Looking at the ‘Big Picture’ in Islamic Economics and Finance Literature: A Bibliometric Analysis of WoS Indexed Documents

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1. TUJISE Turkish Journal of Islamic Economics Looking at the ‘Big Picture’ in Islamic Economics and Finance Literature A Bibliometric Analysis of WoS Indexed Documents Ali Can Yenice Mücahit Özdemir Abdussamed Koç Abstract: This study aimed to indicate the general trend of Islamic economics and finance (IEF) studies through bibliometric analysis. Therefore, the Web of Science (WoS), which is one of the most respected databases, for the period 1975-2019 with a total of 1,120 documents is examined. The documents were classified, analyzed, and visualized through VOS-viewer software, and the main trends in terms of countries, organizations, authors, and publishers were indicated. This study revealed the trends of IEF literature by reviewing thirty articles with the most co-citations and creating a keyword map. The findings showing the current state and trends of the IEF discipline are quite remarkable. It has been found that Malaysia ranks first among countries and institutions in terms of the number of publications. While Abbas Mirakhor was the author with the most publications, the International Journal of Islamic and Middle Eastern Finance and Management was the most publishing institution. Besides, in keyword network analysis, it is seen that the institutions and subjects of Islamic finance are dominant in Islamic economics and finance studies. These findings bringing the “Is the IEF discipline financialized?” debate back to the agenda is expected to inspire many new study topics. Keywords: Islamic economics and finance, Bibliometric analysis, Web of Science, VOSviewer. JEL Classification: A20, B49, B59, A10, C10, Z12 PhD Candidate, Sakarya University/Turkey, ayenice@sakarya.edu.tr 0000-0002-1869-6814 Dr., Sakarya University/Turkey, mucahitozdemir@sakarya.edu.tr 0000-0002-4455-5943 Dr., Sakarya University/Turkey, akoc@sakarya.edu.tr 0000-0002-3102-4457 © Research Center for Islamic Economics DOI: 10.26414/A481 TUJISE, 8(2), 2021, xx-xx tujise.org Submitted: 10.12.2020 Revised: 23.04.2021 Accepted: 28.04.2021 Online First: 25.06.2021
2. Turkish Journal of Islamic Economics (TUJISE) Introduction Islamic economics and finance (IEF) is still a new discipline, although Islam’s principles and ideas for the economy have their roots in ancient times. The 20th century witnessed the independence of several Muslim countries and their efforts to solve their economic, social, and political problems in an “Islamic” way. Political and economic independence has been on the agenda of Muslim countries. In this process, many institutions have been established to ensure Muslim countries’ economic independence and support their development. The establishment of the Islamic Development Bank and many other Islamic financial institutions in the 1970s led to the development and spread of the modern IEF discipline (El-Ashker & Wilson, 2006). Today, Islamic financial institutions have shown double-digit growth rates, and their total assets have reached USD 2.4 trillion in 2019 (IFSB, 2020). Although the share of Islamic finance in the global financial system is low, the financial needs of millions of Muslims have been served by not only Islamic banks but also by other financial institutions such as Islamic insurance (takaful) and Islamic funds. While the IEF was initially seen as a practical solution for the underdevelopment of Muslim countries, it has become a modern discipline with the emergence of academic literature. Accordingly, undergraduate and graduate education are given at many universities in various countries of the world. The literature is getting richer thanks to the theses and dissertations generated by the students of these institutions. For this reason, there has been a noteworthy increase in academic studies in recent years (Akram Khan, 2016). These scholarly attempts in IEF should be indicated by objective scientific methods in terms of quality and quantity so that we can understand 45 years of evolution trend. The bibliometric method helps to conduct this type of analysis. The bibliometric method refers to the use of mathematics and statistical methods in scientific studies. It has been used in natural sciences since the mid-17th century and in other disciplines since the 20th century. Bibliometric indicators have helped in making advances not only in the evaluation studies in natural sciences and medical research but also in applied and engineering sciences, humanities, and social sciences (Bellis, 2014, p. 23). Besides, bibliometric mapping allows visualizing scientific and technological developments and actors playing essential roles in scholarly studies. Mapping methods, along with performance metrics for citation, publication, and impact, provide a powerful analytical tool to evaluate research activities and track scientific and technological developments (Van Raan, 1993, p. 151). With the development of information technologies, the number of academic publications has increased day by day. This situation makes it difficult to determine 2
3. Yenice , Özdemir, Koç, Looking at the ‘Big Picture’ in Islamic Economics and Finance Literature: A Bibliometric Analysis of WoS Indexed Documentsics which scientific sources are important and which ones lead to scientific knowledge. In this context, it is stated that bibliometric studies provide information from a comprehensive perspective about scientists, institutions, countries, and study subjects. This information enables stakeholders interested in the subject to learn about the phenomenon in a short time (Roemer & Borchardt, 2015, p. 211). This study aims to reveal the general trend in scholarly studies in IEF from different perspectives by using the bibliometric method. The study differentiates from the other relevant bibliometric researches on IEF by covering the WoS database with a relatively long period, namely 40 years, and a broader perspective. Therefore, it is expected to fill the important gap in the literature and reveal the big picture about the IEF literature. By implementing bibliometric analysis in the IEF, we have tried to answer the following research questions: 1- Which countries have the most publications in this field, and what is the historical trend? 2- Which University/Institute has the most articles, and what is the historical trend? 3- Who are the authors with the most articles, and how many citations are they received? 4- Which are the most productive publishers? 5- What are the most influential documents and their research topics? 6- What is the intellectual structure of the IEF literature? The paper is organized as follows. The first section briefly provided information about the bibliometric studies on Islamic economics and finance. While Section 2 elaborates the method used in the paper, Section 3 presents the findings of the bibliometric analysis within four categories: ‘affiliated countries and institutions’, ‘authors and publishers’, ‘citation and co-citation analysis’, and ‘keyword analysis’. The last section concludes the paper. Literature Review Although there are several bibliometric studies in IEF, bibliometric studies on the IEF discipline have been increasing recently. The first studies date back to the 1980s (Ahmad, 1980). There is limited literature in these studies, and today’s databases are not used. Bibliometric studies were restricted to the resources physically 3
