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A Survey of Islamic Finance Literature: Influential Publications and Recent Discussions

Yıl 2022, Cilt: 12 Sayı: 2, 267 - 300, 31.12.2022
https://doi.org/10.31679/adamakademi.1092208

Öz

Research in the field of Islamic finance has increased significantly in the last six years. Between 1982 and 2021, 1055 research papers were published in high-quality journals while 30% of them have at least three citations per year on average and 84% of them have been published in the last six years. This study examines 262 research articles that have been identified as effective and current publications in the field of Islamic finance in journals belonging to the SSCI index. It also reveals the institutions and researchers that direct the studies in the field of Islamic finance. Finally, this study identifies the problems and gaps in the literature and offers suggestions for future studies.

Kaynakça

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Uluslararası İslami Finans Literatürü İncelemesi: Etkin Yayınlar ve Güncel Tartışmalar

Yıl 2022, Cilt: 12 Sayı: 2, 267 - 300, 31.12.2022
https://doi.org/10.31679/adamakademi.1092208

Öz

İslami finans alanındaki araştırmalar özellikle son altı yılda ciddi bir artış kaydetti. 1982 ve 2021 yılları arasında 1055 tane araştırma makalesi yüksek kaliteli dergilerde yayınlanırken bunların %30’u yıllık ortalama en az üç atıf alırken %84’ü son altı yılda gerçekleşti. Bu çalışma SSCI dizinine ait dergilerde İslami finans alanında etkin ve güncel yayın olarak tespit edilen 262 araştırma makalesini detaylı olarak incelemektedir. Ayrıca, İslami finans alanındaki çalışmalara yön veren kurumları ve araştırmacıları ortaya koymaktadır. Son olarak bu çalışma literatürdeki sorunları ve boşlukları tespit edip ileride yapılacak çalışmalar için öneriler sunmaktadır.

