Islamic Banking: Past, Present and Future
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Dec 1, 2022
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Abstract
Purpose: The Islamic banking literature has been growing rapidly in the last decade. The aim of this study is to carry out a retrospective hybrid review to reveal this literature’s influential scientific actors (countries, institutions, journals, authors and documents), identify and discuss its most important streams, and finally, present a future research agenda.
Methodology: We use a bibliometric approach, performing a review and objective analysis of 1,304 articles dealing with Islamic banking published during 1983–2021. We apply citation, keyword, and coauthorship analysis, as well as bibliographic coupling via VOSviewer software and Biblioshiny (an R package).
Findings: We identify the influential aspects in the literature and discuss four important research streams: (1) overview, growth, and legal framework of Islamic banks; (2) Islamic banks’ performance and risk management practices; (3) customer and marketing perspectives of Islamic banking; and (4) the dynamics of efficiency in Islamic banks.
Originality: This is one of the first studies to apply state-of-the-art methodology to review the literature related to Islamic banking and to highlight the dynamics of Islamic banks while presenting an extensive future research agenda.
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Keywords
Islamic bankingIslamic financeBibliometric reviewLiterature review
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Al Ajlouni, A.T. (2017). Interest free liquidity management scheme (time-weighted debt units). International Journal of Islamic and Middle Eastern Finance and Management, Volume 10, pp. 60-76.
Al Abbad, A., Hassan, M.K. & Saba, I. (2019). Can Shariah board characteristics influence risk-taking behavior of Islamic banks? International Journal of Islamic and Middle Eastern Finance and Management, Volume 12, pp. 469-488.
Alam, N., Hamid, B.A. & Tan, D.T. (2019). Does competition make banks riskier in dual banking system? Borsa Istanbul Review, Volume 19, pp. S34-S43.
Alandejani, M., Kutan, A.M. & Samargandi, N. (2017). Do Islamic banks fail more than conventional banks? Journal of International Financial Markets, Institutions and Money, Volume 50, pp. 135-155.
Alexakis, C., Izzeldin, M., Johnes, J. & Pappas, V. (2019). Performance and productivity in Islamic and conventional banks: Evidence from the global financial crisis. Economic Modelling, Volume 79, pp. 1-14.
Al-Harbi, A., 2020. Determinates of Islamic Banks’ liquidity. Journal of Islamic Accounting and Business Research, Volume in Press.
Ali, M. and Raza, S.A. (2017). Service quality perception and customer satisfaction in Islamic banks of Pakistan: The modified SERVQUAL Model. Total Quality Management & Business Excellence, Volume 28, pp.559-577.
Alqahtani, F. & Mayes, D.G. (2018). Financial stability of Islamic Banking and the Global Financial Crisis: Evidence from the Gulf Cooperation Council. Economic Systems, Volume 42, pp. 346-360.
Alshater, M.M., Hassan, M.K., Khan, A. & Saba, I. (2020). Influential and intellectual structure of Islamic finance: A Bibliometric review. International Journal of Islamic and Middle Eastern Finance and Management, pp. 1753-8394.
Alshater, M.M., Hassan, M.K., Rashid, M., & Hasan, R. (2022). A bibliometric review of the Waqf literature. Eurasian Economic Review, 12(2), 213-239. https://doi.org/10.1007/s40822-021-00183-4
Alshater, M.M., Hassan, M.K., Sarea, A., & Samhan, H.M. (2022). Islamic accounting research between 1982 and 2020: A hybrid review. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-04-2021-0132
Alshater, M.M., Saad, R.A.J., Abd. Wahab, N., & Saba, I. (2021). What do we know about zakat literature? A bibliometric review. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-07-2020-0208
Amin, M., Isa, Z. and Fontaine, R. (2013). Islamic Banks: Contrasting the drivers of customer satisfaction on image, trust, and loyalty of Muslim and non‐Muslim customers in Malaysia, International Journal of Bank Marketing, Volume 31, pp. 79-97.
––––. (2011). The role of customer satisfaction in enhancing customer loyalty in Malaysian Islamic banks. The Service Industries Journal, Volume 31, pp.1519-1532.
Aria, M. and Cuccurullo, C. (2017), “Bibliometrix: An R-tool for comprehensive science mapping analysis”, Journal of Informetrics, Volume 11, pp. 959–975.
Ariss, R.T. (2010). Competitive conditions in Islamic and conventional banking: A global perspective. Review of Financial Economics, Volume 19, pp. 101-108.
Ashraf, D., Rizwan, M.S. & L’Huillier, B. (2016). A net stable funding ratio for Islamic Banks and its impact on financial stability: An international investigation. Journal of Financial Stability, Volume 25, pp. 47-57.
Asmild, M., Kronborg, D., Mahbub, T. & Matthews, K. (2019). The efficiency patterns of Islamic Banks during the global financial crisis: The case of Bangladesh. The Quarterly Review of Economics and Finance, Volume 74, pp. 67-74.
Azmat, S., Ali, H., Brown, K. & Skully, M. (2020). Persuasion in Islamic finance. Australian Journal of Management, Volume 00, pp. 1-15.
Baldwin, K., Alhalboni, M. & Helmi, M.H. (2019). A structural model of alpha for the capital adequacy ratios of Islamic banks. Journal of International Financial Markets, Institutions and Money, Volume 60, pp. 267-283.
Beck, T., Demirgüç-Kunt, A. & Merrouche, O. (2013). Islamic vs. conventional banking: Business model, efficiency and stability. Journal of Banking & Finance, Volume 37, pp. 433-447.
Belanès, A., Ftiti, Z. & Regaïeg, R. (2015). What can we learn about Islamic Banks efficiency under the subprime crisis? Evidence from GCC Region. Pacific-Basin Finance Journal, Volume 33, pp. 81-92.
Belkhir, M., Grira, J., Hassan, M.K. & Soumaré, I. (2019). Islamic banks and political risk: International evidence. The Quarterly Review of Economics and Finance, Volume 74, pp. 39-55.
Berger, A.N. & Humphrey, D.B. (1997). Efficiency of financial institutions: International survey and directions for future research. European Journal of Operational Research, Volume 98, pp. 175-212.
Berger, A.N., Boubakri, N., Guedhami, O. & Li, X. (2019). Liquidity creation performance and financial stability consequences of Islamic Banking: Evidence from a multinational study. Journal of Financial Stability, Volume 44.
Biancone, P.P., Saiti, B., Petricean, D. & Chmet, F. (2020). The Bibliometric analysis of Islamic Banking and finance. Journal of Islamic Accounting and Business Research, pp. 2069-2086.
Bitar, M., Hassan, M.K. & Hippler, W.J. (2018). The determinants of Islamic Bank capital decisions. Emerging Markets Review, Volume 35, pp. 48-68.
Bitar, M., M. Kabir, H. & Saad, W. (2020). Culture and the capital–performance nexus in dual banking systems. Economic Modelling, Volume 87, pp. 34-58.
Bitar, M., M. Kabir, H. & Walker, T. (2017). Political systems and the financial soundness of Islamic Banks. Journal of Financial Stability, Volume 31, pp. 18-44.
Bougatef, K. & Korbi, F. (2019). Capital buffer and credit-risk adjustments in Islamic and conventional banks. Thunderbird International Business Review, Volume 61, p. 669–683.
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How to Cite
Alshater, Muneer Maher, Ashraf Khan, Mohammad Kabir Hassan, and Andrea Paltrinieri. 2022. “Islamic Banking: Past, Present and Future”. Journal of College of Sharia and Islamic Studies 41 (1). https://doi.org/10.29117/jcsis.2023.0351.
Section
Articles in English