4. Turkish Journal of Islamic Economics (TUJISE) available to the authors; therefore, a limited number of publications were listed. They were similar to bibliographies. Recently bibliometric analysis has become more complex and comprehensive due to the availability of modern databases and software tools such as VOSviewer and RStudio. Özdemir and Selçuk (2021) summarized the available bibliometric studies in the IEF discipline within four categories. These categories are presented below by slightly modified. Publication-based: Such bibliometric studies analyze the documents published in qualified internationally indexed journals. Scopus and WoS databases have been mostly used in these studies (see; Alshater et al., 2020; Bayram & Altarturi, 2020; Biancone et al., 2020; Abdullah Khan et al., 2020). They reveal the general picture of the IEF literature. Sector-based: Several studies focus on the specific sector of IEF, such as Sukuk, Takaful, Islamic microfinance (see; Aliyu et al., 2017; Irfan, 2020; Ashraf Khan et al., 2020; Paltrinieri et al., 2019). This category sometimes overlaps with the first category. In other words, if the study uses the WoS database to determine the published documents related to the particular sector, ie. Sukuk uses the Wos index; it falls under both categories. Project-based: These types of studies aim to become a reference source. In addition to providing comprehensive general literature, they sometimes create websites so that they make them accessible to a wide range of users (such as Ali, 2008; IKAM, 2021). Publisher-based: Bibliometric analysis of journals, master’s and doctoral dissertations generally fall under this category (see; Ahmid & Ondes, 2019; Ali & AlQuradaghi, 2019; Firmansyah & Faisal, 2019; Handoko, 2020; Özdemir & Selçuk, 2021)theses and publications of Islamic economics and finance, the Bibliometric research leads to the acquisition of diverse data on scientific contributions in this field. By analyzing PhD dissertations data, the productivity of individuals and institutions can be measured. In this paper, all postgraduate dissertations (PhD. Publication-based bibliometric articles examine the data obtained from international databases and show the general view of IEF literature. For instance, Alshater et al. (2020) reviewed 1,940 English studies using Scopus databases from 1983-2019. In the study, Islamic finance’s scientific and intellectual development was examined with RStudio, VOSviewer software. In another study, Bayram and Altarturi (2020) used the bibliometric method to examine Islamic finance education. They used EBSCO as the database, and the results are evaluated only within 4
5. Yenice , Özdemir, Koç, Looking at the ‘Big Picture’ in Islamic Economics and Finance Literature: A Bibliometric Analysis of WoS Indexed Documentsics the framework of Islamic finance. Biancone et al. (2020) focused on Islamic banking and finance and chose the Scopus database. They use “Islamic banking” and “Islamic finance” keywords and 7,662 scientific contributions between the years 1980-2020. This study revealed the current state and future trends of the Islamic finance discipline by making bibliometric analysis on the Scopus database. In other research by Abdullah Khan et al. (2020), IEF literature between 2005 and 2020 was investigated in terms of the contributions of authors, institutions, and countries. This study focused on 242 articles and determined five themes: banking, equities, Sukuk, theoretical, and funds. These themes cover 92 percent of 242 articles. In sector-based bibliometric studies, the researchers have focused on sub-sectors of Islamic finance. Aliyu et al. (2017) conducted a study on the sustainability of Islamic banking. They found that Islamic banking should establish a balance between institutional, social, and environmental sustainability to achieve Sharia’s objectives. Irfan (2020) discussed the current situation of the Islamic microfinance sector in India through a bibliographic approach. It is suggested that Islamic microfinance will be explained over seven themes: economic development, social benefits, religious values, business enterprises, poverty alleviation, sustainable development, and rural development. Ashraf Khan et al. (2020) focused on takaful which is a promising sector of Islamic finance. They aimed to explain the current state of the scholarly works related to takaful, such as the governance mechanism and the expectations of takaful customers. For this purpose, both bibliometric analysis and content analysis were performed using the WoS database between 2010-2018. Paltrinieri et al. (2019) conducted a study on Sukuk. Using the quantitative and qualitative approaches known as meta-literature review, the Sukuk literature between 1950-2018 was examined. This is the first study to evaluate the Sukuk literature through a meta-literature review. Project-based bibliometric studies are usually implemented with the support of various institutions. The project group under The Research Center for Islamic Economics (IKAM) in Turkey created a bibliography that includes Turkish, English, and Arabic publications on IEF. They have reviewed and conducted content analysis and presented the findings through the website (IKAM, 2021). Publisher-based studies have been conducted to demonstrate the contributions of specific institutions or organizations to the IEF discipline. Ahmid and Ondes (2019) analyzed the Ph.D. dissertations written between 2000-2008 in the UK. The study aimed to reveal a general map of IEF in the UK. Several studies focused on the specific journals. For instance, Özdemir and Selçuk (2021) conducted a bibliometric analysis of the International Journal of Islamic and Middle Eastern Finance and 5
6. Turkish Journal of Islamic Economics (TUJISE) Management (IMEFM), the only SSCI indexed journal IEF. They demonstrated the publications trend, topics, and other relevant information about the published articles in IMEFM. Besides, Handoko (2020) conducted bibliometric analysis by focusing on IEF discipline authors and Ali and AlQuradaghi (2019) publishers and researchers. Methodology In this study, we applied bibliometric analysis methods to reveal the current state of the literature of modern IEF. Bibliometric and citation analyses have become an important method for both the library and information science (Gomez-Jauregui et al., 2014, p. 257). Researchers find answers to many questions, such as which studies guide the literature, and what are the trends in study topics through bibliometric studies. Bibliometric studies allow the researchers and readers to see the ‘big picture’ by classifying the existing scientific accumulation and provide valuable clues about the future of scientific developments (Roemer & Borchardt, 2015, p. 211). This study seeks to answer the research questions using citation, co-citation (documents and author based), and co-occurrence (based on author keywords) analysis. Data The data for bibliometric analysis can be derived from many databases, especially Web of Science (WoS), Google Scholar, and Scopus. In this