Kaynakça

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  • Hassan, M. K., & Aliyu, S. (2018). A contemporary survey of islamic banking literature. Journal of Financial Stability, 34, 12–43. https://doi.org/10.1016/j.jfs.2017.11.006
  • Hassan, M. K., Khan, A., & Paltrinieri, A. (2019). Liquidity risk, credit risk and stability in Islamic and conventional banks. Research in International Business and Finance, 48, 17–31. https://doi.org/10.1016/j.ribaf.2018.10.006
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  • Mensi, W., Hammoudeh, S., Reboredo, J. C., & Nguyen, D. K. (2015). Are Sharia stocks, gold and U.S. Treasury hedges and/or safe havens for the oil-based GCC markets? Emerging Markets Review, 24, 101–121. https://doi.org/10.1016/j.ememar.2015.05.007
  • Mensi, W., Hammoudeh, S., & Tiwari, A. K. (2016). New evidence on hedges and safe havens for Gulf stock markets using the wavelet-based quantile. Emerging Markets Review, 28, 155–183. https://doi.org/10.1016/j.ememar.2016.08.003
  • Mensi, W., Hammoudeh, S., Yoon, S.-M., & Balcilar, M. (2017). Impact of macroeconomic factors and country risk ratings on GCC stock markets: evidence from a dynamic panel threshold model with regime switching. Applied Economics, 49(13), 1255–1272. https://doi.org/10.1080/00036846.2016.1217305
  • Mensi, W., Ur Rehman, M., Maitra, D., Hamed Al-Yahyaee, K., & Sensoy, A. (2020). Does bitcoin co-move and share risk with Sukuk and world and regional Islamic stock markets? Evidence using a time-frequency approach. Research in International Business and Finance, 53(April), 101230. https://doi.org/10.1016/j.ribaf.2020.101230
  • Merdad, H. J., Kabir Hassan, M., & Hippler, W. J. (2015). The Islamic risk factor in expected stock returns: an empirical study in Saudi Arabia. Pacific-Basin Finance Journal, 34, 293–314. https://doi.org/10.1016/j.pacfin.2015.04.001
  • Meslier, C., Risfandy, T., & Tarazi, A. (2017). Dual market competition and deposit rate setting in Islamic and conventional banks. Economic Modelling, 63(July 2016), 318–333. https://doi.org/10.1016/j.econmod.2017.02.013
  • Mezghani, T., & Boujelbène, M. (2018). The contagion effect between the oil market, and the Islamic and conventional stock markets of the GCC country. International Journal of Islamic and Middle Eastern Finance and Management, 11(2), 157–181. https://doi.org/10.1108/IMEFM-08-2017-0227
  • Mohamed, H. H., Masih, M., & Bacha, O. I. (2015). Why do issuers issue Sukuk or conventional bond? Evidence from Malaysian listed firms using partial adjustment models. Pacific Basin Finance Journal, 34, 233–252. https://doi.org/10.1016/j.pacfin.2015.02.004
  • Mohammad, N., & Ashraf, D. (2015). The market timing ability and return performance of Islamic equities: An empirical study. Pacific-Basin Finance Journal, 34, 169–183. https://doi.org/10.1016/j.pacfin.2015.07.001
  • Mollah, S., Hassan, M. K., Al Farooque, O., & Mobarek, A. (2017). The governance, risk-taking, and performance of Islamic banks. Journal of Financial Services Research, 51(2), 195–219. https://doi.org/10.1007/s10693-016-0245-2
  • Musa, H., Natorin, V., Musova, Z., & Durana, P. (2020). Comparison of the efficiency measurement of the conventional and Islamic banks. Oeconomia Copernicana, 11(1), 29–58. https://doi.org/10.24136/oc.2020.002
  • Nagano, M. (2017). Sukuk issuance and information asymmetry: Why do firms issue sukuk ? Pacific-Basin Finance Journal, 42, 142–157. https://doi.org/10.1016/j.pacfin.2016.12.005
  • Najeeb, S. F., Bacha, O., & Masih, M. (2015). Does Heterogeneity in Investment Horizons Affect Portfolio Diversification? Some Insights Using M-GARCH-DCC and Wavelet Correlation Analysis. Emerging Markets Finance and Trade, 51(1), 188–208. https://doi.org/10.1080/1540496X.2015.1011531
  • Naqvi, B., Rizvi, S. K. A., Mirza, N., & Reddy, K. (2018). Religion based investing and illusion of Islamic Alpha and Beta. Pacific-Basin Finance Journal, 52(2017), 82–106. https://doi.org/10.1016/j.pacfin.2018.02.003
  • Narayan, P. K., & Bannigidadmath, D. (2017). Does Financial News Predict Stock Returns? New Evidence from Islamic and Non-Islamic Stocks. Pacific Basin Finance Journal, 42, 24–45. https://doi.org/10.1016/j.pacfin.2015.12.009
  • Narayan, P. K., Narayan, S., Bach Phan, D. H., Sivananthan Thuraisamy, K., & Tran, V. T. (2017). Credit quality implied momentum profits for Islamic stocks. Pacific-Basin Finance Journal, 42, 11–23. https://doi.org/10.1016/j.pacfin.2015.11.004
  • Narayan, P. K., & Phan, D. H. B. (2017). Momentum strategies for Islamic stocks. Pacific Basin Finance Journal, 42, 96–112. https://doi.org/10.1016/j.pacfin.2016.05.015
  • Narayan, P. K., & Phan, D. H. B. (2019). A survey of Islamic banking and finance literature: Issues, challenges and future directions. Pacific Basin Finance Journal, 53, 484–496. https://doi.org/10.1016/j.pacfin.2017.06.006
