An insight into the Fintech and Islamic finance

1. An insight into the Fintech and Islamic finance
literature: A bibliometric and visual analysis

2. Presenter
Dr. Tonmoy CHOUDHURY, FCES, SA FIN
Assistant Professor& Coordinator of Research
Department of Accounting & Finance
KFUPM Business School
King Fahd University of Petroleum and Minerals
and
Associate Editor, Studies in Economics and Finance &
International Journal of Islamic and Middle Eastern Finance
and Management
Emerald Publishing Limited

3. Abstract
Innovative financial services driven by modern technology has completely changed the business models in the finance
world. Research in Fintech and its application in the Islamic finance industry has thus examined the shifts and impact of the
disruptions on Islamic finance industry. This chapter uses bibliometric analysis to provide an overview of the academic
literature on Fintech and its application in Islamic finance. We use data obtained from the Scopus database to conduct
bibliometric and Scientometric analysis with an objective to find the research gaps future scope in the area. Results of the
study offer a solid avenue for further expansion of the Fintech and Islamic finance literature. The results of the analysis
indicated 4 clusters (see figure 5) which are represented by different colored clusters. The largest cluster is red colored and
contains 158 authors, second largest cluster is represented by green color and made up of 107 authors. The keyword
occurrence network shows that Islamic finance is the most important keyword that has occurred the maximum number of
times. We analyze the impact of these studies on the overall development of literature in the Fintech and Islamic finance
domain. We provide the potential avenue for the future researchers to develop the current literature while also seeking
for the potential of new, thought-provoking, and pioneering research that adds to the growth of the theme of research.

4. Introduction

5. • The finance industry has achieved unprecedented growth
during the last two decades mainly due to emergence of
technological innovation
• Additionally, the research in the Fintech area peaked during
the last few years as Fintech found its space in the finance
world due to the repercussions of the global financial crisis and
ongoing global pandemic
• Finally, it has resulted into massive transformation in the lives
of the poor and vulnerable during the COVID-19 pandemic as
Fintech became the only option to reach to them due to social
distancing and lockdown measures and additionally it resulted
into the huge financial inclusion.
• The present paper explores the most prolific authors, most
cited documents, most influential institutions, most
contributing countries etc. to the Islamic finance and Fintech
literature. Moreover, the paper investigated the emerging
research topics in the area, acknowledged the challenges and
future development trends.

6. Methodology
• Scopus database is used for data collection, it is one of the most
comprehensive abstract and citations databases and widely used
for bibliometric studies.
• A combination of Boolean search string containing keywords such
as Fintech, financial technology, Islamic finance, big data, artificial
intelligence, blockchain, bitcoin, recommenders, chatbots,
automated services with OR and logical operators is applied to
abstract, title and keywords on the Scopus search engine
interface.
• The extracted data is then examined carefully by researchers to
assure that it is having a central idea of financial technology,
cleaning of data is done using exclusion criteria like it must be
written in English language, it should be journal articles, review
articles, book chapters.
• For descriptive and bibliometric analysis Bibliophagy interface of
R application is used, while VOS viewer is used for network
visualisation.

7. Findings

8. Paper Classification
654
473
302
271
172
110
73 66
49
36 34
8
0
100
200
300
400
500
600
700
Economics,
Econometrics and
Finance
Business,
Management and
Accounting
Social Sciences Arts and
Humanities
Engineering Computer Science Environmental
Science
Decision Sciences Energy Mathematics Multidisciplinary Psychology
No.
of
Papers
Figure 1 shows the subject category in the Scopus database. The category Economics, Econometrics and Finance contains 654 articles which amounts to 26% of the total literature. Next major subject
category is Business, Management and Accounting have published 19% of the current dataset (19%). There are other subject categories like engineering, computer science and multidisciplinary which
have been published about Fintech in Islamic finance.

9. It can be observed that the research trend in Islamic Fintech and Islamic finance have grown over the years. The research in the subject has encountered exponential growth from the year 2010 onwards. This
trend reveals the fact that Fintech has been an integral part of the Islamic finance and has investigated its varieties of applications to gain efficiency and provide excellent customer experience.
Annual Publication Trend
0
50
100
150
200
250
300
350
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

10. Most Influential Author
The top author is Hassan MK with 62 publications in Islamic finance and Fintech. Saiti B is the second top author in this list having 34 scientific literatures. Third
ranked author is Oseni UA and has published 26 articles. The fourth rank is the same as the first ranked author i.e., Kabir Hassan M with 21 publications. Kabir
Hassan is the most prolific author in Islamic finance and Fintech and contributed significantly to the advancement of the subject.

