Heliyon (Nov 2023)
The integration of Islamic social and commercial finance (IISCF): Systematic literature review, bibliometric analysis, conceptual framework, and future research opportunities
Abstract
Islamic social finance has yet to match the rapid growth of the Islamic commercial finance sector. However, the two sectors’ integration has been effective in addressing various economic and social issues confronting the Ummah (people). This study aims to survey and map the literature on the integration of Islamic social and commercial finance (IISCF) between 1979 and 2023 to better understand the implementation of this driving force in supporting the various needs of people and the economy. The originality of this research stems from its methodology of combining a systematic literature review and bibliographic mapping to investigate research trends, major topics of interest, critical lessons learned, and propose a conceptual framework to guide future research opportunities on the IISCF theme. The study found that the proposed model is the most discussed topic in the available research on IISCF (49.43 %), followed by integration practice and impact (24.14 %), issues and challenges (16.09 %), and behaviour (10.34 %), respectively. Waqf asset development and entrepreneurship are two dominant sub-topics discussed in the proposed model topic, thus indicating the critical purpose of integration: to achieve the sustainability and broader welfare of the Ummah. Further, the current research shows that IISCF is increasingly in demand, while the application of technology is simultaneously becoming more prominent in supporting integration. This study contributes to the enrichment of Islamic finance theory and the mapping of IISCF over the last 50 years. From a practical standpoint, the study results can be used to improve and determine the future strategies required for a more effective IISCF, which will be carried out globally by many stakeholders, particularly the government, related regulators, the Islamic finance industry, academics, and the Muslim community.