  • Narayan, P. K., Phan, D. H. B., Sharma, S. S., & Westerlund, J. (2016). Are Islamic stock returns predictable? A global perspective. Pacific-Basin Finance Journal, 40, 210–223. https://doi.org/10.1016/j.pacfin.2016.08.008
  • Nawaz, T. (2019). Exploring the Nexus Between Human Capital, Corporate Governance and Performance: Evidence from Islamic Banks. Journal of Business Ethics, 157(2), 567–587. https://doi.org/10.1007/s10551-017-3694-0
  • Nazlioglu, S., Hammoudeh, S., & Gupta, R. (2015). Volatility transmission between Islamic and conventional equity markets: evidence from causality-in-variance test. Applied Economics, 47(46), 1–16. https://doi.org/10.1080/00036846.2015.1039705
  • Rashid, A., Yousaf, S., & Khaleequzzaman, M. (2017). Does Islamic banking really strengthen financial stability? Empirical evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management, 10(2), 130–148. https://doi.org/10.1108/IMEFM-11-2015-0137
  • Reddy, K., Mirza, N., Naqvi, B., & Fu, M. (2017). Comparative risk adjusted performance of Islamic, socially responsible and conventional funds: Evidence from United Kingdom. Economic Modelling, 66(July 2016), 233–243. https://doi.org/10.1016/j.econmod.2017.07.007
  • Rehman, M. U., Asghar, N., & Kang, S. H. (2020). Do Islamic indices provide diversification to bitcoin? A time-varying copulas and value at risk application. Pacific-Basin Finance Journal, 61(February), 101326. https://doi.org/10.1016/j.pacfin.2020.101326
  • Rizvi, S. A. R., Arshad, S., & Alam, N. (2015). Crises and contagion in Asia Pacific — Islamic v/s conventional markets. Pacific-Basin Finance Journal, 34, 315–326. https://doi.org/10.1016/j.pacfin.2015.04.002
  • Rizvi, S. A. R., Narayan, P. K., Sakti, A., & Syarifuddin, F. (2020). Role of Islamic banks in Indonesian banking industry: an empirical exploration. Pacific-Basin Finance Journal, 62(August 2018), 101117. https://doi.org/10.1016/j.pacfin.2019.02.002
  • Safiullah, M., & Shamsuddin, A. (2018). Risk in Islamic banking and corporate governance. Pacific-Basin Finance Journal, 47, 129–149. https://doi.org/10.1016/j.pacfin.2017.12.008
  • Safiullah, M., & Shamsuddin, A. (2019). Risk-adjusted efficiency and corporate governance: Evidence from Islamic and conventional banks. Journal of Corporate Finance, 55, 105–140. https://doi.org/10.1016/j.jcorpfin.2018.08.009
  • Saif-Alyousfi, A. Y. H., Saha, A., & Md-Rus, R. (2018). Impact of oil and gas price shocks on the non-performing loans of banks in an oil and gas-rich economy. International Journal of Bank Marketing, 36(3), 529–556. https://doi.org/10.1108/IJBM-05-2017-0087
  • Saif-Alyousfi, A. Y. H., Saha, A., Md-Rus, R., & Taufil-Mohd, K. N. (2021). Do oil and gas price shocks have an impact on bank performance? Journal of Commodity Markets, 22, 100147. https://doi.org/10.1016/j.jcomm.2020.100147
  • Saiti, B., Bacha, O. I., & Masih, M. (2016). Testing the Conventional and Islamic Financial Market Contagion: Evidence from Wavelet Analysis. Emerging Markets Finance and Trade, 52(8), 1832–1849. https://doi.org/10.1080/1540496X.2015.1087784
  • Saiti, B., & Noordin, N. H. (2018). Does Islamic equity investment provide diversification benefits to conventional investors? Evidence from the multivariate GARCH analysis. International Journal of Emerging Markets, 13(1), 267–289. https://doi.org/10.1108/IJoEM-03-2017-0081
  • Saleh, A. S., Moradi-Motlagh, A., & Zeitun, R. (2020). What are the drivers of inefficiency in the Gulf Cooperation Council banking industry? A comparison between conventional and Islamic banks. Pacific Basin Finance Journal, 60(May 2019), 101266. https://doi.org/10.1016/j.pacfin.2020.101266
  • Sarı, E. S., & Güngör, N. (2018). TÜRKİYE’ DE KATILIM BANKACILIĞI ALANINDA HAZIRLANMIŞ LİSANSÜSTÜ ÇALIŞMALAR : BİR LİTERATÜR İNCELEMESİ. Üçüncü Sektör Sosyal Ekonomi, 53(3), 1313–1322. https://doi.org/10.15659/3.sektor-sosyal-ekonomi.18.12.1047
  • Sayani, H. (2015). Customer satisfaction and loyalty in the United Arab Emirates banking industry. International Journal of Bank Marketing, 33(3), 351–375. https://doi.org/10.1108/IJBM-12-2013-0148
  • Sensoy, A. (2016). Systematic Risk in Conventional and Islamic Equity Markets. International Review of Finance, 16(3), 457–466. https://doi.org/10.1111/irfi.12077
  • Sensoy, A., Aras, G., & Hacihasanoglu, E. (2015). Predictability dynamics of Islamic and conventional equity markets. The North American Journal of Economics and Finance, 31, 222–248. https://doi.org/10.1016/j.najef.2014.12.001
  • Shahzad, S. J. H., Ferrer, R., Ballester, L., & Umar, Z. (2017). Risk transmission between Islamic and conventional stock markets: A return and volatility spillover analysis. International Review of Financial Analysis, 52, 9–26. https://doi.org/10.1016/j.irfa.2017.04.005
