Islamic Finance in the Era of Financial Technology: A Bibliometric Review of Future Trends

Abstract

This study focused on a current study on Islamic finance and financial technology as well as prospective topics for future research. As a bibliometric and visualization tool for the Web of Science core collection database and viewer-based literature, 918 papers dealing with Islamic finance and financial technology authored between 1999 and 2022 were analyzed. Cluster analysis, all-keyword co-occurrence analysis, and bibliographic coupling mapping are all investigated in the study. This research enables us to propose future research paths that may be useful in reflecting on the significant impact that technology will have on the growth of Islamic finance and financial technology. The survey discovered four main research trends: the first trend shown is “Financial Inclusion and Corporate Governance in Islamic Fintech”. The second trend focuses on “information technology and future financial Islamic services”. The third trend is “The Transformation of Islamic Finance: How Fintech is Changing the Game”. The fourth trend is related to “Islamic Finance: A Growing Force in the Digital Age”. This study provides a comprehensive analysis of research trends at the intersection of Islamic finance and financial technology, identifying future research directions.

Application of Computational Law and Artificial Intelligence Methods for Sharia Compliance Analysis of E-Waste Management Systems Based on Blockchain

“…As elucidated by Malahim et al [7], smart contracts can digitally represent Sharia terms and conditions using flexible, tamper-proof code capable of ingesting inputs like certification credentials, sensor readings, and other data feeds to algorithmically verify compliance before permitting transaction execution, serving as an unbiased automated Sharia auditor. Additionally, artificial intelligence techniques such as logic programming and machine learning can be applied to dynamically analyze the flow of events and transactions logged on the blockchain using codified heuristics derived from Sharia maxims to identify potential violations of "do no harm" principles or lapses that may enable prohibited activities like improper waste disposal and environmental destruction, hazardous materials leakage, or unauthorized transport of e-waste to unlicensed facilities.…”

“…User experience design principles can be applied, with dashboards, analytics, and controls tailored for diverse personas like regulators, operations managers, and field employees. Extensive documentation, training programs, helplines, and community forums ease onboarding [7]. This conceptual model purposely adopts a modular architecture with standardized application programming interfaces to avoid vendor lock-in and enable interoperability with diverse enterprise systems through adapters.…”

“…[11], save authoritative, time-stamped evidence of activities, aligning with Sharia emphasis on sound record-keeping. Cryptographic data security matches Sharia directives to protect privacy, while smart contracts automate Sharia compliance checking peer [7]. Lastly, models enable real-world data integration as advocated by Yadav [4].…”

“…But configurable computational techniques are crucial for modeling Sharia requirements and formally verifying compliance, as emphasized by Yadav et al [4]. Malahim et al [7] demonstrates checking financial transaction compliance via model checking smart contracts against recorded Sharia rulings. Similar legal engineering approaches can potentially be applied to analyze Sharia alignment regarding e-waste flows.…”

The effect of digital zakat and accounting on corporate sustainability through financial transparency

“…The investigation of improving company sustainability through Digital Accounting (DA) and Digital Zakat (DZ) is one such convergence of technology, finance, and social responsibility (Bin-Nashwan, Ismaiel, Muneeza, & Isa, 2023;Harahap, Risfandy, & Futri, 2023;Utami, Suryanto, Nasor, & Ghofur, 2020;Voronova & Umarov, 2021). The combination of digital accounting methods with the idea of Zakat, which is an important part of Islamic finance that stresses giving to others, creates a unique chance to change the way corporate social responsibility is done (Qudah et al, 2023;Uddin & Mohiuddin, 2020). This dynamic combination leverages the power of digital tools to not only streamline financial processes but also facilitate ethical and sustainable practices within organizations (Obrenovic et al, 2020;Shih, Gwizdalski, & Deng, 2023).…”