study, the WoS database was preferred due to several reasons. Firstly, the WoS database is significantly reputable among international databases by covering publications that have high impact factors. It is the first and most important database that follows the network of citations when citing others’ works in a scientific study. For this reason, the most known and used database for bibliometric is WoS (Roemer & Borchardt, 2015, p. 49). Also, it covers many journals in the IEF so that WoS users provide access to enough articles for bibliometric analysis. Package programs are used for many analyses and allow for broader classification by deriving relevant data from the database in the specific format suitable for the package programs. Lastly, the access to the database through membership by the library makes WoS convenient to conduct bibliometric analysis, which has recently become more prevalent in a wide range of academic fields. Search Criteria and Limitations All publications from 1975 to 2019 in the WoS database have been filtered by using the keywords “Islamic Economics” or “Islamic Finance” or “Islamic Economy” because these three terms comprise a wide range of subjects from Islamic banking, Is6
7. Yenice , Özdemir, Koç, Looking at the ‘Big Picture’ in Islamic Economics and Finance Literature: A Bibliometric Analysis of WoS Indexed Documentsics lamic moral economy to Islamic microeconomics. The final form of the documents list was obtained by 30 June 2020, and the publications published after this date were not included in the study. 1,120 documents were found within the scope of determined keywords, and bibliometric analysis was performed. Table 1 presents the overview of the data (Appendix A). Table 1 General View of the Data Category Result Documents (Articles, Conference Proceedings, Books, etc.) 1,120 Country 67 Organization 898 Author 1,444 Author Per Document 1.29 Author Key Word 2,087 First Document Date 1982 Source: Authors’ own. Research Framework According to the search criteria determined, the documents published in the WoS database were analyzed using the bibliometric analysis technique. The author, country, institution, journal, keyword, and bibliography information of the publications were downloaded in “Plain text” format. These data were subjected to various analyses using the VOSviewer (van Eck & Waltman, 2010). After distributing the publications according to the database, year, country, institution, and journal information, the keywords were subjected to the co-word analysis and the bibliographic data to the co-citation analysis. A visual map of the keywords and the cited publications were generated through the VOSviewer to show the linkages between articles more properly. The research process and findings are summarized in figure 1. 7
8. Turkish Journal of Islamic Economics (TUJISE) Figure 1 Research Framework Source: Authors’ own. Findings and Discussion The Most Productive Countries and Institutions The studies about IEF have been written by various authors who are affiliated with institutions from different countries. The data collected from the WoS gives a list of 67 countries; however, examining the top ten of them indicates the general picture of the literature (Appendix B). Figure 2 showed that Malaysia is the leading country that has produced 346 WoS indexed documents, namely books, journal articles, 8
9. Yenice , Özdemir, Koç, Looking at the ‘Big Picture’ in Islamic Economics and Finance Literature: A Bibliometric Analysis of WoS Indexed Documentsics and conference proceedings. These documents of researchers from Malaysia are also the most cited studies among other countries. The noteworthy performance of Malaysia mainly stems from the country’s particular focus on the Islamic finance sector, such that the total share of the Islamic banking assets is expected to reach a 40% share (Khalid, 2020). Also, Malaysia is a pioneer in Islamic capital markets, especially in the global Sukuk market. Figure 2 Top Ten productive Countries based on the Number of Documents Note: *UAE and Tunisia share 10th place on the list with 35 documents. The documents of Tunisia were cited by 265 documents which are 63 for UAE; therefore, the former is added to the top 10 list. Moreover, many researchers from different universities and research centers have benefitted from the rich institutional and product diversities of the Malaysian Islamic finance ecosystem. Therefore, researchers in Malaysia produce many academic documents, and some of these studies have been published in WoS indexed qualified journals. Although Malaysia has significantly diverged from the other countries in terms of the number of documents, it is noted that the first documents were published very late (in 2010) compared to the US, UK, and Turkey. However, the number of documents has reached double-digit numbers since 2014 and peaked in 2017 with 81 documents. 9
10. Turkish Journal of Islamic Economics (TUJISE) Table 2 Number of Documents by Countries in a Yearly Trend (Top Ten)   Year of First Document Before 2010 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total Share in Top ten Countries MY US UK SA TR PK AU ID FR TN 2009 1981 1994 2004 2003 2009 2007 2014 1992 2014 2 2 6 4 7 21 48 58 81 69 48 346 26 1 8 3 12 11 19 12 21 13 25 151 7 1 7 1 10 6 11 12 21 7 20 103 1 0 1 2 1 16 9 14 10 13 16 83 2 0 0 0 1 6 7 8 8 14 15 61 1 0 0 1 0 2 3 2 12 9 17 47 2 1 1 1 1 6 5 2 7 8 8 42 0 0 0 0 0 1 2 15 9 13 8 48 2 2 2 0 5 1 7 4 3 5 5 36 0 0 0 0 0 1 8 7 9 4 6 35 36% 16% 11% 9% 6% 5% 4% 5% 4% 4% Notes: Malaysia (MY), United States (US), United Kingdom (UK), Saudi Arabia (SA), Turkey (TR), Pakistan (PK), Australia (AU), Indonesia (ID), Tunisia (TN), and France (FR). The US follows Malaysia with 151 documents (16%); however, the US has the oldest documents in Islamic economics and finance. In other words, the first two documents indexed by WoS were published by US affiliated authors in 1981 and 1992. Therefore, the US had a pioneering role in carrying IEF subjects into the mainstream academic platforms, albeit Malaysia is now well ahead in terms of the total number of documents. When we compare the citations of Malaysia and the US, both of which have very close figures, the significant role of the US can also be seen in Figure 2. Apart from the US, another Western country, namely the UK, is also noticeable. The first study was published in 1994 by researchers affiliated with UK-based institutions, and the total number before 2010 is seven. The UK is one of the most prominent Islamic finance hubs, where many Islamic transactions have been conducted in capital markets. Also, the country has several universities which have Islamic finance postgraduate degree programs. Therefore, the UK will probably be at the top list of the number of researches in IEF upcoming years. There are several emerging countries in the top ten list. Indonesia is one of them with its first document in 2014 and now in a total of 48 documents. Although the country has not produced many documents yet compared to other Southeast 10
