An Analysis of Islamic Stock Markets Literature: Trends, Emerging Themes and Future Prospects

Abstract

This study aims to provide a comprehensive overview of current knowledge, highlight research gaps, and identify emerging trends to guide future research in the area of Islamic stock markets. It addresses the lack of a thorough bibliometric analysis in this area using reliable databases such as Scopus. The study applied a bibliometric analysis on 624 documents retrieved from the Scopus database using certain criteria. The Bibliometrix R package was used to perform the analysis. In this way, the most prolific affiliations, authors, documents, scientific networks between different countries, co-occurrence and co-citation networks, and trends in the research field were identified in the study. The results reveal that Pacific Basin Finance Journal and International Journal of Islamic and Middle Eastern Finance and Management are the journals that contribute the most in this field. The results also reveals that the most influential authors are M. Masih and S. Hammoudeh. Malaysian universities are the most productive institutions, while Malaysia is the most cooperative country according to the country cooperation network. The most studied topics in this field are the comparison of Islamic and conventional stock markets in terms of performance and volatility spillovers between them. New topics within Islamic stock markets research field have focused more COVID-19 and bitcoin. Most of the bibliometric studies in the field of Islamic finance have focused on Islamic banking, sukuk, Islamic capital markets and takaful.