financing from an Islamic banking syndication for a project aimed at reducing carbon emissions (Ahmed, 2010). These two initiatives align with the SDGs' aims to reduce poverty and improve education.
The Islamic community has made significant contributions to sustainable development initiatives. Numerous researchers have examined the environmental crisis from an Islamic perspective and outlined various Islamic laws and regulations on environmental protection (Al-Jayyousi, 2016; Rkiouak, 2015; Kamali, 2016; Ansari, 1994; Nouh, 2012). The Islamic Educational, Scientific and Cultural Organisation has outlined a five-point strategy related to sustainable development, which includes justice, active participation, a just world trade system, strengthening the international community's development practices/policies, and educating young people about their moral, religious, and environmental obligations.
3. Research methodology
3.1 Data and methodology
This study used a bibliometric method to obtain quantitative results on ISF literature. Bibliometric analysis combined with content analysis is becoming increasingly popular among researchers (Koskinen et al., 2008). To ensure reliability and validity, descriptive, integrative, systematic, or meta-analytical reviews are combined with bibliometric reviews to present the quantitative aspect of the literature (Martínez-Climent et al., 2018). Nevertheless, due to its merit, bibliometric analysis is an emerging method with rare Islamic financial applications (Alshater et al., 2020). The method also differs from comparable verification techniques in its key, in-depth, and insightful aspect of the phenomenon of interest.
3.2 Study design
This study used a three-step methodological process, as outlined in Figure 2. The method was developed initially by Paltrinieri et al. (2023) and modified for the present study. In the first stage, recognised databases are searched for relevant publications for the meta-literature search. The second stage involves identifying relevant literature from the selected database, and the third step aims to analyse the chosen literature through a bibliometric review.
The flowchart starts with the rectangle positioned on the left labeled “Reviewing For” and contains three numbered points: “1. Key dimensions”, “2. Major Research Streams”, and “3. Future Direction”. A rightward arrow extends from “Reviewing For” and leads to the second rectangle labeled “Review Method”, which contains three numbered points: “1. Source of literature”, “2. Keywords”, and “3. Bibliometric Analysis”. Another rightward arrow from “Review Method” points to the third rectangle labeled “Review forward”, which contains three numbered points: “1. Contribution to financial market”, “2. Trend in academic research”, and “3. Contribution to regulatory institutions”.Research approach. Source: Authors’ own work
The flowchart starts with the rectangle positioned on the left labeled “Reviewing For” and contains three numbered points: “1. Key dimensions”, “2. Major Research Streams”, and “3. Future Direction”. A rightward arrow extends from “Reviewing For” and leads to the second rectangle labeled “Review Method”, which contains three numbered points: “1. Source of literature”, “2. Keywords”, and “3. Bibliometric Analysis”. Another rightward arrow from “Review Method” points to the third rectangle labeled “Review forward”, which contains three numbered points: “1. Contribution to financial market”, “2. Trend in academic research”, and “3. Contribution to regulatory institutions”.Research approach. Source: Authors’ own work
3.3 Data selection strategy
The data for the bibliometric review were collected from the Scopus database, a well-known database owned by Elsevier. The Scopus database has been utilised in several previous studies, including those in bibliometric analysis-based papers (Baker et al., 2020; Goodell et al., 2023). Scopus was chosen for several reasons. First, this is the largest multidisciplinary peer-reviewed database. Second, it is the most reputable financial literature reporting database. Third, many previous researchers in Islamic Finance have used the Scopus database to conduct bibliometric reviews in the Islamic finance discipline (Kabir et al., 2025). Table 1 presents statistics on the total number of articles accumulated and collected from the Scopus database, based on selected and chosen keywords within the scope of sustainability in Islamic finance literature.
The literature source
| Databases | Scopus | Selected articles |
|---|---|---|
| Articles | 512 Restricted to English, articles and book chapters only (409) 103 were manually removed 1997–2025 | 306 |
| Databases | Scopus | Selected articles |
|---|---|---|
| Articles | 512 | 306 |
Researcher intervention is often necessary to remove manuscripts from consideration if they do not align with the study's objectives. Scopus databases were accessed, and different keywords were used. Specifically, three steps were followed to identify the right manuscripts that were selected. First, the authors ensure that the titles of the manuscript are relevant and accurate. Second, keyword screening was conducted in the titles of all the manuscripts. Multiple keywords were used, considering the topic's nature (refer to Table 2). Third, the content of the manuscripts was reviewed. These steps, in addition to ensuring that the selected manuscripts are relevant, are also conducted to ensure that the data’s validity and reliability are met. The documents were restricted to articles, conference papers, review papers and book chapters. The model and the methodology used are among the checklists in content checking. As a result, a total of 512 documents were found published between 1997 and 2025. One of the articles was written in Arabic and removed from the analysis. The documents were then filtered and checked for relevance, and the final dataset contained 306, which were used in further analysis. The details of the selection process are illustrated in Figure 3.
Data selection strategy
| Query wording | Scopus search | Final only English |
|---|---|---|
| ( TITLE-ABS-KEY ( “sustainable” AND “Islamic Finance” ) OR TITLE-ABS-KEY ( sustainability AND “islamic finance” ) OR TITLE-ABS-KEY ( “Islamic banks” AND sustainability ) OR TITLE-ABS-KEY ( “Islamic bonds” AND sustainability ) OR TITLE-ABS-KEY ( “Islamic INSURENCE” AND sustainability ) OR TITLE-ABS-KEY ( “takaful” AND sustainability ) OR TITLE-ABS-KEY ( “Islamic” AND “Green finance*” ) OR TITLE-ABS-KEY ( “Islamic” AND “responsible finance*” ) OR TITLE-ABS-KEY ( “Islamic” AND “carbon finance*” ) OR TITLE-ABS-KEY ( “Islamic” AND “environmental finance*” ) ) AND ( LIMIT-TO ( DOCTYPE , “ar” ) OR LIMIT-TO ( DOCTYPE , “ch” ) ) AND ( LIMIT-TO ( LANGUAGE , “English” ) ) AND ( LIMIT-TO ( SUBJAREA , “ECON” ) OR LIMIT-TO ( SUBJAREA , “BUSI” ) OR LIMIT-TO ( SUBJAREA , “SOCI” ) OR LIMIT-TO ( SUBJAREA , “ENVI” ) OR LIMIT-TO ( SUBJAREA , “ARTS”)) | 512 | 306 |
| Query wording | Scopus search | Final only English |
|---|---|---|
| ( TITLE-ABS-KEY ( “sustainable” AND “Islamic Finance” ) OR TITLE-ABS-KEY ( sustainability AND “islamic finance” ) OR TITLE-ABS-KEY ( “Islamic banks” AND sustainability ) OR TITLE-ABS-KEY ( “Islamic bonds” AND sustainability ) OR TITLE-ABS-KEY ( “Islamic INSURENCE” AND sustainability ) OR TITLE-ABS-KEY ( “takaful” AND sustainability ) OR TITLE-ABS-KEY ( “Islamic” AND “Green finance*” ) OR TITLE-ABS-KEY ( “Islamic” AND “responsible finance*” ) OR TITLE-ABS-KEY ( “Islamic” AND “carbon finance*” ) OR TITLE-ABS-KEY ( “Islamic” AND “environmental finance*” ) ) AND ( LIMIT-TO ( DOCTYPE , “ar” ) OR LIMIT-TO ( DOCTYPE , “ch” ) ) AND ( LIMIT-TO ( LANGUAGE , “English” ) ) AND ( LIMIT-TO ( SUBJAREA , “ECON” ) OR LIMIT-TO ( SUBJAREA , “BUSI” ) OR LIMIT-TO ( SUBJAREA , “SOCI” ) OR LIMIT-TO ( SUBJAREA , “ENVI” ) OR LIMIT-TO ( SUBJAREA , “ARTS”)) | 512 | 306 |
The flowchart begins with a top rectangle labeled “Identification of studies via databases”. On the left side, three vertical side bars are labeled “Identification”, “Screening”, and “Included”. Under the “Identification” stage, the first rectangle reads “Keywords identification; search fields within ‘Article title, Abstract and Key words’”. A downward arrow extends from the first rectangle to a second rectangle labeled “Records identified from Scopus Databases: n equals 512”. A rightward arrow extends from this rectangle to a rectangle labeled “Records excluded (01) other than English”. A downward arrow from “Records identified from Scopus Databases: n equals 512” leads to the “Screening” stage, where a rectangle reads “Records screened based on inclusion criteria: n equals 511”. A rightward arrow from this rectangle points to a larger rectangle labeled “Records excluded (94) based on criteria. 1. Subject area: Business, Management and Accounting; Social Sciences, Economics, Econometrics and Finance; 2. Document type: article”. A downward arrow from “Records screened based on inclusion criteria: n equals 511” leads to another rectangle labeled “Records screened based on inclusion criteria: n equals 417”. A rightward arrow from this rectangle points to a rectangle labeled “Records excluded (111) based on manual criteria.” A downward arrow from “Records screened based on inclusion criteria: n equals 417” leads to the “Included” stage. In the “Included” stage, a final rectangle reads “Studies included in review: n equals 306”.The article selection process. Source: Authors’ own work
The flowchart begins with a top rectangle labeled “Identification of studies via databases”. On the left side, three vertical side bars are labeled “Identification”, “Screening”, and “Included”. Under the “Identification” stage, the first rectangle reads “Keywords identification; search fields within ‘Article title, Abstract and Key words’”. A downward arrow extends from the first rectangle to a second rectangle labeled “Records identified from Scopus Databases: n equals 512”. A rightward arrow extends from this rectangle to a rectangle labeled “Records excluded (01) other than English”. A downward arrow from “Records identified from Scopus Databases: n equals 512” leads to the “Screening” stage, where a rectangle reads “Records screened based on inclusion criteria: n equals 511”. A rightward arrow from this rectangle points to a larger rectangle labeled “Records excluded (94) based on criteria. 1. Subject area: Business, Management and Accounting; Social Sciences, Economics, Econometrics and Finance; 2. Document type: article”. A downward arrow from “Records screened based on inclusion criteria: n equals 511” leads to another rectangle labeled “Records screened based on inclusion criteria: n equals 417”. A rightward arrow from this rectangle points to a rectangle labeled “Records excluded (111) based on manual criteria.” A downward arrow from “Records screened based on inclusion criteria: n equals 417” leads to the “Included” stage. In the “Included” stage, a final rectangle reads “Studies included in review: n equals 306”.The article selection process. Source: Authors’ own work
3.4 Tools of analysis
This study uses three bibliometric analysis tools: RStudio, VOSviewer and Excel. RStudio is commonly used to generate bibliographic data for the record. VOSviewer was used to perform network and content analysis. VOSviewer allows users to create and visualise bibliometric networks (Van Eck and Waltman, 2013). Bibliometric tools are used to extract data about documents, authors, sources, and subjects. Microsoft Excel was used to create high-quality charts.