11. Most Influential Journals
Sources h_index g_index m_index TC
ARAB LAW QUARTERLY 7 10 0.44 137
AL-SHAJARAH 4 4 0.50 48
APPLIED ECONOMICS 4 9 0.40 117
ADVANCED SCIENCE LETTERS 3 5 0.38 36
ACADEMY OF ACCOUNTING AND FINANCIAL STUDIES JOURNAL 4 6 0.80 75
APPLIED ECONOMICS LETTERS 2 3 0.25 14
ACADEMY OF STRATEGIC MANAGEMENT JOURNAL 2 2 0.29 7
ACCOUNTING RESEARCH JOURNAL 2 3 0.18 49
AFRO-ASIAN JOURNAL OF FINANCE AND ACCOUNTING 2 3 0.20 18
ACCOUNTING AND FINANCE 2 2 0.33 28

12. Most Important Countries
Country Articles TC AAC SCP MCP
MALAYSIA 397 3212 8 341 56
UNITED KINGDOM 107 2024 19 78 29
USA 105 1769 17 69 36
AUSTRALIA 50 751 15 32 18
FRANCE 24 530 22 15 9
SAUDI ARABIA 71 517 7 53 18
TUNISIA 40 440 11 34 6
TURKEY 54 293 5 32 22
PAKISTAN 71 239 3 39 32
INDONESIA 92 221 2 81 11
BAHRAIN 32 206 6 21 11

13. Top Affiliations
Affiliations Articles
INTERNATIONAL ISLAMIC UNIVERSITY MALAYSIA 179
UNIVERSITI KEBANGSAAN MALAYSIA 82
UNIVERSITY OF MALAYA 82
UNIVERSITI UTARA MALAYSIA 68
UNIVERSITY OF NEW ORLEANS 62
UNIVERSITI TEKNOLOGI MARA 57
INTERNATIONAL ISLAMIC UNIVERSITY 48
UNIVERSITI SAINS ISLAM MALAYSIA 43
UNIVERSITI SAINS MALAYSIA 41
UNIVERSITAS AIRLANGGA 33

14. Co-citation Analysis
0
50
100
150
200
250
300
350
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

15. Keyword Co-occurrence Analysis

16. Bibliographic Coupling of documents

17. Evolving themes and Subthemes in Islamic Finance
Research Themes Sub Themes Citations
The fundamentals of Islamic Finance Growth of Islamic Finance (Doumpos et al., 2017)
Shariah Regulations (Kuanova et al., 2021)
Shariah Regulatory Framework (Aziz et al., 2021)
Islamic Risk Sharing Models (Hassan, Aliyu, et al., 2020)
Islamic Financial product pricing (A Khan, Hassan, et al., 2021)
Sustainable Islamic Finance (T. Khan, 2019)
Customer Centric Approach Attitude and perception towards Islamic finance (Masvood, 2019)
Behavioural finance (Kumari & Sar, 2017)
Religion and Islamic financial behaviour (Laila et al., 2021)
Marketing theories and financial behaviour (Calzadilla et al., 2021)
Cross-cultural customer behaviour towards finance (Alzadjal et al., 2021)
Reporting of Islamic Finance Accounting of Islamic finance (Laila et al., 2021)
Local accounting standards and Islamic accounting standards (Hassan et al., 2019)
Islamic institutions performance Determinants of efficiency (Alshater et al., 2020)
Role of shariah committee (Juhro et al., 2020)
Islamic reporting and performance (Laila et al., 2021)
Role of regulations (Biancone & Radwan, 2018)
Adoption of Fintech AI in Finance (Königstorfer & Thalmann, 2020)
Blockchain (Aziz et al., 2021)
Bitcoin (Rabbani et al., 2020)
Machine learning (Rabbani et al., 2020)

18. Thank You
kbs.kfupm.edu.sa
KFUPM_KBS
kbskfupm
KFUPM Business School