11. Yenice , Özdemir, Koç, Looking at the ‘Big Picture’ in Islamic Economics and Finance Literature: A Bibliometric Analysis of WoS Indexed Documentsics Asian Countries, Malaysia, the country’s recent performance is promising. As similar to Indonesia, Tunisia also has its first document in 2014 and has shown a significant increase in the total number of documents. What makes Tunisia different is that the produced materials have been cited by 265 documents which are only 32 for Indonesia. Saudi Arabia, Turkey, Pakistan, Australia, France are the other countries in the top ten list with 83, 61, 47, 42, 36 documents, respectively. Table 3 The Top Ten Institutions based on the Number of Publications and Citations No Institutions Country Documents Citations 1 International Islamic University Malaysia (IIUM) Malaysia 160 258 2 International Centre for Education in Islamic Finance (INCEIF) Malaysia 47 69 3 The University of Malaya (UM) Malaysia 31 63 4 Durham University (DU) UK 29 59 5 The University of New Orleans (UNO) US 28 112 6 National University of Malaysia (NUM) Malaysia 28 13 7 Universiti Teknologi MARA (UTM) Malaysia 24 148 8 Universiti Sains Islam Malaysia Malaysia 17 13 9 King Abdul-Aziz University (KAU) Saudi Arabia 15 91 10 İstanbul Sabahattin Zaim University (İZÜ) Turkey 15 19 898 institutions from 67 countries were determined, and Malaysian institutions still have dominance. According to Table 3, which presents the top ten institutions, the first three institutions (IIUM, INCEIF, and UM) are from Malaysia, and they have 160, 47, and 31 documents, respectively. These three institutions are followed by Durham University from the UK with 29 documents. There has been a reputable research center in Durham University for more than 20 years, and qualified academics have worked, and many master’s and Ph.D. students have been graduating. There is another Western University in the top ten list, UNO from the US with 28. The personal performance of Professor Kabir Hassan, who was the recipient of Islamic Development Bank (IsDB) price in 2016 and already had plenty 11
12. Turkish Journal of Islamic Economics (TUJISE) of publications in IEF, carries UNO to the fifth in the top ten list instead of collective capacity as in Durham University. Saudi Arabia has one institution as King Abdul-Aziz University (KAU,) on the list. Turkey is another country that succeeded to be included in the top ten list by İZU, which has trilingual Islamic finance programs and good international academic staff. Especially Assoc. Prof. Buerhan Saiti is one of the main contributors to İZU to be added to the list. Figure 3 Yearly Trends by Institutions When we look at the historical trend in terms of institutions, the number of documents published by IIUM affiliated researchers has decreased in recent years (Figure 3). On the other hand, another Malaysia-based university, the University of Malaya (UM) has indicated steady growth in the number of documents. It is also noted that INCEIF significantly reached its peak level with 20 publications in 2010; however, this performance has not been kept in the following years. Two Western-based universities, NUM and DU, have shown noticeable performance in 2019. İZÜ is the new entrant in the list with significant publications in recent years. İZÜ’s first WoS indexed document was published in 2017, and it was followed by seven documents in 2018 and the same number in 2019. The Most Productive Authors and Journals Many researchers from different countries have contributed to the spread of knowledge about IEF. However, some of them have a particular position in terms of the number of publications indexed in WoS. Professor Abbas Mirakhor, who has 12
13. Yenice , Özdemir, Koç, Looking at the ‘Big Picture’ in Islamic Economics and Finance Literature: A Bibliometric Analysis of WoS Indexed Documentsics educated many qualified graduate students, is one of the representatives of the first generation in Islamic economics studies. He is the first name in the top 10 authors with 34 documents. Professor Hossein Askari, Masudul Alam Choudhury, Abul Mansur M. Masih, and Professor Syed Othman Alhabshi can also be categorized as the first generation who have 14, 12, 11, and 10 documents, respectively. First-generation scholars are followed by Professor Kabir Hassan and Professor Rusni Hassan. Kabir Hassan has one of the prominent academics in Islamic finance publications, and shortly it can be expected that he might surpass Abbas Mirakhor when considering his publishing performance. Table 4 Top Productive Authors based on the Number of Publications No Name Gender Title PhD Completion Documents Citations Year* 1 Abbas Mirakhor Male Prof. 1968 34 83 2 M. Kabir Hassan Male Prof. 1990 25 115 3 Umar A. Oseni Male Assoc. 2011 Prof. 21 64 4 Buerhan Saiti Male Assoc. 2012 Prof. 20 39 5 Salina Kassim Female Assoc. 2006 Prof 15 24 6 Hossein Askari Male Prof. 1970 14 42 7 Rusni Hassan Female Prof 1993 13 8 8 Masudul Alam Choudhury Male Prof. 1977 12 8 9 Abul Mansur M. Masih Male Prof. 1974 11 181 Obiyathulla Ismath Bacha Male Prof. 1993 10 126 Syed Othman Alhabshi Male Prof. 1983§ 10 60 Adam Abdullah Assoc. 2012 Prof 10 14 10 Male § Notes: *Collected from several open sources such as personal or university websites. Completion years of the Ph.D. of the authors are added to indicate when their scholarly activities have started. **as of 24.08.2020. § Ph.D. completion year of two authors is not available in the open sources; therefore, we asked them through email; however, we could not get any response. Thus Ph.D. completion year for Professor Rusni is estimated from her first teaching year in IIUM. For Professor Syed Othman Alhabshi, the publication year of his Ph.D. thesis in google academics is written as PhD completion year. 13
14. Turkish Journal of Islamic Economics (TUJISE) Especially in the last decade, many scholars have Ph.D. degrees in IEF, and this generation produces plenty of publications in various relevant subjects. Some of the members of this new generation have places in the top ten list. Buerhan Saiti, Umar A. Oseni, Salina Kassim, and Adam Abdullah, who have Assoc. Prof. title now succeeded to be included in the top ten list. Buerhan Saiti’s performance is attention-getting because he has many documents and high citations, although he completed his Ph.D. in only 2012. Also, Dr. Adam Abdullah, who shares the 10th with Obiyathulla Ismath Bacha and Syed Othman Alhabshi, is among the young generations have a noticeable performance with ten documents. In terms of gender diversity perspective, it is noted that there is male dominance. Only two scholars, Salina Kassim and Rusni Hassan, have succeeded in entering the top ten list. Citations 37 78 2 Journal of Islamic Accounting and Business Research (JIABR) 2010 Yes* Yes 5 Scopus 35 68 3 Al-Shajarah: Journal of The International Institute of Islamic Thought and Civilization 1996 Yes No 2 Scopus and AHCI 34 27 4 Intellectual Discourse (ID) 1993 Yes No 2 Scopus 22 31 5 ISRA International Journal of Islamic Finance (IJIF) 2009 Yes* Yes 5 Scopus and ESCI 19 7 6 Turkish Journal of Islamic Economics (TUJISE) 2014 No Yes 2 ESCI 19 3 7 International Journal of Economics Management And Accounting (IJEMA) 1987 No Yes 2 ESCI 16 15 14 Indexing Scopus and SSCI Issue Per Year 4 Publ. Fee Yes* Yes Est. 2008 Journal Name 1 International Journal of Islamic and Middle Eastern Finance and Management (IMEFM) No Documents IEF-Specific Table 5 The Productive Journals based on the Number of Publications