4. Findings
4.1 Descriptive statistics
Table 3 provides a general overview of the data collected, which covers publications from 1997 to 2025, with a total of 306 documents sourced from 152 journals and books. The annual growth rate of publications is 7.71%, and the average age of the documents is 3.39 years. On average, each document received 9.464 citations, and 14,651 references were cited. Regarding content, there are 173 Keywords Plus and 829 author-provided keywords. The study involved 728 authors, with 48 single-authored documents. There were 53 single-authored works, and the average number of co-authors per document is 2.9.
Descriptive statistics for bibliometric data
| Description | Criteria | Results |
|---|---|---|
| Main information about the data | Timespan | 1997–2025 |
| Sources (Journals, Books, etc.) | 152 | |
| Documents | 306 | |
| Annual Growth Rate % | 7.71 | |
| Document Average Age | 3.39 | |
| Average citations per doc | 9.464 | |
| References | 14,651 | |
| Document contents | Keywords Plus (ID) | 173 |
| Author's Keywords (DE) | 829 | |
| Authors | Authors | 728 |
| Authors of single-authored docs | 48 | |
| Authors collaboration | Single-authored docs | 53 |
| Co-Authors per Doc | 2.9 |
| Description | Criteria | Results |
|---|---|---|
| Main information about the data | Timespan | 1997–2025 |
| Sources (Journals, Books, etc.) | 152 | |
| Documents | 306 | |
| Annual Growth Rate % | 7.71 | |
| Document Average Age | 3.39 | |
| Average citations per doc | 9.464 | |
| References | 14,651 | |
| Document contents | Keywords Plus (ID) | 173 |
| Author's Keywords (DE) | 829 | |
| Authors | Authors | 728 |
| Authors of single-authored docs | 48 | |
| Authors collaboration | Single-authored docs | 53 |
| Co-Authors per Doc | 2.9 |
Figure 4 shows the year-wise distribution of publications. The Number of Publications (NP) in ISF has been increasing since 1997, with the highest NP in 2024, exceeding 100 papers.
The horizontal axis is labeled “Year” and includes 1997, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, and 2025 at equal categorical intervals. The left vertical axis is labeled “No of Citation” and ranges from 0 to 700 in increments of 100 units. The right vertical axis is labeled “No of Publications” and ranges from 0 to 120 in increments of 20 units. Vertical bars represent the number of publications, and a line represents the number of citations. Data from the vertical bars are as follows: For 1997: 1 publications. For 2011: 3 publications. For 2012: 1 publications. For 2013: 0 publications. For 2014: 8 publications. For 2015: 12 publications. For 2016: 18 publications. For 2017: 8 publications. For 2018: 15 publications. For 2019: 33 publications. For 2020: 21 publications. For 2021: 40 publications. For 2022: 38 publications. For 2023: 45 publications. For 2024: 110 publications. For 2025: 10 publications. The line starts near (1997, 100) and, after several fluctuations, it rises sharply to reach a peak at (2021, 600). Following the peak, the line declines steadily through the subsequent years and finally drops to (2025, 0). Note: All numerical values are approximated.Number of publications per year. Source: Authors’ own work
The horizontal axis is labeled “Year” and includes 1997, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, and 2025 at equal categorical intervals. The left vertical axis is labeled “No of Citation” and ranges from 0 to 700 in increments of 100 units. The right vertical axis is labeled “No of Publications” and ranges from 0 to 120 in increments of 20 units. Vertical bars represent the number of publications, and a line represents the number of citations. Data from the vertical bars are as follows: For 1997: 1 publications. For 2011: 3 publications. For 2012: 1 publications. For 2013: 0 publications. For 2014: 8 publications. For 2015: 12 publications. For 2016: 18 publications. For 2017: 8 publications. For 2018: 15 publications. For 2019: 33 publications. For 2020: 21 publications. For 2021: 40 publications. For 2022: 38 publications. For 2023: 45 publications. For 2024: 110 publications. For 2025: 10 publications. The line starts near (1997, 100) and, after several fluctuations, it rises sharply to reach a peak at (2021, 600). Following the peak, the line declines steadily through the subsequent years and finally drops to (2025, 0). Note: All numerical values are approximated.Number of publications per year. Source: Authors’ own work
4.2 Most influential authors, affiliations, and countries
Figure 5 presents the most influential authors in ISF. The most influential author is Hassan, who has published twelve articles, followed by Haron and Hassan, who have published ten and nine articles, respectively. Authors such as Kassim, Engku Ali, and Rabbani have published fewer than eight articles. This finding reveals several reasons. First, higher publication counts reflect a dedicated focus on ISF topics, enabling authors like Hassan to consistently produce more articles. Second, most of the authors, such as Haron and Engku Ali, are affiliated with a university in Malaysia, which is renowned for its excellent research support and infrastructure, particularly in Islamic finance.
The horizontal axis is labeled “Author” and includes “Hassan R”, “Haron R”, “Hassan M R”, “Kassim S”, “Engkulliera”, “L A I F W”, “Oseni U A”, “Hamidi M L”, “Jan A A”, and “Karim S” at equal categorical intervals. The vertical axis is labeled “Article” and ranges from 0 to 14 in increments of 2 units. Vertical bars represent the number of articles published by each author. Data from the bars are as follows: For Hassan R: 12 articles. For Haron R: 10 articles. For Hassan M R: 9 articles. For Kassim S: 7 articles. For Engkulliera: 6 articles. For L A I F W: 5 articles. For Oseni U A: 5 articles. For Hamidi M L: 4 articles. For Jan A A: 4 articles. For Karim S: 4 articles. Note: All numerical values are approximated.Most influential authors. Source: Authors’ own work
The horizontal axis is labeled “Author” and includes “Hassan R”, “Haron R”, “Hassan M R”, “Kassim S”, “Engkulliera”, “L A I F W”, “Oseni U A”, “Hamidi M L”, “Jan A A”, and “Karim S” at equal categorical intervals. The vertical axis is labeled “Article” and ranges from 0 to 14 in increments of 2 units. Vertical bars represent the number of articles published by each author. Data from the bars are as follows: For Hassan R: 12 articles. For Haron R: 10 articles. For Hassan M R: 9 articles. For Kassim S: 7 articles. For Engkulliera: 6 articles. For L A I F W: 5 articles. For Oseni U A: 5 articles. For Hamidi M L: 4 articles. For Jan A A: 4 articles. For Karim S: 4 articles. Note: All numerical values are approximated.Most influential authors. Source: Authors’ own work
Figure 6 illustrates the productivity of the top authors. Rabbani and Hassan's contributions in terms of article publications were higher in 2020 and 2021. Jan and Marimuthu had the highest NP in 2019. The surge in publications by Rabbani and Hassan in 2020–2021 was a response to growing interest in specific ISF topics, such as sustainability and pandemic-related financial resilience. For example, they have published an article on COVID and the role of fintech. At the same time, Jan and Marimuthu focus on topics in ISF such as corporate governance or risk-sharing frameworks.
The horizontal axis is labeled “Year” and ranges from 2014 to 2025 in increments of 2 years. The vertical axis is labeled “Author” and lists “HASSAN R”, “HARON R”, “HASSAN MK”, “KASSIM S”, “ENGKU ALI ERA”, “LAI F W”, “OSENI U A”, “HAMIDI ML”, “JAN AA”, and “KARIM S”. Horizontal line segments indicate each author’s publication span across years. Circular markers are placed along each line to represent yearly activity. Marker size corresponds to “N. Articles”, as shown in the legend positioned on the right side of the chart, with reference values 2.5, 5.0, 7.5, and 10.0. Marker shade corresponds to “T C per Year”, with values ranging from 0 to 20. “OSENI U A” shows the earliest span beginning around 2014 and extending to 2020. “HASSAN R” spans approximately 2019 to 2025. Several authors including “JAN AA”, “KARIM S”, “LAI F W”, and “HAMIDI ML” show activity mainly between 2021 and 2024 or 2025. Larger markers appear around 2023 to 2024 for multiple authors, indicating higher numbers of articles. A small hexagonal logo appears near the lower left area of the plot above the baseline. All numerical values are approximated.Authors’ productivity (output of the top authors over time). Source: Authors’ own work
The horizontal axis is labeled “Year” and ranges from 2014 to 2025 in increments of 2 years. The vertical axis is labeled “Author” and lists “HASSAN R”, “HARON R”, “HASSAN MK”, “KASSIM S”, “ENGKU ALI ERA”, “LAI F W”, “OSENI U A”, “HAMIDI ML”, “JAN AA”, and “KARIM S”. Horizontal line segments indicate each author’s publication span across years. Circular markers are placed along each line to represent yearly activity. Marker size corresponds to “N. Articles”, as shown in the legend positioned on the right side of the chart, with reference values 2.5, 5.0, 7.5, and 10.0. Marker shade corresponds to “T C per Year”, with values ranging from 0 to 20. “OSENI U A” shows the earliest span beginning around 2014 and extending to 2020. “HASSAN R” spans approximately 2019 to 2025. Several authors including “JAN AA”, “KARIM S”, “LAI F W”, and “HAMIDI ML” show activity mainly between 2021 and 2024 or 2025. Larger markers appear around 2023 to 2024 for multiple authors, indicating higher numbers of articles. A small hexagonal logo appears near the lower left area of the plot above the baseline. All numerical values are approximated.Authors’ productivity (output of the top authors over time). Source: Authors’ own work
The top 10 most cited authors worldwide were also investigated. They were accessed based on the number of citations they received. Based on Figure 7, Hassan has the highest number of citations, with 200, followed by Lai and Jan with 180. Other authors, such as Karim and Oseni, have fewer than 150 citations. The results imply the influence of the authors and their contribution to knowledge development in the ISF domain.