  • Shome, A., Jabeen, F., & Rajaguru, R. (2018). What drives consumer choice of Islamic banking services in the United Arab Emirates? International Journal of Islamic and Middle Eastern Finance and Management, 11(1), 79–95. https://doi.org/10.1108/IMEFM-03-2017-0066
  • Souiden, N., & Rani, M. (2015). Consumer attitudes and purchase intentions toward Islamic banks: the influence of religiosity. International Journal of Bank Marketing, 33(2), 143–161. https://doi.org/10.1108/IJBM-10-2013-0115
  • Sun, P. H., Mohamad, S., & Ariff, M. (2017). Determinants driving bank performance: A comparison of two types of banks in the OIC. Pacific-Basin Finance Journal, 42, 193–203. https://doi.org/10.1016/j.pacfin.2016.02.007
  • Trabelsi, L., Bahloul, S., & Mathlouthi, F. (2020). Performance analysis of Islamic and conventional portfolios: The emerging markets case. Borsa Istanbul Review, 20(1), 48–54. https://doi.org/10.1016/j.bir.2019.09.002
  • Trad, N., Trabelsi, M. A., & Goux, J. F. (2017). Risk and profitability of Islamic banks: A religious deception or an alternative solution? European Research on Management and Business Economics, 23(1), 40–45. https://doi.org/10.1016/j.iedeen.2016.09.001
  • Tuna, G. (2019). Interaction between precious metals price and Islamic stock markets. International Journal of Islamic and Middle Eastern Finance and Management, 12(1), 96–114. https://doi.org/10.1108/IMEFM-06-2017-0143
  • Uddin, G. S., Hernandez, J. A., Shahzad, S. J. H., & Yoon, S. (2018). Time-varying evidence of efficiency, decoupling, and diversification of conventional and Islamic stocks. International Review of Financial Analysis, 56(January), 167–180. https://doi.org/10.1016/j.irfa.2018.01.008
  • Umar, Z. (2017). Islamic vs conventional equities in a strategic asset allocation framework. Pacific-Basin Finance Journal, 42, 1–10. https://doi.org/10.1016/j.pacfin.2015.10.006
  • Usman, M., Qamar Jibran, M. A., Amir-ud-Din, R., & Akhter, W. (2019). Decoupling hypothesis of Islamic stocks: Evidence from copula CoVaR approach. Borsa Istanbul Review, 19, S56–S63. https://doi.org/10.1016/j.bir.2018.09.001
  • Wanke, P., Azad, M. A. K., & Barros, C. P. (2016). Financial distress and the Malaysian dual baking system: A dynamic slacks approach. Journal of Banking & Finance, 66, 1–18. https://doi.org/10.1016/j.jbankfin.2016.01.006
  • Wanke, P., Azad, M. A. K., Barros, C. P., & Hassan, M. K. (2016). Predicting efficiency in Islamic banks: An integrated multicriteria decision making (MCDM) approach. Journal of International Financial Markets, Institutions and Money, 45(Mcdm), 126–141. https://doi.org/10.1016/j.intfin.2016.07.004
  • Wasiuzzaman, S., & Al-Musehel, N. A. (2018). Mood, religious experience and the Ramadan effect. International Journal of Emerging Markets, 13(1), 290–307. https://doi.org/10.1108/IJoEM-01-2017-0001
  • Widiarto, I., & Emrouznejad, A. (2015). Social and financial efficiency of Islamic microfinance institutions: A Data Envelopment Analysis application. Socio-Economic Planning Sciences, 50, 1–17. https://doi.org/10.1016/j.seps.2014.12.001
  • Wu, H. C., Cheng, C. C., & Hussein, A. S. (2019). What drives experiential loyalty towards the banks? The case of Islamic banks in Indonesia. International Journal of Bank Marketing, 37(2), 595–620. https://doi.org/10.1108/IJBM-04-2018-0101
  • Yildirim, R., Masih, M., & Bacha, O. I. (2018). Determinants of capital structure: evidence from Shari’ah compliant and non-compliant firms. Pacific-Basin Finance Journal, 51, 198–219. https://doi.org/10.1016/j.pacfin.2018.06.008
  • Zafar, M. B., & Sulaiman, A. A. (2020). Measuring corporate social responsibility in Islamic banking: what matters? International Journal of Islamic and Middle Eastern Finance and Management, 13(3), 357–388. https://doi.org/10.1108/IMEFM-05-2019-0227
  • Zaremba, A., Karathanasopoulos, A., Maydybura, A., Czapkiewicz, A., & Bagheri, N. (2020). Dissecting anomalies in Islamic stocks: Integrated or segmented pricing? Pacific Basin Finance Journal, 62(December 2017), 0–1. https://doi.org/10.1016/j.pacfin.2018.05.006
  • Zarrouk, H., Ben Jedidia, K., & Moualhi, M. (2016). Is Islamic bank profitability driven by same forces as conventional banks? International Journal of Islamic and Middle Eastern Finance and Management, 9(1), 46–66. https://doi.org/10.1108/IMEFM-12-2014-0120
  • Zins, A., & Weill, L. (2017). Islamic banking and risk: The impact of Basel II. Economic Modelling, 64(August 2016), 626–637. https://doi.org/10.1016/j.econmod.2017.05.001
Toplam 146 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Murat Yaş 0000-0002-2282-6423

Yayımlanma Tarihi 31 Aralık 2022
Gönderilme Tarihi 23 Mart 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 12 Sayı: 2

Kaynak Göster

APA Yaş, M. (2022). Uluslararası İslami Finans Literatürü İncelemesi: Etkin Yayınlar ve Güncel Tartışmalar. Adam Academy Journal of Social Sciences, 12(2), 267-300. https://doi.org/10.31679/adamakademi.1092208

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