15. Yenice , Özdemir, Koç, Looking at the ‘Big Picture’ in Islamic Economics and Finance Literature: A Bibliometric Analysis of WoS Indexed Documentsics No 4 Scopus and SSCI 15 74 No - (1989 – 2017) 11 17 1993 Yes No 6 Scopus and SSCI 14 251 2010 Yes Yes 4 Scopus and ESCI 14 28 8 Borsa Istanbul Review 1997 9 Humanomics (1989-2017)* (19892017)* Pacific-Basin Finance Journal Journal of Islamic Marketing (JIMA) No 10 * These journals are published by Emerald, which charges a fee only if the author has preferred to publish via the gold open access route. For more information, please see Emerald Author Guideline, Access Date: 28 Aug 2020. The number of journals publishing directly in IEF has been significantly increasing recently. Currently, there are 61 journals that are publishing in different languages (Shafiq, 2019). However, eight of these journals are indexed/abstracted by qualified databases. Six of these journals succeeded to include in Table 5, specific to IEF, which are IMEFM, JIABR, IJIF, IJEMA, TUJISE, JIMA, and Emerald publishes all of them except TUJISE. The journals dedicated to IEF that are not included in the top ten journal list are Journal of King Abdul Aziz University: Islamic Economics, Journal of Islamic Economics, Banking and Finance, and International Journal of Economics, Management and Accounting (Shafiq, 2019, pp. 7–9). On the other hand, several qualified mainstream journals welcome the researches on IEF, as seen in Table 5. Borsa Istanbul, which is recently achieved to be indexed by SSCI, has 15 documents about IEF. The Most Influential Documents The most effective books and articles are determined through citation analysis of the documents. In this context, the first ten documents with the most citations in WoS are shown in Table 6. While Islamic finance-related studies have the significant majority in the most cited studies, many of those studies focused on Islamic stock markets. We encounter a similar situation in the co-citation analysis as the dominance of Islamic finance studies in IEF literature. Besides, the first three most cited articles are also in the top 10 in co-citation analysis. This situation confirms that the interest in the discipline of IEF is concentrated in Islamic finance. 15
16. Turkish Journal of Islamic Economics (TUJISE) Table 6 The Most Influential Documents Based on Citation Analysis No Author Documents Area Type Citations 1 Hayat & Kraeussl (2011) Risk and return characteristics of Islamic equity funds 2 Kuran (1995) Islamic Economics Islamic and the Islamic Article 100 Economics Subeconomy 3 Performance of global Islamic versus Ho, Abd Rahman, Yusuf, conventional & Zamzamin (2014) share indices: International evidence 4 5 Hoepner, Rammal, & Rezec (2011) Ajmi, Hammoudeh, Nguyen& Sarafrazi (2014) Islamic Capital Markets Article 109 Islamic Capital Markets Article 98 Islamic capital market Article 95 How strong are the causal relationships between Islamic Islamic stock markets stock and conventional market financial systems? Evidence from linear and nonlinear tests Article 82 Islamic mutual funds’ financial performance and international investment style: evidence from 20 countries 16
17. Yenice , Özdemir, Koç, Looking at the ‘Big Picture’ in Islamic Economics and Finance Literature: A Bibliometric Analysis of WoS Indexed Documentsics Majdoub & Mansour (2014) Islamic equity market integration and Islamic volatility spillover stock between emerging market and US stock markets Article 63 Godlewski, Turk-Ariss, & Weill (2013) Sukuk vs. conventional bonds: A stock market perspective Islamic stock market Article 63 7 Rizvi et al. (2014) An analysis of stock market efficiency: Developed vs Islamic stock markets using MF-DFA Islamic stock market Article 61 8 Stock market co-movements: Islamic versus conventional Dewandaru et al. (2014) equity indices with multitimescales analysis Islamic stock market Article 57 9 Visser (2009) Islamic Finance: Principles and Practice Islamic finance Book 10 Rizvi et al. (2015) Crises and contagion in Asia Pacific Islamic v/s conventional markets Islamic stock market Article 50 6 17 56
18. Turkish Journal of Islamic Economics (TUJISE) Co-citation Analysis Tables 7, 8, and 9 have the results of the co-citation analysis. Co-citation is different from the number of citations in other tables. While the number of citations in other tables includes the citations made within VOSviewer, co-citation consists of the studies cited jointly by the publication examined. Articles Table 7 shows us the articles in which references are made in the bibliography of 1,120 documents scanned in WoS. Co-citation articles in the IEF mean articles that nourish and direct this discipline. When the data in Table 7 are examined, it is seen that the majority of the co-cited articles are about Islamic finance. The focus of the topics is Islamic banking, Islamic stock market, and Islamic capital market. At the same time, almost all studies are empirical. These findings confirm the view that the discipline of IEF has started to “financialize” and diverge from its core philosophy (Siddiqi, 2006; Ahmed, 2012; Asutay, 2012; Bayram & Altarturi, 2020). However, the fact that there are many studies in the IEF shows that Islamic financial actors are open to development and dynamic. These studies prove that the Islamic financial industry is developing rapidly and has an academic interest in the emerging new instrument. It is noteworthy that only one article titled “Review and analysis of current Shariah-compliant equity screening practices” among the others in the top ten list was published in IEF dedicated journal, namely International Journal of Islamic and Middle Eastern Finance and Management. All other papers were published in mainstream journals, which have a high impact factor. 18
19. Yenice , Özdemir, Koç, Looking at the ‘Big Picture’ in Islamic Economics and Finance Literature: A Bibliometric Analysis of WoS Indexed Documentsics 1 Islamic vs conventional banking: business model, efficiency and stability 2 Islamic banking: Interest-free or interestbased? 3 How ‘Islamic’ is Islamic Banking? Beck, DemirgüçKunt, & Merrouche (2012) Chong & Liu (2009) F. Khan (2010) Journal of Banking & Finance Pacific-Basin Finance Journal Journal of Economic Behavior & Organization 2.205 62 Islamic Banking 1.442 Islamic 48 Banking 1.404 Islamic 37 Banking 19 This study examines the differences in business orientation, Empirical effectiveness, asset quality and stability of Islamic and conventional banks. The study examines whether Islamic banks Empirical implement the profitloss sharing paradigm or not. Does Islamic banking follow its own principles? How is it Theoretical different from traditional banking? The study seeks to answer these questions. Main Findings Method Research Focus Area Co-Citation Impact Factor* Journal Author Documents No Table 7 The top 10 influential articles based on co-citation The differences between Islamic and conventional banks regarding business models, efficiency, asset quality, or stability are very few. Although Islamic banks compared to conventional counterparts are more cost-effective in cross-country sample, the latter which operate in countries with a higher market share Islamic banks use the profitloss sharing method rarely. Islamic banks operate in a similar way to conventional banks.