The horizontal axis is labeled “Author” and includes “Hassan M K”, “Lai F W”, “Jan A A”, “Karim S”, “Jan A”, “Oseni U A”, “Engku Ali Era”, “Kassim S”, “Julia T”, and “Alhammadi S” at equal categorical intervals. The vertical axis is labeled “No of Citations” and ranges from 0 to 250 in increments of 50 units. Vertical bars represent the number of citations received by each author. Data from the bars are as follows: For Hassan M K: 205 citations. For Lai F W: 188 citations. For Jan A A: 187 citations. For Karim S: 112 citations. For Jan A: 106 citations. For Oseni U A: 66 citations. For Engku Ali Era: 63 citations. For Kassim S: 61 citations. For Julia T: 41 citations. For Alhammadi S: 39 citations. Note: All numerical values are approximated.Most cited authors. Source: Authors’ own work
The horizontal axis is labeled “Author” and includes “Hassan M K”, “Lai F W”, “Jan A A”, “Karim S”, “Jan A”, “Oseni U A”, “Engku Ali Era”, “Kassim S”, “Julia T”, and “Alhammadi S” at equal categorical intervals. The vertical axis is labeled “No of Citations” and ranges from 0 to 250 in increments of 50 units. Vertical bars represent the number of citations received by each author. Data from the bars are as follows: For Hassan M K: 205 citations. For Lai F W: 188 citations. For Jan A A: 187 citations. For Karim S: 112 citations. For Jan A: 106 citations. For Oseni U A: 66 citations. For Engku Ali Era: 63 citations. For Kassim S: 61 citations. For Julia T: 41 citations. For Alhammadi S: 39 citations. Note: All numerical values are approximated.Most cited authors. Source: Authors’ own work
This study also assessed the number of articles by affiliation. The top ten universities were ranked and represented in Table 4. The highest affiliation of articles is with the International Islamic University Malaysia, with 27 articles, followed by the Universiti Teknologi Petronas with 16 articles. Universiti Teknologi Mara and Universiti Utara Malaysia were ranked third and fourth, respectively, with a total of 14 publications. Overall, Malaysian universities dominate publication and research in the ISF domain. These supportive national policies and frameworks by the Malaysian government contribute to the increasing volume of publications by Malaysian universities. Furthermore, as ISF is gaining global attention, Malaysian scholars are capitalising on this momentum to contribute to the international discourse and publish in high-impact journals.
Most relevant affiliation
| Affiliation | Articles |
|---|---|
| International Islamic University Malaysia | 27 |
| Universiti Teknologi Petronas | 16 |
| Universiti Teknologi Mara | 14 |
| Universiti Utara Malaysia | 14 |
| Hamad Bin Khalifa University | 12 |
| Ipb University | 12 |
| Universiti Malaysia Terengganu | 11 |
| Inceif University | 10 |
| Universitas Padjadjaran | 9 |
| Kingdom University | 8 |
| Affiliation | Articles |
|---|---|
| International Islamic University Malaysia | 27 |
| Universiti Teknologi Petronas | 16 |
| Universiti Teknologi Mara | 14 |
| Universiti Utara Malaysia | 14 |
| Hamad Bin Khalifa University | 12 |
| Ipb University | 12 |
| Universiti Malaysia Terengganu | 11 |
| Inceif University | 10 |
| Universitas Padjadjaran | 9 |
| Kingdom University | 8 |
The countries’ contributions were also assessed. Figure 8 shows that Malaysia has the highest number of published articles on ISF. Based on the Figure, 58 publications were from Malaysia, followed by Indonesia, Pakistan, and Qatar. The top four countries were Muslim-denominated countries. However, it is interesting that non-Muslim-denominated countries, such as Australia, Italy, and the United Kingdom, also contribute to publishing ISF, indicating a more significant interest in this topic. This finding is attributed to several factors. First, government initiatives, such as the UK sukuk issuance and green finance strategy, encourage research and innovation in ISF. Second, the promotion of the sustainable agenda in product offerings, including those from non-Muslim countries, attracts institutional investors and encourages publications in this field.
The horizontal axis is labeled “Articles” and ranges from 0 to 120 in increments of 20 units. The vertical axis is labeled “Country” and lists “Australia”, “United Kingdom”, “Tunisia”, “Italy”, “France”, “USA”, “UAE”, “Turkey”, “Saudi Arabia”, “Bahrain”, “Qatar”, “Pakistan”, “Indonesia”, and “Malaysia”. Data from the bars are as follows: For Australia: 3 articles. For United Kingdom: 4 articles. For Tunisia: 4 articles. For Italy: 4 articles. For France: 4 articles. For USA: 5 articles. For UAE: 5 articles. For Turkey: 5 articles. For Saudi Arabia: 5 articles. For Bahrain: 6 articles. For Qatar: 8 articles. For Pakistan: 10 articles. For Indonesia: 38 articles. For Malaysia: 58 articles. Note: All numerical values are approximated.Most relevant countries. Source: Authors’ own work
The horizontal axis is labeled “Articles” and ranges from 0 to 120 in increments of 20 units. The vertical axis is labeled “Country” and lists “Australia”, “United Kingdom”, “Tunisia”, “Italy”, “France”, “USA”, “UAE”, “Turkey”, “Saudi Arabia”, “Bahrain”, “Qatar”, “Pakistan”, “Indonesia”, and “Malaysia”. Data from the bars are as follows: For Australia: 3 articles. For United Kingdom: 4 articles. For Tunisia: 4 articles. For Italy: 4 articles. For France: 4 articles. For USA: 5 articles. For UAE: 5 articles. For Turkey: 5 articles. For Saudi Arabia: 5 articles. For Bahrain: 6 articles. For Qatar: 8 articles. For Pakistan: 10 articles. For Indonesia: 38 articles. For Malaysia: 58 articles. Note: All numerical values are approximated.Most relevant countries. Source: Authors’ own work
Figure 9 presents the country comparison of total and average citations. Malaysia has the highest number of citations, with a total of 740. High citations for authors from Malaysia imply that their work has had a significant influence in this field. This finding reflects Malaysia as a global leader in Islamic finance research. The strong collaboration between academia, policymakers, and industry players also contributes to these findings, creating a rich knowledge ecosystem that enhances citation impact.
The horizontal axis ranges from 0 to 800 in increments of 100 units. The vertical axis lists countries including “U A E”, “U K”, “China”, “Bahrain”, “Pakistan”, “Qatar”, “Italy”, “Bangladesh”, “Indonesia”, and “Malaysia”. Two bars appear for each country and represent “T C” (Total Citations) and “A C” (Average Citations), as indicated in the legend positioned below the graph. A data table is also displayed below the chart in a structured format, presenting the exact values of “A C” in the first row and “T C” in the second row for each country. Data from the bars are as follows: For “Malaysia”: T C 735 and A C 12.7. For “Indonesia”: T C 171 and A C 4.5. For “Bangladesh”: T C 169 and A C 56.3. For “Italy”: T C 143 and A C 35.8. For “Qatar”: T C 134 and A C 16.8. For “Pakistan”: T C 118 and A C 11.8. For “Bahrain”: T C 105 and A C 17.5. For “China”: T C 104 and A C 34.7. For “U K”: T C 82 and A C 20.5. For “U A E”: T C 72 and A C 14.4.Country total and average citation. TC = Total Citations; AC = Average Citations. Source: Authors’ own work
The horizontal axis ranges from 0 to 800 in increments of 100 units. The vertical axis lists countries including “U A E”, “U K”, “China”, “Bahrain”, “Pakistan”, “Qatar”, “Italy”, “Bangladesh”, “Indonesia”, and “Malaysia”. Two bars appear for each country and represent “T C” (Total Citations) and “A C” (Average Citations), as indicated in the legend positioned below the graph. A data table is also displayed below the chart in a structured format, presenting the exact values of “A C” in the first row and “T C” in the second row for each country. Data from the bars are as follows: For “Malaysia”: T C 735 and A C 12.7. For “Indonesia”: T C 171 and A C 4.5. For “Bangladesh”: T C 169 and A C 56.3. For “Italy”: T C 143 and A C 35.8. For “Qatar”: T C 134 and A C 16.8. For “Pakistan”: T C 118 and A C 11.8. For “Bahrain”: T C 105 and A C 17.5. For “China”: T C 104 and A C 34.7. For “U K”: T C 82 and A C 20.5. For “U A E”: T C 72 and A C 14.4.Country total and average citation. TC = Total Citations; AC = Average Citations. Source: Authors’ own work
Table 5 illustrates the top ISF sources, representing the leading journal. Based on the table, the Islamic Green Finance: A Research Companion journal has published 16 articles, followed by the Journal of Islamic Accounting and Business Research with 12 articles and ISRA International Journal of Islamic Finance and Sustainability with 11 articles. This finding revealed that most of the researchers prefer to publish their papers in specialised journals on Islamic finance. This finding helps researchers identify reliable and peer-reviewed sources relevant to ISF.
