RESEARCH TREND IN ISLAMIC FINANCIAL TECHNOLOGY AND BLOCKCHAIN: A BIBLIOMETRIC ANALYSIS

Abstract

Blockchain's expansion in the Islamic financial industry has prompted researchers to examine the topic from various angles. Using VOSviewer software, this study focuses on analysing the relevant research and published articles indexed in Scopus by employing bibliometric methodology. The data were obtained from search results of documents indexed by Scopus until 2023. There are 67 publications consisting of 24 book chapters, 18 articles, 11 conference papers, eight books, five reviews, and one conference review. The results indicate that the number of publications on blockchain in Islamic finance increased significantly in the year 2022. Employing Network Visualization, the study identifies five distinct clusters within this field. Cluster one investigates the integration of blockchain and smart contracts in Islamic crowdfunding, while cluster two delves into blockchain integration in financial services. Cluster three explores the role of fintech in advancing financial inclusion, cluster four focuses on Islamic fintech innovations, and cluster five centres on the geographic distribution of studies. These clusters align with the principles and challenges of Islamic finance and their implications for key stakeholders, including financial institutions, regulators, and technology providers, as well as connect to discourse on technological innovation and Sharia-compliant financial solutions. To the best of the authors’ knowledge, this work is the first to use bibliometric analysis to assess blockchain in Islamic finance. The findings and suggested areas for future research can guide academics and researchers in their efforts to advance the field of Islamic finance.