20. Turkish Journal of Islamic Economics (TUJISE) 4 5 6 Islamic Banks and Investment Financing Review and analysis of current Shariahcompliant equity screening practices Islamic Banks and Financial Stability: An Empirical Analysis Aggarwal & Yousef (2000) Derigs & Marzban (2008) Čihák & Hesse (2010) Journal of Money, Credit and Banking International Journal of Islamic and Middle Eastern Finance and Management Journal of Financial Services Research 1.782 Islamic Banking This study focuses on Empirical the financing methods of Islamic banks. Islamic 32 Capital Markets In this study, the authors try to indicate the inconsistency in the Empirical different Shariah screening method by applying them in halal asset universes. 34 0. 750 1.667 32 20 Islamic Banking In the study, the financial power of Islamic banks is examined empirically by using retail and commercial banks in 19 banking systems. Empirical Islamic banks use debt-based products instead of profit-loss sharing instruments, and it is rational when the contractual environment is considered The differentiation in the methods of Shariah screening changes the universe of assets and causes inconsistencies in terms of the halal-haram distinction. So, there is a need for standardized Shariah screening norms. Small Islamic banks tend to be financially stronger than small commercial banks. It is also revealed that large commercial banks are likely to be financially stronger than large Islamic banks. On the other hand, small Islamic banks are financially stronger than large Islamic banks.
21. Yenice , Özdemir, Koç, Looking at the ‘Big Picture’ in Islamic Economics and Finance Literature: A Bibliometric Analysis of WoS Indexed Documentsics 7 Risk and return Hayat & characteristics Kraeussl of Islamic (2011) equity funds 8 Performance of global Islamic versus conventional share indices: International evidence Ho, Abd Rahman, Yusuf, & Zamzamin (2014) 9 Islamic Economics and Kuran the Islamic (1995) Subeconomy 10 Islamic banking and finance: postcolonial Pollard & political Samers economy and (2007) the decentring of economic geography Emerging Markets Review Pacific-Basin Finance Journal Journal of Economic Perspectives 2.108 1.442 N/A Transactions of the Institute 3.789 of British Geographers Islamic 30 Capital Markets The study analyses the risk and returns characteristics Empirical of 145 Islamic investment funds in the period 20002009. Islamic 30 Capital Markets This paper compares risk-adjusted performances of stock indices from the Islamic and conventional markets. 30 28 Note: *, ** Access Date: 28 Aug 2020 21 Islamic Economics It deals with the trends in Islamic economics literature from an institutional and theoretical perspective. Islamic Finance This article explores whether Islamic banking and finance has a ‘western’ character in terms of economicgeography. Empirical Theoretical Theoretical Islamic equity funds underperform compared to not only conventional but also Islamic equity benchmarks. Therefore, the authors argue that Muslim investors should prefer index-tracking funds or ETFs rather than individual IEFs to have a better performance. Islamic indices outperform compared to conventional counterparts in of the period crisis, but the results are inconclusive for non-crisis periods. It is emphasized that the Islamic economy alone does not constitute a system but a sub-economy within the capitalist system. The author argues that the Islamic economy is inadequate in analytical and theoretical terms. In the study, it is determined that Islamic finance, which is more than a banking application, has a heterogeneous structure.
22. Turkish Journal of Islamic Economics (TUJISE) Books Table 8 provides the reference works in IEF. They were published in mainstream publishing houses. All of them are focused on Islamic finance, not any of them deal with issues related to Islamic economics. It is noted that only one of them (Islamic Law and Finance: Religion, Risk, and Return) written by Western scholars, and it is the oldest one in the list. The books range from introduction to advanced, containing both theoretical and practical details. The recent publication of the books allows readers to access much information on current issues. Since the Islamic economy requires both fiqh and knowledge of economics, people working in this field must master these two disciplines. Therefore, the books in table 8 will provide readers with unique information on fiqh and the economy. Table 8 Top 5 books based on co-citation No Book Author(s) Publisher and Year Cocitation 1 Islamic El Gamal Finance: Law, (2006) Economics and Practice Cambridge University 71 Press 2 Islamic Finance in the Global Economy Edinburgh University Press Warde (2000) 22 70 Subject In the book, the basic features, institutions, legal and regulatory mechanisms of Islamic finance are discussed. The book clarifies multi-dimensional issues at a basic level. The book examines Islamic finance architecture on a global scale, including the theoretical framework of Islamic finance, practical developments, differentiation between countries, financial products and institutions.