Top ten sources in Islamic sustainable finance
| Sources | Articles |
|---|---|
| Islamic Green Finance: A Research Companion | 16 |
| Journal of Islamic Accounting and Business Research | 12 |
| ISRA International Journal of Islamic Finance | 11 |
| Sustainability | 11 |
| Islamic Sustainable Finance: Policy, Risk and Regulation | 9 |
| International Journal of Islamic and Middle Eastern Finance and Management | 8 |
| Islamic Finance and Sustainable Development: A Global Framework for Achieving Sustainable Impact Finance | 8 |
| Islamic Finance and Sustainable Development: A Sustainable Economic Framework For Muslim and Non-Muslim Countries | 8 |
| Journal of Islamic Monetary Economics and Finance | 8 |
| International Journal of Energy Economics and Policy | 6 |
| Sources | Articles |
|---|---|
| Islamic Green Finance: A Research Companion | 16 |
| Journal of Islamic Accounting and Business Research | 12 |
| ISRA International Journal of Islamic Finance | 11 |
| Sustainability | 11 |
| Islamic Sustainable Finance: Policy, Risk and Regulation | 9 |
| International Journal of Islamic and Middle Eastern Finance and Management | 8 |
| Islamic Finance and Sustainable Development: A Global Framework for Achieving Sustainable Impact Finance | 8 |
| Islamic Finance and Sustainable Development: A Sustainable Economic Framework For Muslim and Non-Muslim Countries | 8 |
| Journal of Islamic Monetary Economics and Finance | 8 |
| International Journal of Energy Economics and Policy | 6 |
The yearly growth trend of the top five leading journals is shown in Figure 10. The trend began in 2014, with the ISRA International Journal of Islamic Finance leading the publications, followed by Sustainability in 2017 and the Journal of Islamic Accounting and Business Research in 2018. Observing the publication trends of these journals gave insight into the journals' growth and maturity in ISF.
The horizontal axis is labeled “Year” and ranges from 1997 to 2025 in increments of 2 years. The vertical axis is labeled “Cumulative occurrences” and ranges from 0 to 16 in increments of 5 units. A small hexagonal logo appears near the lower right area of the plot, positioned above the x-axis and to the right of the data lines. The legend positioned below the graph is labeled “Source” and lists “ISLAMIC GREEN FINANCE: A RESEARCH COMPANION”, “ISLAMIC SUSTAINABLE FINANCE: POLICY, RISK AND REGULATION”, “ISRA INTERNATIONAL JOURNAL OF ISLAMIC FINANCE”, “JOURNAL OF ISLAMIC ACCOUNTING AND BUSINESS RESEARCH”, and “SUSTAINABILITY (SWITZERLAND)”. The line for “ISLAMIC GREEN FINANCE: A RESEARCH COMPANION” begins at (2023, 0), rises sharply to approximately (2024, 16), and remains at (2025, 16). The line for “ISLAMIC SUSTAINABLE FINANCE: POLICY, RISK AND REGULATION” begins at (2018, 0), remains flat through (2023, 0), rises to approximately (2024, 9), and stays near (2025, 9). The line for “ISRA INTERNATIONAL JOURNAL OF ISLAMIC FINANCE” begins at (2017, 0), increases gradually to around (2019, 5), continues rising through (2021, 6), and reaches approximately (2025, 11). The line for “JOURNAL OF ISLAMIC ACCOUNTING AND BUSINESS RESEARCH” begins at (2018, 0), increases to approximately (2020, 3), rises further to (2021, 4), increases to (2024, 12), and remains at (2025, 12). The line for “SUSTAINABILITY (SWITZERLAND)” starts at (1997, 0), remains flat until about (2017, 0), rises to (2019, 4), increases to approximately (2022, 9), and reaches around (2025, 11). Note: All numerical values are approximated.Yearly trend of the top five journals. Source: Authors’ own work
The horizontal axis is labeled “Year” and ranges from 1997 to 2025 in increments of 2 years. The vertical axis is labeled “Cumulative occurrences” and ranges from 0 to 16 in increments of 5 units. A small hexagonal logo appears near the lower right area of the plot, positioned above the x-axis and to the right of the data lines. The legend positioned below the graph is labeled “Source” and lists “ISLAMIC GREEN FINANCE: A RESEARCH COMPANION”, “ISLAMIC SUSTAINABLE FINANCE: POLICY, RISK AND REGULATION”, “ISRA INTERNATIONAL JOURNAL OF ISLAMIC FINANCE”, “JOURNAL OF ISLAMIC ACCOUNTING AND BUSINESS RESEARCH”, and “SUSTAINABILITY (SWITZERLAND)”. The line for “ISLAMIC GREEN FINANCE: A RESEARCH COMPANION” begins at (2023, 0), rises sharply to approximately (2024, 16), and remains at (2025, 16). The line for “ISLAMIC SUSTAINABLE FINANCE: POLICY, RISK AND REGULATION” begins at (2018, 0), remains flat through (2023, 0), rises to approximately (2024, 9), and stays near (2025, 9). The line for “ISRA INTERNATIONAL JOURNAL OF ISLAMIC FINANCE” begins at (2017, 0), increases gradually to around (2019, 5), continues rising through (2021, 6), and reaches approximately (2025, 11). The line for “JOURNAL OF ISLAMIC ACCOUNTING AND BUSINESS RESEARCH” begins at (2018, 0), increases to approximately (2020, 3), rises further to (2021, 4), increases to (2024, 12), and remains at (2025, 12). The line for “SUSTAINABILITY (SWITZERLAND)” starts at (1997, 0), remains flat until about (2017, 0), rises to (2019, 4), increases to approximately (2022, 9), and reaches around (2025, 11). Note: All numerical values are approximated.Yearly trend of the top five journals. Source: Authors’ own work
4.3 Keywords analysis
Figure 11 illustrates the analysis of the keywords in ISF literature. Identifying the keyword is essential, as it reveals the main topics and concepts most frequently studied in ISF, helping researchers understand what the field is actually focused on. Based on the figure, Islamic finance, investments, banking, and sustainability are the most trending keywords, reflecting the topics that are currently popular, emerging and research focus in this field. Hence, researchers interested in exploring ISF further may consider examining these emerging keywords from the perspective of ISF.
The word cloud with features of varying sizes. The sizes of the words decrease as they radiate outward from the center. At the center, the largest word is “sustainability”. Slightly below it is “banking”, also prominently sized. Just above the center appears “islamism”, followed by “malaysia” in large font. Surrounding these are other large terms including “environmental economics”, “financial system”, “sustainable development”, “financial market”, “corporate social responsibility”, and “united states”. Nearby medium-sized words include “finance”, “investment”, “gold”, “empirical analysis”, “financial performance”, “green economy”, and “business ethics”. Additional smaller terms dispersed around the cloud include “covid-19”, “world bank data set”, “corporate-sustainability”, “knowledge”, “pakistan”, “indonesia”, “strategic approach”, “theoretical study”, “market conditions”, “developing world”, “stock market”, “banking industry”, “capital market”, “anthropology africa”, “artificial neural network”, “alternative energy”, “climate change”, and “sustainability practices”.Keywords analysis. Source: Authors’ own work
The word cloud with features of varying sizes. The sizes of the words decrease as they radiate outward from the center. At the center, the largest word is “sustainability”. Slightly below it is “banking”, also prominently sized. Just above the center appears “islamism”, followed by “malaysia” in large font. Surrounding these are other large terms including “environmental economics”, “financial system”, “sustainable development”, “financial market”, “corporate social responsibility”, and “united states”. Nearby medium-sized words include “finance”, “investment”, “gold”, “empirical analysis”, “financial performance”, “green economy”, and “business ethics”. Additional smaller terms dispersed around the cloud include “covid-19”, “world bank data set”, “corporate-sustainability”, “knowledge”, “pakistan”, “indonesia”, “strategic approach”, “theoretical study”, “market conditions”, “developing world”, “stock market”, “banking industry”, “capital market”, “anthropology africa”, “artificial neural network”, “alternative energy”, “climate change”, and “sustainability practices”.Keywords analysis. Source: Authors’ own work
Figure 12 illustrates the growth of the keyword over the years. The increase in frequency of the keywords' growth reflects the rising interest in the area. In this paper, it was found that SDGs and sustainability are among the keywords frequently used in ISF and are increasing over time, reflecting that these keywords are gaining relevance and helping academics and practitioners stay current with emerging topics. It reflects that ISF research is starting to align with the SDGs and international sustainability frameworks, hence increasing policy and industry interest in the area.
The horizontal axis is labeled “Year” and ranges from 2011 to 2024 in increments of 1 year. The vertical axis is labeled “Cumulative occurrences” and ranges from 0 to 10 in increments of 5 units. A small hexagonal logo appears near the lower right area of the plot, positioned above the x-axis and to the right of the data lines. The legend positioned below the graph is labeled “Term” and lists the following: “BANKING”, “CORPORATE SOCIAL RESPONSIBILITY”, “ENVIRONMENTAL ECONOMICS”, “FINANCIAL MARKET”, “FINANCIAL SYSTEM”, “ISLAMISM”, “MALAYSIA”, “SUSTAINABILITY”, “SUSTAINABLE DEVELOPMENT”, and “SUSTAINABLE DEVELOPMENT GOAL”. The line for “BANKING” starts at (2011, 0), increases gradually, reaches a middle point around (2019, 4), and ends at (2024, 12). The line for “CORPORATE SOCIAL RESPONSIBILITY” starts at (2017, 0), reaches a middle point near (2021, 2), and ends at (2024, 5). The line for “ENVIRONMENTAL ECONOMICS” starts at (2018, 0), reaches a middle point around (2022, 4), and ends at (2024, 5). The line for “FINANCIAL MARKET” starts at (2018, 0), reaches a middle point near (2022, 4), and ends at (2024, 5). The line for “FINANCIAL SYSTEM” starts at (2014, 0), reaches a middle point around (2020, 3), and ends at (2024, 8). The line for “ISLAMISM” starts at (2014, 0), reaches a middle point near (2020, 3), and ends at (2024, 7). The line for “MALAYSIA” starts at (2014, 0), reaches a middle point around (2020, 3), and ends at (2024, 7). The line for “SUSTAINABILITY” starts at (2011, 1), reaches a middle point around (2019, 5), and ends at (2024, 14). The line for “SUSTAINABLE DEVELOPMENT” starts at (2011, 0), reaches a middle point near (2019, 3), and ends at (2024, 6). The line for “SUSTAINABLE DEVELOPMENT GOAL” starts at (2011, 0), reaches a middle point around (2021, 1), and ends at (2024, 5). Note: All numerical values are approximated.Keywords growth. Source: Authors’ own work
The horizontal axis is labeled “Year” and ranges from 2011 to 2024 in increments of 1 year. The vertical axis is labeled “Cumulative occurrences” and ranges from 0 to 10 in increments of 5 units. A small hexagonal logo appears near the lower right area of the plot, positioned above the x-axis and to the right of the data lines. The legend positioned below the graph is labeled “Term” and lists the following: “BANKING”, “CORPORATE SOCIAL RESPONSIBILITY”, “ENVIRONMENTAL ECONOMICS”, “FINANCIAL MARKET”, “FINANCIAL SYSTEM”, “ISLAMISM”, “MALAYSIA”, “SUSTAINABILITY”, “SUSTAINABLE DEVELOPMENT”, and “SUSTAINABLE DEVELOPMENT GOAL”. The line for “BANKING” starts at (2011, 0), increases gradually, reaches a middle point around (2019, 4), and ends at (2024, 12). The line for “CORPORATE SOCIAL RESPONSIBILITY” starts at (2017, 0), reaches a middle point near (2021, 2), and ends at (2024, 5). The line for “ENVIRONMENTAL ECONOMICS” starts at (2018, 0), reaches a middle point around (2022, 4), and ends at (2024, 5). The line for “FINANCIAL MARKET” starts at (2018, 0), reaches a middle point near (2022, 4), and ends at (2024, 5). The line for “FINANCIAL SYSTEM” starts at (2014, 0), reaches a middle point around (2020, 3), and ends at (2024, 8). The line for “ISLAMISM” starts at (2014, 0), reaches a middle point near (2020, 3), and ends at (2024, 7). The line for “MALAYSIA” starts at (2014, 0), reaches a middle point around (2020, 3), and ends at (2024, 7). The line for “SUSTAINABILITY” starts at (2011, 1), reaches a middle point around (2019, 5), and ends at (2024, 14). The line for “SUSTAINABLE DEVELOPMENT” starts at (2011, 0), reaches a middle point near (2019, 3), and ends at (2024, 6). The line for “SUSTAINABLE DEVELOPMENT GOAL” starts at (2011, 0), reaches a middle point around (2021, 1), and ends at (2024, 5). Note: All numerical values are approximated.Keywords growth. Source: Authors’ own work
The organised form of the keywords on ISF is represented in the thematic map in Figure 13, which exhibits the general trends and trending keywords in the form of themes. The keywords are extracted from the publications provided by the authors. The thematic theme illustrates the keywords in terms of development degree, i.e. density and relevance, which is equivalent to centrality. The themes are classified into niche, emerging, basic, and motor themes. Based on the figure, the identified niche themes include entrepreneurship, risk sharing, and sustainable development, while the identified emerging themes are corporate governance and economic sustainability. The niche themes reflect the well-established, widely studied, and foundational aspects of Islamic finance. Although their core concepts are not new, they remain central to the literature, while the emerging themes reflect the new or rapidly growing focus. Emerging themes, such as corporate governance and economic sustainability, are recently gaining attention for several reasons, including regulatory developments in Islamic finance, global ESG and SDG pressures, technological advances, and market evolution, as well as a shift from micro-level interventions to macro-level systemic considerations.
The horizontal axis is labeled “Relevance degree (Centrality)”, and the vertical axis is labeled “Development degree (Density)”. Dashed lines divide the plot into four quadrants labeled “Niche Themes” at the upper left, “Motor Themes” at the upper right, “Emerging or Declining Themes” at the lower left, and “Basic Themes” at the lower right. In the upper left quadrant, a bubble labeled “sustainable development”, “corporate social responsibility”, and “sustainable development goal” appears above the horizontal dashed line and left of the vertical dashed line. In the upper right quadrant, a bubble labeled “financial market”, “united states”, and “covid-19” is positioned above the horizontal dashed line and right of the vertical dashed line. In the lower right quadrant, a large bubble labeled “sustainability”, “banking”, and “islamism” appears just above the horizontal dashed line and right of the vertical dashed line. In the lower left quadrant, smaller bubbles including “developing world” and “strategic approach” appear below the horizontal dashed line and left of the vertical dashed line, while “financial provision” is placed further down in the same quadrant. In the lower right quadrant, near the lower center-right area, “empirical analysis” and “knowledge” are positioned slightly below the horizontal dashed line and right of the vertical dashed line. The bubble for “sustainability”, “banking”, and “islamism” is the largest, the cluster around “sustainable development” is medium-sized, and the remaining themes are smaller in size.Thematic analysis. Source: Authors’ own work
The horizontal axis is labeled “Relevance degree (Centrality)”, and the vertical axis is labeled “Development degree (Density)”. Dashed lines divide the plot into four quadrants labeled “Niche Themes” at the upper left, “Motor Themes” at the upper right, “Emerging or Declining Themes” at the lower left, and “Basic Themes” at the lower right. In the upper left quadrant, a bubble labeled “sustainable development”, “corporate social responsibility”, and “sustainable development goal” appears above the horizontal dashed line and left of the vertical dashed line. In the upper right quadrant, a bubble labeled “financial market”, “united states”, and “covid-19” is positioned above the horizontal dashed line and right of the vertical dashed line. In the lower right quadrant, a large bubble labeled “sustainability”, “banking”, and “islamism” appears just above the horizontal dashed line and right of the vertical dashed line. In the lower left quadrant, smaller bubbles including “developing world” and “strategic approach” appear below the horizontal dashed line and left of the vertical dashed line, while “financial provision” is placed further down in the same quadrant. In the lower right quadrant, near the lower center-right area, “empirical analysis” and “knowledge” are positioned slightly below the horizontal dashed line and right of the vertical dashed line. The bubble for “sustainability”, “banking”, and “islamism” is the largest, the cluster around “sustainable development” is medium-sized, and the remaining themes are smaller in size.Thematic analysis. Source: Authors’ own work
Figure 14's three-field plot gives an idea of the relative contributions of the keywords, which reveals the relationships between core elements, including keywords, authors, and countries. Based on the figure, keywords such as “corporate governance,” “sustainability,” and “sustainable development” are correlated and interrelated. These three keywords are strongly correlated with specific authors and countries due to their conceptual interconnection. To illustrate, governance practices support sustainability initiatives that drive sustainable development. These links are reinforced by authors specialising in these overlapping themes and by countries with mature Islamic finance markets and regulatory frameworks, which produce concentrated research.
The figure contains three column headings: “D E”, “A U”, and “A U underscore C O”. On the left under “D E”, topic nodes include “islamic social finance”, “sustainable development”, “malaysia”, “corporate governance”, “waqf”, “islamic finance”, “islamic banks”, “islamic banking”, “Sukuk”, “fintech”, “C O V I D-19”, “corporate social responsibility”, “islamic microfinance”, “sustainability”, and “islamic bank”. In the middle under “A U”, author nodes include “hassan m k”, “haron r”, “hassan r”, “lai f-w”, “kassim s”, “jan a a”, “laallam a”, “shad m k”, “rabbani m r”, “karim s”, “engku ali era”, “muneeza a”, “oseni u a”, “hamidi m l”, and “khan t”. On the right under “A U underscore C O”, country nodes include “malaysia”, “bahrain”, “pakistan”, “saudi arabia”, “U S A (United States of America)”, “qatar”, “indonesia”, “india”, “united kingdom”, “italy”, “australia”, “bangladesh”, “turkey”, and “united arab emirates”. Curved bands connect topics to authors and authors to countries, forming a multi-directional flow structure across the three columns.Three-field plot. Source: Authors’ own work
The figure contains three column headings: “D E”, “A U”, and “A U underscore C O”. On the left under “D E”, topic nodes include “islamic social finance”, “sustainable development”, “malaysia”, “corporate governance”, “waqf”, “islamic finance”, “islamic banks”, “islamic banking”, “Sukuk”, “fintech”, “C O V I D-19”, “corporate social responsibility”, “islamic microfinance”, “sustainability”, and “islamic bank”. In the middle under “A U”, author nodes include “hassan m k”, “haron r”, “hassan r”, “lai f-w”, “kassim s”, “jan a a”, “laallam a”, “shad m k”, “rabbani m r”, “karim s”, “engku ali era”, “muneeza a”, “oseni u a”, “hamidi m l”, and “khan t”. On the right under “A U underscore C O”, country nodes include “malaysia”, “bahrain”, “pakistan”, “saudi arabia”, “U S A (United States of America)”, “qatar”, “indonesia”, “india”, “united kingdom”, “italy”, “australia”, “bangladesh”, “turkey”, and “united arab emirates”. Curved bands connect topics to authors and authors to countries, forming a multi-directional flow structure across the three columns.Three-field plot. Source: Authors’ own work
4.4 Citation analysis
The citation analysis examines the references, sources, and documents, and further evaluates the impact of authors and sources, highlighting the significance of their influence (Garfield, 1979). It is a method used to evaluate the impact, influence, and connection of research works by examining how often and where others have cited a particular document, author, or journal. Table 6 shows the most impactful authors in ISF. According to the table, Hassan MK is the leading author, followed by Engku Ali and Jan A. These authors have published a high number of papers in the ISF domain, which significantly increases visibility, citations, and contributions to the field. For example, Hassan MK is widely recognised for research on sukuk, Islamic banking governance, and sustainable finance, which are core topics in ISF.