23. Yenice , Özdemir, Koç, Looking at the ‘Big Picture’ in Islamic Economics and Finance Literature: A Bibliometric Analysis of WoS Indexed Documentsics 3 Understanding Ayub Islamic (2008) Finance John Wiley 43 & Sons Ltd. 4 Islamic Law Vogel & and Finance: Hayes Religion, Risk, (1998) and Return Springer 5 An Introduction to Islamic Finance: Theory and Practice John Wiley and Sons 25 Ltd. Zamir & Mirakhor (2011) 30 It is an introductory book for Islamic finance. Distinguishing features of Islamic finance from conventional finance, contracts in Islamic law, and Islamic finance products are explained clearly. It is a reference book for Islamic finance readers. Various topics related to Islamic finance, such as Islamic law, contracts in Islamic law, the financial performance of Islamic banking, are discussed in the book. It is a reference book that comprehensively describes Islamic finance. The book deals with Islamic finance theory and practices. One of the original aspects of the book is that it is written in a way that even someone who does not know anything about Islamic finance can understand. * Access Date: 23 Aug 2020 Authors Table 9 shows the most co-cited authors of the articles examined in WoS. This means that the authors guide the literature in IEF with their ideas and thoughts. In other words, these authors have played a leading role in the formation of the literature and have been instrumental in the formation of articles in WoS and the growth and deepening of the literature. In table 9, the authors who contributed to 23
24. Turkish Journal of Islamic Economics (TUJISE) the development of the IEF literature are from different generations. For example, Chapra and Mirakhor, early Islamic finance thinkers, were highly cited within WoS indexed documents. However, in the years when Islamic finance literature was developing, after 1980, there are also people who published and cited publications in this discipline. Timur Kuran and Beck are noteworthy in this respect. At this point, it is necessary to differentiate Beck because he is working more on conventional finance. Beck has only a few studies on Islamic banking, but numerous publications have cited them. On the other hand, it is noteworthy to mention that although Kuran is very critical in IEF, many studies have cited him, and he has become the second most cited author. This table also gives clues as to where the literature is headed. The fact that the majority of the quoted authors are working in Islamic finance and the subject of co-cited articles in Islamic finance, as (Asutay, 2012) stated, the discipline of the Islamic economy is financialized. Table 9 Top Ten Authors based on Co-Citation Analysis PhD Completion Year Name Gender Title PhD Subject Muhammad Umar Chapra Male Prof. Economics and 1961 Sociology  236 2 Timur Kuran Male Prof. Economics and Political History 1982 185 3 ‎Abbas Mirakhor Male Prof. Economics 1968 160 4 Mahmoud El-Gamal Male Prof. Economics 1988 157 1 Citations 5 Muhammad Nejatullah Siddiqi Male Prof. Economics 1966 150 6 Masudul Alam Choudhury Male Prof. Political Economy 1977 149 7 Rodney Wilson Male Prof. Economics 1972 143 Male Prof. Finance 1990 127 9 ‎Zamir Iqbal Male Prof. International finance N/A 122 10 Thorsten Beck Male Prof. Economics 1999 118 8 Mohammad Kabir Hassan * Access Date: 24 Aug 2020. 24
25. Yenice , Özdemir, Koç, Looking at the ‘Big Picture’ in Islamic Economics and Finance Literature: A Bibliometric Analysis of WoS Indexed Documentsics Figure 4 represents the network map of co-cited authors. The size of the bubbles showing the authors indicates that there are too many co-citations, and the thickness/fineness of the line between the two authors shows how many references are made to these two authors at the same time. In this network map, M. A. El-Gamal, T. Kuran, M.Chapra, Z. Iqbal, A. Mirakhor, and T. Beck are shown with larger bubbles because they have received many citations. However, El Gamal and M. Choudhury stand out in a central position, attracting attention as authors affecting many authors. In parallel, some writers are centrally located, although they do not receive many citations. This may be due to the publications of the authors being new. Examples of these are M. Asutay, M. Ayub, M. Iqbal. Although these authors have contributed to the IEF literature in the last 20-30 years, they have gained an important position in the literature. The Author Network map allows a bird’s-eye view of IEF literature and gives clues about the prominent authors. Figure 4 Co-citation Network Map based on Authors Source: Authors’ own Co-Occurrence Analysis The network map of the author keywords (Figure 5) shows how often the keywords of the documents scanned in WoS are used. The minimum number of occurrences 25
26. Turkish Journal of Islamic Economics (TUJISE) of a keyword is five, and 72 out of the total 2,087 keywords meet the threshold. Accordingly, if a keyword takes place in a large number of studies, it shows that it is in a larger font if it is in many studies at the same time, it is in a more central position, and if a keyword is close to another, they are in a study at the same time. Figure 5 Keyword Network Map Source: Authors’ own. As seen in Figure 5, the clusters reveal a very close image to each other, and this shows that a definite classification has not yet been formed in the IEF literature. The figure strongly emphasizes that finance is dominant in the IEF literature. Accordingly, banking, capital market products are central to the literature in Islamic finance. As can be seen, the concepts of Islamic economics and Islamic economy are shown in decentralized places and small fonts. Institutions with a high social impact, such as waqf, zakat and Islamic microfinance, are in a weak position. These results confirm the results encountered in many parts of this bibliometric study (please see tables 5 and 6 and the conclusion section) and the views that the IEF discipline in the literature has been financialized. 26
27. Yenice , Özdemir, Koç, Looking at the ‘Big Picture’ in Islamic Economics and Finance Literature: A Bibliometric Analysis of WoS Indexed Documentsics Conclusion In the study, IEF literature for WoS was examined by country, institution, author, and publications. Malaysia ranks first in the number of WoS publications. Parallel to the size of the Malaysian Islamic finance sector, it has a significant weight in the IEF literature. Malaysia belongs to 1st place in terms of the number of publications and citations. It also has six institutions in the top 10 according to the number of publications and citations. However, the performances of emerging countries are also remarkable. Turkey, Indonesia, and Tunisia, respectively 5, 6, and 10 have entered the top 10 list. An exciting table (see table 3) emerges as the authors are listed in terms of the number of publications indexed in WoS. Authors from different generations are included in the same table. Abbas Mirakhor, who is from the first generation, takes first place in the list, while Umar A. Oseni and Buerhan Saiti, who is considered to be the third generation, are in the 3rd and 4th place, respectively. The success of the new generations in publishing in indexed journals is remarkable. It is seen that there are not many journals that publish articles specific to the IEF discipline (See table 4). However, some conventional economics and finance journals publish articles on Islamic finance. The journal that publishes the most articles on IEF is the International Journal of Islamic and Middle Eastern Finance and Management (IMEFM). Co-citation and keyword analysis give clues to the details of the important “big picture”. Accordingly, the first 40 articles were listed in the results of the co-citation analysis. The vast majority of these articles are for Islamic finance. At the same time, Islamic finance and the Islamic capital market are at the forefront of keyword analysis. These confirm the criticisms that IEF has moved away from its basic philosophy and financialized. The scope of the paper is limited to the documents indexed by the WoS database. Therefore, future studies should be covered other relevant academic platforms which are not indexed by WoS, in the field of Islamic economics and finance. Acknowledgments We thank Mrs. Merve Yenice, who contributed to the access to open-source data. We would like to thank Mr. Ahsan Shafiq for his valuable comments. 27
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32. Turkish Journal of Islamic Economics (TUJISE) APPENDIX A: Bibliometric Data General View Documents (Articles, Conference Proceedings, Books, etc.) 1,120 Country 67 Organization 898 Author 1,444 Author Per Document 1.29 Author Key Word 2,087 First Document Date 1982 Document Type Article 828 Book Chapter 259 Proceedings Paper 124 Editorial Material 71 Book Review 50 Book 27 Review 20 Correction 3 Early Access 2 WOS Index Type Emerging Sources Citation Index 370 Social Sciences Citation Index 282 Book Citation Index-Social Sciences and Humanities 286 Conference Proceedings Citation Index-Social Sciences and Humanities 96 Arts and Humanities Citation Index 79 Conference Proceedings Citation Index-Science 31 Science Citation Index Expanded 11 Book Citation Index–Science 2 Citations Total Citation from WOS to The Documents 3,535 Average Citation from WOS Per Document 3.16 Total Cited References 31,580 Cited Reference Per Document 28.20 Total Cited Source (Journal, Conference, Book Etc.) 17,425 Total Cited Author 20,388 32
33. Yenice , Özdemir, Koç, Looking at the ‘Big Picture’ in Islamic Economics and Finance Literature: A Bibliometric Analysis of WoS Indexed Documentsics 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Malaysia USA UK Saudi Arabia Turkey Indonesia Pakistan Australia France Tunisia UAE Russia Italy Bahrain Canada Nigeria Peoples R China Egypt Iran Netherlands Germany Japan Morocco Qatar South Africa India Oman Scotland Belgium New Zealand Brunei Singapore Spain Poland 346 151 103 83 61 48 47 42 36 35 35 23 21 19 18 18 18 17 17 15 12 12 11 11 11 11 10 10 9 9 8 8 8 7 839 779 380 411 107 32 72 263 301 265 63 7 54 50 76 7 46 38 27 154 54 8 19 70 56 24 23 148 146 29 9 23 26 6 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 Bangladesh Jordan Greece Lebanon Wales Ireland Bosnia and Herzegovina Brazil Norway Serbia Algeria Ghana Kazakhstan Portugal Senegal South Korea Iraq Azerbaijan Croatia Hungary Kenya Kuwait Luxembourg Maldives Romania Slovakia Tanzania Thailand Ukraine Uzbekistan Vietnam Yemen Israel 33 5 5 4 4 4 4 3 3 3 3 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Citations Documents Country # Citations Documents Country # APPENDIX B: Countries by the number of documents 4 13 60 63 40 2 1 47 1 1 4 1 0 47 6 2 2 0 0 3 0 2 1 0 0 4 2 0 0 0 0 0 1
34. Turkish Journal of Islamic Economics (TUJISE) APPENDIX C: Co-citation articles top 30 Con. Articles 11 12 13 14 15 16 17 18 19 20 Author(s) and Topic-Subtopic Year Investigation of performance Abdullah, Hassan, Islamic Finance- Islamic of Malaysian Islamic &Mohamad (2007) stock market unit trust funds How strong are the causal Ajmi, Islamic Finance-Islamic relationships between Hammoudeh, stock market Islamic stock markets and Nguyen& Sarafrazi conventional financial (2014) systems? Evidence from linear and nonlinear tests Islamic mutual funds’ Hoepner, Rammal, Islamic Finance- Islamic financial performance and & Rezec (2011) capital market international investment style: evidence from 20 countries Innovation in the structuring Wilson (2008) Islamic Finance- Islamic of Islamic sukuk securities capital market Why the Middle Kuran (2004) Islamic economicsEast is Economically Political economy Underdeveloped: Historical Mechanisms of Institutional Stagnation A Comparative Literature Hassan & Kabir Islamic Finance –Islamic Survey of Islamic Finance (2001) banking and finance and Banking Do Islamic stock indexes Al-Khazali, Lean, & Islamic Finance- Islamic outperform conventional Samet (2014) stock market stock indexes? A stochastic dominance approach Sukuk vs. conventional Godlewski, Turk- Islamic Finance- Islamic bonds: A stock market Ariss, & Weill capital market perspective (2013) Matching perception with Ashraf & Islamic Finance- Islamic the reality—Performance of Mohammad stock market Islamic equity investments (2014) New strategies and a new Derigs & Marzban Islamic Finance- Islamic paradigm for Shariah(2009) stock market compliant portfolio optimization 34
35. Yenice , Özdemir, Koç, Looking at the ‘Big Picture’ in Islamic Economics and Finance Literature: A Bibliometric Analysis of WoS Indexed Documentsics 21 22 23 24 25 26 27 28 29 30 Why do Malaysian customers patronise Islamic banks? Attıtudes, Behavıour And Patronage Factors Of Bank Customers Towards Islamıc Banks Is There a Cost to FaithBased Investing: Evidence from FTSE Islamic Indices Dusuki & Abdullah (2007) Erol & El-Bdour (1989) Islamic Finance-Islamic banking Islamic Finance-Islamic banking Girard & Hassan (2008) Islamic Finance-Islamic stock market Dynamic dependence of the global Islamic equity index with global conventional equity market indices and risk factors Ethical Investment Revisited: Evidence from Dow Jones Islamic Indexes Risk in Islamic Banking Hammoudeh, Mensi, Reboredo, & Nguyen (2014) Islamic Finance-Islamic stock market Hussein & Omran (2005) Islamic Finance-Islamic stock market Abedifar, Molyneux, & Tarazi (2013) Of Religion and Redemption: Baele, Farooq, & Evidence from Default on Ongena (2014) Islamic Loans Are Islamic bonds different Alam, Hassan, & from conventional bonds? Haque (2013) International evidence from capital market tests Islamic equity market Majdoub & integration and volatility Mansour (2014) spillover between emerging and US stock markets Banking behavior of Islamic Metawa & bank customers: perspectives Almossawi (1998) and implications Islamic Finance-Islamic banking 35 Islamic Finance- Islamic banking Islamic Finance-Islamic capital market Islamic Finance-Islamic stock market Islamic Finance-Islamic banking
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