Most impactful authors
| Element | H index | G index | M Index | TC | NP | Year |
|---|---|---|---|---|---|---|
| Hassan MK | 6 | 9 | 0.75 | 203 | 9 | 2018 |
| Engku Ali Era | 5 | 6 | 0.5 | 64 | 6 | 2016 |
| Jan AA | 4 | 4 | 0.8 | 188 | 4 | 2021 |
| Kassim S | 4 | 7 | 0.4 | 61 | 7 | 2016 |
| Lai F-W | 4 | 5 | 0.8 | 189 | 5 | 2021 |
| Oseni UA | 4 | 5 | 0.333 | 67 | 5 | 2014 |
| Alhammadi S | 3 | 3 | 0.5 | 39 | 3 | 2020 |
| Jan A | 3 | 3 | 0.429 | 107 | 3 | 2019 |
| Julia T | 3 | 3 | 0.3 | 41 | 3 | 2016 |
| Karim S | 3 | 4 | 0.6 | 112 | 4 | 2021 |
| Element | H index | G index | M Index | Year | ||
|---|---|---|---|---|---|---|
| Hassan MK | 6 | 9 | 0.75 | 203 | 9 | 2018 |
| Engku Ali Era | 5 | 6 | 0.5 | 64 | 6 | 2016 |
| Jan AA | 4 | 4 | 0.8 | 188 | 4 | 2021 |
| Kassim S | 4 | 7 | 0.4 | 61 | 7 | 2016 |
| Lai F-W | 4 | 5 | 0.8 | 189 | 5 | 2021 |
| Oseni UA | 4 | 5 | 0.333 | 67 | 5 | 2014 |
| Alhammadi S | 3 | 3 | 0.5 | 39 | 3 | 2020 |
| Jan A | 3 | 3 | 0.429 | 107 | 3 | 2019 |
| Julia T | 3 | 3 | 0.3 | 41 | 3 | 2016 |
| Karim S | 3 | 4 | 0.6 | 112 | 4 | 2021 |
Note(s): NP: Number of Publications; TC: Total Citations
Table 7 lists the most impactful sources. It was found that Sustainability has the highest h-index, representing the most impactful source in ISF, followed by the ISRA International Journal of Islamic Finance and Journal of Islamic Accounting and Business Research. Researchers in this field may find this information crucial for selecting target outlets for future publications in this domain. Several factors contributed to these findings. First, Many Sustainability articles are open access, which facilitates greater readership and citations globally. This journal also covers emerging topics, such as ESG, corporate governance, and sustainable development, which are becoming increasingly central to ISF research. Second, the ISRA International Journal of Islamic Finance primarily focuses on Islamic finance, making it a preferred choice for ISF research. In contrast, the Journal of Islamic Accounting and Business Research has attracted contributions from multiple countries, thereby enhancing its global visibility and citation impact.
Most impactful sources
| Journal | H index | G index | M Index | TC | NP | Year |
|---|---|---|---|---|---|---|
| Sustainability | 9 | 11 | 1.125 | 274 | 11 | 2018 |
| ISRA International Journal of Islamic Finance | 6 | 11 | 0.545 | 130 | 11 | 2015 |
| Journal of Islamic Accounting and Business Research | 5 | 8 | 0.714 | 64 | 12 | 2019 |
| Journal of Islamic Monetary Economics and Finance | 5 | 7 | 0.714 | 61 | 8 | 2019 |
| Islamic Finance and Sustainable Development | 4 | 5 | 0.8 | 32 | 8 | 2021 |
| Journal of Cleaner Production | 4 | 4 | 0.286 | 344 | 4 | 2012 |
| Al-Shajarah | 3 | 3 | 0.3 | 30 | 3 | 2016 |
| Arab Law Quarterly | 3 | 4 | 0.375 | 31 | 4 | 2018 |
| Environment, Development and Sustainability | 3 | 5 | 0.3 | 76 | 5 | 2016 |
| Humanomics | 3 | 3 | 0.273 | 45 | 3 | 2015 |
| Journal | H index | G index | M Index | Year | ||
|---|---|---|---|---|---|---|
| Sustainability | 9 | 11 | 1.125 | 274 | 11 | 2018 |
| ISRA International Journal of Islamic Finance | 6 | 11 | 0.545 | 130 | 11 | 2015 |
| Journal of Islamic Accounting and Business Research | 5 | 8 | 0.714 | 64 | 12 | 2019 |
| Journal of Islamic Monetary Economics and Finance | 5 | 7 | 0.714 | 61 | 8 | 2019 |
| Islamic Finance and Sustainable Development | 4 | 5 | 0.8 | 32 | 8 | 2021 |
| Journal of Cleaner Production | 4 | 4 | 0.286 | 344 | 4 | 2012 |
| Al-Shajarah | 3 | 3 | 0.3 | 30 | 3 | 2016 |
| Arab Law Quarterly | 3 | 4 | 0.375 | 31 | 4 | 2018 |
| Environment, Development and Sustainability | 3 | 5 | 0.3 | 76 | 5 | 2016 |
| Humanomics | 3 | 3 | 0.273 | 45 | 3 | 2015 |
Note(s): NNP: Number of Publications; TC: Total Citations
4.5 Network analysis
VOSviewer visualises the bibliometric networks (Van Eck and Waltman, 2013). Co-authorship, co-occurrence, and co-citation were analysed to network the relationships between authors, countries, keywords, and sources.
4.5.1 Co-authorship
In co-authorship analysis, clusters are formed and examined by analysing the number of authors collaborating on a work. As shown in Figure 15, among the prominent authors who were working together were Musari and Alhammadi. Both of them likely focus on emerging ISF themes, such as corporate governance and ESG integration, which naturally lead to joint publications.
The clustered name map contains multiple labeled rectangles arranged across the canvas in a clustered layout. Each rectangle displays one or more author names written in lowercase with initials and separated by semicolons. The centrally positioned larger rectangles display “musari k.” and “alhammadi s.”. Surrounding rectangles display “abbas j.; hussain i.; hussain”, “liu f.h.m.; lai k.p.y.”, “tok e.; yesuf a.j.”, “jan a.a.; lai f.-w.; draz m.u.”, “ellili n.o.d.; nobanee h.”, “campisi d.; gitto s.; morea d.”, “khan t.”, “darus f.; fauzi h.; purwanto y.”, “hasan m.b.; rashid m.m.; shafi”, “abu al-hajja e.; kolsi m.c.”, “ajina a.s.; roy s.; nguyen b.;”, “hamidi m.l.; worthington a.c.”, “julia t.; kassim s.”, “franzoni s.; allali a.a.”, “alam a.; ratnasari r.t.; janna”, “kunhibava s.; ling s.t.y.; rus”, “nor s.m.; hashim n.a.”, and “abdullah s.; oseni u.a.”. A partial “VOSviewer” label appears in the lower left corner.Co-authorship analysis. Source: Authors’ own work
The clustered name map contains multiple labeled rectangles arranged across the canvas in a clustered layout. Each rectangle displays one or more author names written in lowercase with initials and separated by semicolons. The centrally positioned larger rectangles display “musari k.” and “alhammadi s.”. Surrounding rectangles display “abbas j.; hussain i.; hussain”, “liu f.h.m.; lai k.p.y.”, “tok e.; yesuf a.j.”, “jan a.a.; lai f.-w.; draz m.u.”, “ellili n.o.d.; nobanee h.”, “campisi d.; gitto s.; morea d.”, “khan t.”, “darus f.; fauzi h.; purwanto y.”, “hasan m.b.; rashid m.m.; shafi”, “abu al-hajja e.; kolsi m.c.”, “ajina a.s.; roy s.; nguyen b.;”, “hamidi m.l.; worthington a.c.”, “julia t.; kassim s.”, “franzoni s.; allali a.a.”, “alam a.; ratnasari r.t.; janna”, “kunhibava s.; ling s.t.y.; rus”, “nor s.m.; hashim n.a.”, and “abdullah s.; oseni u.a.”. A partial “VOSviewer” label appears in the lower left corner.Co-authorship analysis. Source: Authors’ own work
4.5.2 Co-authorship countries
Malaysia is the leading country in research related to ISF. Authors from Malaysia were found to collaborate with authors from different countries, including the United Kingdom, Italy and Qatar. Network collaboration is also established between countries such as the United States, India, Bahrain, Bangladesh and Australia, as presented in Figure 16. Several factors contributed to these findings. First, Islamic finance and sustainability are global research topics that attract interest from scholars worldwide. Second, institutional and funding support play a role, as reflected in collaborative projects and publications. Third, cross-country perspectives require experts from different regulatory or economic environments, which encourages co-authorship.
The network displays multiple clusters of nodes, each represented by circles with labels and connected by thin curved lines. At the center, a large node labeled “malaysia”, connects to nodes labeled “indonesia”, “bangladesh”, “brunei darussalam”, “united kingdom”, “united states”, “qatar”, “bahrain”, “saudi arabia”, “turkey”, “australia”, and “morocco”. To the lower left, a node labeled “indonesia”, connects to “australia” and “morocco”. To the left, nodes labeled “bangladesh” and “brunei darussalam”, are connected to “malaysia”. In the upper central area, nodes labeled “united kingdom”, “united states”, and “qatar”, are interconnected and linked to “bahrain”. To the right, nodes labeled “india” and “pakistan”, connect with “oman”, “united arab emirates”, “tunisia”, “france”, and “china”. A node labeled “saudi arabia”, connects between the central and right clusters. All nodes are interconnected by numerous overlapping curved lines forming a dense network structure. In the lower left corner, the software label “VOSviewer”, is visible.Coupling by countries. Source: Authors’ own work
The network displays multiple clusters of nodes, each represented by circles with labels and connected by thin curved lines. At the center, a large node labeled “malaysia”, connects to nodes labeled “indonesia”, “bangladesh”, “brunei darussalam”, “united kingdom”, “united states”, “qatar”, “bahrain”, “saudi arabia”, “turkey”, “australia”, and “morocco”. To the lower left, a node labeled “indonesia”, connects to “australia” and “morocco”. To the left, nodes labeled “bangladesh” and “brunei darussalam”, are connected to “malaysia”. In the upper central area, nodes labeled “united kingdom”, “united states”, and “qatar”, are interconnected and linked to “bahrain”. To the right, nodes labeled “india” and “pakistan”, connect with “oman”, “united arab emirates”, “tunisia”, “france”, and “china”. A node labeled “saudi arabia”, connects between the central and right clusters. All nodes are interconnected by numerous overlapping curved lines forming a dense network structure. In the lower left corner, the software label “VOSviewer”, is visible.Coupling by countries. Source: Authors’ own work
The map created and illustrated in Figure 17 also assessed collaboration among authors from various countries. Thicker red lines illustrate heavy collaborations between countries. According to the figure, authors from Central Asia, including those from Pakistan and India, collaborated extensively with authors from Southeast Asia and the Middle East. Collaborations also exist with authors from the United States. Several factors contribute to this finding. For example, Pakistan and India share historical, cultural, and religious connections with Southeast Asia, including Malaysia and Indonesia, which encourages collaborative research. Furthermore, Malaysia and other countries in the Middle East, such as Saudi Arabia, the United Arab Emirates, and Qatar, are well-established hubs for Islamic finance, attracting researchers from other countries to collaborate on joint publications in the ISF domain.
The world map shows continents and several countries. Curved lines originate from a central area in Southeast Asia and extend outward to multiple regions across the globe. Highlighted countries include “United States”, “Canada”, “Brazil”, “United Kingdom”, parts of “Europe”, the “Middle East”, “India”, “China”, Southeast Asia, and “Australia”. The curved arcs connect Southeast Asia to “North America”, “Europe”, the “Middle East”, “South Asia”, “East Asia”, and “Australia”. The vertical axis label “Longitude” appears on the left side, and the horizontal axis label “Latitude” appears at the bottom center. A small logo appears in the lower right corner.World collaboration map. Source: Authors’ own work
The world map shows continents and several countries. Curved lines originate from a central area in Southeast Asia and extend outward to multiple regions across the globe. Highlighted countries include “United States”, “Canada”, “Brazil”, “United Kingdom”, parts of “Europe”, the “Middle East”, “India”, “China”, Southeast Asia, and “Australia”. The curved arcs connect Southeast Asia to “North America”, “Europe”, the “Middle East”, “South Asia”, “East Asia”, and “Australia”. The vertical axis label “Longitude” appears on the left side, and the horizontal axis label “Latitude” appears at the bottom center. A small logo appears in the lower right corner.World collaboration map. Source: Authors’ own work
4.5.3 Bibliographic coupling
4.5.3.1 Keywords, authors, and countries
The articles on ISF are also assessed through bibliographic coupling to map the citations. Keyword coupling shows which keywords frequently appear together in the same documents. Based on Figure 18, keywords such as Islamic banks, sustainability, and corporate governance are among the common research themes. As Islamic banks are the primary institutions implementing Shariah-compliant financial practices, they are the natural focus of ISF research.
The network displays multiple clusters of nodes, each represented by circles with labels and connected by thin curved lines. At the center-left, the largest node is labeled “sustainability”, and it connects to nodes labeled “islamic banks”, “covid-19”, “financial inclusion”, “indonesia”, and “islamic economics”. To the right, a large node labeled “islamic banking”, connects to “corporate governance”, “content analysis”, “financial performance”, “sustainable development”, and “esg”. In the lower left cluster, nodes labeled “zakat”, “waqf”, “islamic social finance”, and “islamic microfinance”, are interconnected and linked to “islamic economics”. In the upper left area, nodes labeled “islamic bank” and “sustainability reporting”, connect to “financial inclusion”. In the upper right area, nodes labeled “malaysia” and “sukuk”, connect to “renewable energy” and “corporate governance”. Additional nodes visible in the network include “sustainable development”, “esg”, and “malaysia”, which are linked across clusters. All nodes are interconnected by overlapping curved lines forming a dense network structure. In the lower left corner, the software label “VOSviewer”, is visible.Coupling by keywords. Source: Authors’ own work
The network displays multiple clusters of nodes, each represented by circles with labels and connected by thin curved lines. At the center-left, the largest node is labeled “sustainability”, and it connects to nodes labeled “islamic banks”, “covid-19”, “financial inclusion”, “indonesia”, and “islamic economics”. To the right, a large node labeled “islamic banking”, connects to “corporate governance”, “content analysis”, “financial performance”, “sustainable development”, and “esg”. In the lower left cluster, nodes labeled “zakat”, “waqf”, “islamic social finance”, and “islamic microfinance”, are interconnected and linked to “islamic economics”. In the upper left area, nodes labeled “islamic bank” and “sustainability reporting”, connect to “financial inclusion”. In the upper right area, nodes labeled “malaysia” and “sukuk”, connect to “renewable energy” and “corporate governance”. Additional nodes visible in the network include “sustainable development”, “esg”, and “malaysia”, which are linked across clusters. All nodes are interconnected by overlapping curved lines forming a dense network structure. In the lower left corner, the software label “VOSviewer”, is visible.Coupling by keywords. Source: Authors’ own work
Coupling by authors was also examined to investigate how closely related two or more authors were based on the references they cite in their publications. Figure 19 shows that Alhammadi leads the blue cluster with several co-authors, including Rabbani, who might be researching similar topics. Musari leads the purple clusters, with collaborations with Engku and Hashim, while Hamidi leads the pink clusters. The complementary expertise between them encourages them to collaborate within the same cluster, which subsequently enhances their research productivity. For example, Alhammadi and Rabbani likely focus on a shared niche area, such as corporate governance, risk sharing, and sustainability, which leads to repeated co-authorship and the formation of the blue cluster.
The network displays multiple clusters of circular nodes connected by thin curved lines. On the right side, a large node labeled “musari k.” appears prominently. Near the left side, a larger node labeled “alhammadi s.” connects to nodes labeled “rabbani m.r.; bashar a.; nawaz”, and “ali q.; yaacob h.; parveen s.”. In the lower left area, nodes labeled “hamidi m.l.; worthington a.c.” connect to “ammar r.; rebai s.; saidane d.”, and “ajina a.s.; roy s.; nguyen b.;”. In the upper central area, nodes labeled “atif m.; hassan m.k.; rabbani” appear connected by curved lines. On the right central side, nodes labeled “bin syed azman s.m.m.; engku a.”, and “nor s.m.; hashim n.a.” connect toward “musari k.”. In the upper right area, nodes labeled “abdullah m.s.; keshminder j.s.”, “morea d.; poggi l.a.”, and “campisi d.; gitto s.; morea d.” appear interconnected. In the left central area, nodes labeled “jan a.; marimuthu m.; bin mohd”, and “jan a.a.; lai f.-w.; tahir m.” connect through multiple curved lines. In the lower left corner, the software label “VOSviewer” is visible. All nodes are interconnected by overlapping curved lines forming a network structure.Coupling by the author. Source: Authors’ own work
The network displays multiple clusters of circular nodes connected by thin curved lines. On the right side, a large node labeled “musari k.” appears prominently. Near the left side, a larger node labeled “alhammadi s.” connects to nodes labeled “rabbani m.r.; bashar a.; nawaz”, and “ali q.; yaacob h.; parveen s.”. In the lower left area, nodes labeled “hamidi m.l.; worthington a.c.” connect to “ammar r.; rebai s.; saidane d.”, and “ajina a.s.; roy s.; nguyen b.;”. In the upper central area, nodes labeled “atif m.; hassan m.k.; rabbani” appear connected by curved lines. On the right central side, nodes labeled “bin syed azman s.m.m.; engku a.”, and “nor s.m.; hashim n.a.” connect toward “musari k.”. In the upper right area, nodes labeled “abdullah m.s.; keshminder j.s.”, “morea d.; poggi l.a.”, and “campisi d.; gitto s.; morea d.” appear interconnected. In the left central area, nodes labeled “jan a.; marimuthu m.; bin mohd”, and “jan a.a.; lai f.-w.; tahir m.” connect through multiple curved lines. In the lower left corner, the software label “VOSviewer” is visible. All nodes are interconnected by overlapping curved lines forming a network structure.Coupling by the author. Source: Authors’ own work
Figure 20 shows the coupling by country. It shows that authors from Malaysia collaborate with authors from various countries, including Saudi Arabia, Pakistan, and Qatar. The results reveal international research similarities between authors from these countries. The similarities between these countries, including their research networks, shared shariah-based frameworks, and research infrastructure and expertise, lead to these findings.
The network visualization displays multiple clusters of nodes, each represented by circles with labels and connected by thin curved lines. At the center, a large node labeled “malaysia”, connects to nodes labeled “saudi arabia”, “united states”, “jordan”, “turkey”, “australia”, and “bangladesh”. In the upper central area, “saudi arabia”, connects with “pakistan”, “tunisia”, “united arab emirates”, “india”, “bahrain”, and “qatar”. On the right side, “united states”, connects with “qatar”, and links toward “brunei darussalam”. In the upper right area, “india”, connects with “oman”, and “bahrain”. On the left side, “china”, connects with “france”, and both link toward the central cluster. In the upper left area, “pakistan”, and “tunisia”, also connect toward “china”, and “france”. In the lower central area, “turkey”, connects between “malaysia”, and “bangladesh”. In the lower left area, “morocco”, connects toward “bangladesh”, and the central nodes. All nodes are interconnected by overlapping curved lines forming a dense network structure. In the lower left corner, the software label “VOSviewer”, appears.Coupling by countries. Source: Authors’ own work
The network visualization displays multiple clusters of nodes, each represented by circles with labels and connected by thin curved lines. At the center, a large node labeled “malaysia”, connects to nodes labeled “saudi arabia”, “united states”, “jordan”, “turkey”, “australia”, and “bangladesh”. In the upper central area, “saudi arabia”, connects with “pakistan”, “tunisia”, “united arab emirates”, “india”, “bahrain”, and “qatar”. On the right side, “united states”, connects with “qatar”, and links toward “brunei darussalam”. In the upper right area, “india”, connects with “oman”, and “bahrain”. On the left side, “china”, connects with “france”, and both link toward the central cluster. In the upper left area, “pakistan”, and “tunisia”, also connect toward “china”, and “france”. In the lower central area, “turkey”, connects between “malaysia”, and “bangladesh”. In the lower left area, “morocco”, connects toward “bangladesh”, and the central nodes. All nodes are interconnected by overlapping curved lines forming a dense network structure. In the lower left corner, the software label “VOSviewer”, appears.Coupling by countries. Source: Authors’ own work
5. Content analysis and research agenda
This section presents a content analysis and outlines an emerging research agenda based on the existing literature. The ten most cited articles, presented in Table 8, were analysed. The segmentation framework, which was divided into the nature of the article, research method, and theme, was presented in Figure 21.
The figure starts with a rectangle positioned on the left labeled “Islamic sustainable finance research”. Three arrows extend rightward from this rectangle toward three separate rectangles arranged vertically. The top arrow leads to a rectangle labeled “Nature of the article”, which further branches into two rightward arrows pointing to two rectangles labeled “Empirical” and “Theoretical”. The middle arrow leads to a rectangle labeled “Research method”, which branches into two rightward arrows pointing to rectangles labeled “Quantitative” and “Qualitative”. The bottom arrow leads to a rectangle labeled “Themes”, which branches into four rightward arrows pointing to rectangles labeled “Niche”, “Motor”, “Emerging”, and “Basic”.Content segmentation framework. Source: Authors’ own work
The figure starts with a rectangle positioned on the left labeled “Islamic sustainable finance research”. Three arrows extend rightward from this rectangle toward three separate rectangles arranged vertically. The top arrow leads to a rectangle labeled “Nature of the article”, which further branches into two rightward arrows pointing to two rectangles labeled “Empirical” and “Theoretical”. The middle arrow leads to a rectangle labeled “Research method”, which branches into two rightward arrows pointing to rectangles labeled “Quantitative” and “Qualitative”. The bottom arrow leads to a rectangle labeled “Themes”, which branches into four rightward arrows pointing to rectangles labeled “Niche”, “Motor”, “Emerging”, and “Basic”.Content segmentation framework. Source: Authors’ own work
5.1 Nature of the article
This study categorises the nature of the articles into two categories: empirical and theoretical. From Table 8 of the most cited articles, seven were empirical, while three were theoretical. For example, Sobhani et al. (2012) and Nobanee and Ellili (2016) discussed sustainability disclosure in annual reports and websites, Belal et al. (2015) examined ethical conduct in sustainability reporting with full disclosure, while Abbas et al. (2019) focused on the impact of knowledge sharing and innovation on sustainability performance. The results suggest that researchers in this field tend to focus more on practical applications and address real-world problems.
Most cited articles
| Author (Year) | Title | Journal | LC | GC | LC/GC ratio (%) | Nature of paper | Research method | Theme |
|---|---|---|---|---|---|---|---|---|
| Sobhani et al. (2012) | Sustainability disclosure in annual reports and websites: A study of the banking industry in Bangladesh | Journal of Cleaner Production | 6 | 99 | 6.06 | Empirical | Quantitative | Basic |
| Nobanee and Ellili (2016) | Corporate sustainability disclosure in annual reports: Evidence from UAE banks: Islamic versus conventional | Renewable and Sustainable Energy Reviews | 12 | 97 | 12.37 | Empirical | Quantitative | Emerging |
| Ahmed (2010) | Global financial crisis: an Islamic finance perspective | International Journal of Islamic and Middle Eastern Finance and Management | 4 | 97 | 4.12 | Theoretical | Qualitative | Motor |
| Dusuki (2008) | Banking for the poor: The role of Islamic banking in microfinance initiatives | Humanomics | 3 | 75 | 4.00 | Theoretical | Qualitative | Emerging |
| Belal et al. (2015) | Ethical reporting in Islamic Bank Bangladesh Limited (1983–2010) | Journal of Business Ethics | 4 | 67 | 5.97 | Empirical | Qualitative | Emerging |
| Aliyu et al. (2017) | Islamic banking sustainability: A review of literature and directions for future research | Emerging Markets Finance and Trade | 7 | 52 | 13.46 | Empirical | Qualitative | Motor |
| Abbas et al. (2019) | The impact of knowledge sharing and innovation on sustainable performance in Islamic banks: A mediation analysis through an SEM approach | Sustainability | 0 | 48 | 0.00 | Empirical | Quantitative | Basic |
| Di Bella and Al-Fayoumi (2016) | Perception of stakeholders on corporate social responsibility of Islamic banks in Jordan | EuroMed Journal of Business | 1 | 35 | 2.86 | Empirical | Quantitative | Motor |
| Hussain et al. (2019) | Sustainability of leverage levels in response to shocks in equity prices: Islamic finance as a socially responsible investment | Sustainability | 1 | 34 | 2.94 | Empirical | Quantitative | Motor |
| Hassan et al. (2020) | Challenges for Islamic finance and banking in the COVID era and the role of Fintech | Journal of Economic Cooperation and Development | 5 | 33 | 15.15 | Theoretical | Qualitative | Emerging |
| Author (Year) | Title | Journal | LC/GC ratio (%) | Nature of paper | Research method | Theme | ||
|---|---|---|---|---|---|---|---|---|
| Sustainability disclosure in annual reports and websites: A study of the banking industry in Bangladesh | Journal of Cleaner Production | 6 | 99 | 6.06 | Empirical | Quantitative | Basic | |
| Corporate sustainability disclosure in annual reports: Evidence from | Renewable and Sustainable Energy Reviews | 12 | 97 | 12.37 | Empirical | Quantitative | Emerging | |
| Global financial crisis: an Islamic finance perspective | International Journal of Islamic and Middle Eastern Finance and Management | 4 | 97 | 4.12 | Theoretical | Qualitative | Motor | |
| Banking for the poor: The role of Islamic banking in microfinance initiatives | Humanomics | 3 | 75 | 4.00 | Theoretical | Qualitative | Emerging | |
| Ethical reporting in Islamic Bank Bangladesh Limited (1983–2010) | Journal of Business Ethics | 4 | 67 | 5.97 | Empirical | Qualitative | Emerging | |
| Islamic banking sustainability: A review of literature and directions for future research | Emerging Markets Finance and Trade | 7 | 52 | 13.46 | Empirical | Qualitative | Motor | |
| The impact of knowledge sharing and innovation on sustainable performance in Islamic banks: A mediation analysis through an | Sustainability | 0 | 48 | 0.00 | Empirical | Quantitative | Basic | |
| Perception of stakeholders on corporate social responsibility of Islamic banks in Jordan | EuroMed Journal of Business | 1 | 35 | 2.86 | Empirical | Quantitative | Motor | |
| Sustainability of leverage levels in response to shocks in equity prices: Islamic finance as a socially responsible investment | Sustainability | 1 | 34 | 2.94 | Empirical | Quantitative | Motor | |
| Challenges for Islamic finance and banking in the COVID era and the role of Fintech | Journal of Economic Cooperation and Development | 5 | 33 | 15.15 | Theoretical | Qualitative | Emerging |
Note(s): LC = Local Citations, GC = Global Citations
5.2 Research method
The majority of research in this field is qualitative in nature. Five of the most-cited articles used quantitative methodology, and five used qualitative methods. For instance, Abbas et al. (2019) examined the effect of innovation and knowledge sharing on long-term performance in Islamic banks using a mediation analysis based on a structural equation modelling approach. Di Bella and Al-Fayoumi (2016) focused on stakeholders’ perceptions of the Corporate Social Responsibility (CSR) of Islamic banks in Jordan. A balanced use of both methods suggests that research in this field is well-developed, with researchers not just about testing models (quantitative) but also exploring a deeper understanding, context, and meaning (qualitative).
5.3 Theme
Based on the thematic analysis conducted and illustrated in Figure 13, this paper further explores the themes identified in the existing literature. The themes, which were divided into four categories— niche, motor, emerging, and basic —were identified. From Table 7 of the most cited articles, the analysis revealed that two articles were categorised under basic themes, four under emerging themes, and the other four under motor themes. For example, an article by Nobanee (20126) categorised an emerging theme and discussed sustainability issues. Dusuki (2008) and Belal et al. (2015) also categorised the emerging theme as they discuss Islamic banking issues.
6. Conclusion
This paper aims to provide an in-depth bibliometric analysis and a content analysis of the academic literature on ISF and its role in achieving the SDGs. A total of 306 journal articles, published from 1997 to 2025 and indexed in Scopus, were reviewed. From the analysis, this study reported key aspects of research in this field, including the identification of the most influential authors, affiliations, and countries. The frequently used keywords, the citations, and the network were also discussed.
Oseni and Hassan are among the most influential authors. The International Islamic University Malaysia has the highest affiliations, and most of its publications were authored by Malaysian researchers. Malaysia also has the highest number of citations for research in this field. In terms of sources, the Islamic Green Finance journal has published the most articles in the ISF domain.
The keyword analysis reveals that the trending keywords are Islamic finance, investment, banking and sustainability. In contrast, the network analysis, which aims to analyse collaboration between authors, found that Malaysia is the leading research hub on ISF, with strong cooperation with countries in Asia, Central Asia, and the Middle East. This study further analysed the top 10 most cited in this field. A segmentation framework was presented, and a summary of the literature content was discussed. According to the findings, most articles in Islamic sustainability finance were conducted in the banking industry, were empirical, and employed quantitative and qualitative research methods. This bibliometric study generates new research agendas and directions for ISF. It sheds light on the relationship between Islamic finance and how Islamic finance plays a crucial role in supporting the implementation of the SDGs.
This study is essential for different parties. For researchers, this study helps identify research gaps that lead to more publications in this domain. This study also provides a guide for scholars to understand how the field has evolved by evaluating key themes, trends, and knowledge gaps. For policymakers and practitioners, this study provides a basis for informed decision-making. For example, by understanding the emerging themes and trends, they can align their strategies and product offerings with the latest research insights to stay competitive and compliant.
6.1 Future research direction
The results of this study show that considerable research has been conducted in the ISF domain. However, there are apparent research gaps in the existing literature in this field. First, ESG integration in Islamic finance remains underdeveloped. Hence, topics such as green sukuk, social impact investing, and Islamic microfinance for the SDGs deserve more in-depth analysis. This study also found that most of the research was concentrated on a specific country. As sustainability is a global agenda, there's also a need for cross-country analyses, which may shed light on regulating and addressing pervasive issues such as climate change, poverty, hunger, and equitable economic development. Future studies should also focus on expanding the scope of this field by exploring strategies on how Islamic Finance can ensure that financial resources are mobilised sustainably to achieve the SDGs.
6.2 Limitation
6.2.1 Practical limitation
This study is not without its limitations. First, this study only considers articles published in the Scopus database. Therefore, books, chapters, articles published in non-Scopus-indexed journals, editorial materials, reviews, and proceedings papers were excluded from the analysis. Second, this study suggests a broader landscape of knowledge in the research field, thus indicating that all sources should be considered, including book reviews, chapters, papers published in international and academic journals, editorial materials, reviews, and proceedings papers across the Scopus database. Third, it may be better to compare the same study focus of bibliometric analysis across different databases, for example, data from the Scopus database versus the Web of Science (WOS) database for wider coverage. This will provide a better view of the bibliometric analysis gap for future research studies.
