Islamic Social Finance in Indonesia: Literature Review
DOI:
https://doi.org/10.63321/jise.v2i2.80Keywords:
Islamic Social Finance, Bibliometric, Content AnalysisAbstract
The development of the Islamic financial sector has grown rapidly. This can be seen from the development of Islamic finance research, which continues to grow every year. As highlighted in previous research, there are still gaps in our knowledge of what and how Islamic finance will evolve, especially in Islamic social finance. This research analyzes the evolution of the literature from 2013 to 2025 to find out how to fill the knowledge gap in the field of Islamic social finance. This research uses two methods, namely bibliometrics and Systematic Literature Review (SLR). The data used in the analysis is secondary data taken from the Scopus web. The results of bibliometric analysis show that the last 13 years of Islamic social finance research have increased by 80%, with the main focus on Islamic banks, zakat, and waqf. Next, a content analysis of the findings of the four main research streams we conducted. Finally, we present four research questions that can be explored in the future. The findings have a number of implications for the state of the Islamic social finance literature, including study gaps and potential future research initiatives.
Downloads
References
Abdullahi, S.I. (2019), "Zakah as tool for social cause marketing and corporate charity: a conceptual study", Journal of Islamic Marketing, Vol. 10 No. 1, pp. 191-207. https://doi.org/10.1108/JIMA-03-2017-0025
Abu Bakar, R., Cooke, F. L., & Muenjohn, N. (2018). Religiosity as a source of influence on work engagement: a study of the Malaysian Finance industry. The International Journal of Human Resource Management, 29(18), 2632-2658. https://doi.org/10.1080/09585192.2016.1254103
Ahmad, S., Lensink, R., & Mueller, A. (2020). The double bottom line of microfinance: A global comparison between conventional and Islamic microfinance. World Development, 136, 105130. https://doi.org/10.1016/j.worlddev.2020.105130
Akram Laldin, M. and Furqani, H. (2013), "Developing Islamic finance in the framework of maqasidal- Shari'ah : Understanding the ends (maqasid) and the means (wasa'il)", International Journal of Islamic and Middle Eastern Finance and Management, Vol. 6 No. 4, pp. 278-289. https://doi.org/10.1108/IMEFM-05-2013-0057
Al-Malkawi, H.-A.N. and Javaid, S. (2018), "Corporate social responsibility and financial performance in Saudi Arabia: Evidence from Zakat contribution", Managerial Finance, Vol. 44 No. 6, pp. 648-664. https://doi.org/10.1108/MF-12-2016-0366
Alamer, A. R. A., Salamon, H. B., Qureshi, M. I., & Rasli, A. M. (2015). How do we measure corporate social responsibility of Islamic banks through their business processes and oriented outcomes?.International Journal of Economics andFinancial Issues, 5(1), 190-197.
Alkhan, A. M., & Hassan, M. K. (2021). Does Islamic microfinance serve maqāsid al-shari'a?. Borsa Istanbul Review, 21(1), 57-68. https://doi.org/10.1016/j.bir.2020.07.002
Ali Aribi, Z., & Arun, T. (2015). Corporate social responsibility and Islamic financial institutions (IFIs): Management perceptions from IFIs in Bahrain. Journal.
Ali, M.M., Devi, A., Furqani, H. and Hamzah, H. (2020), "Islamic financial inclusion determinants in Indonesia: an ANP approach", International Journal of Islamic and Middle Eastern Finance and Management, Vol. 13 No. 4, pp. 727-747. https://doi.org/10.1108/IMEFM-01-2019-0007
Ascarya, A. (2022), "The role of Islamic social finance during Covid-19 pandemic in Indonesia’s economic recovery", International Journal of Islamic and Middle Eastern Finance and Management, Vol. 15 No. 2, pp. 386-405. https://doi.org/10.1108/IMEFM-07-2020-0351
Aziz, M. N., & Mohamad, O. B. (2016). Islamic social business to alleviate poverty and social inequality. International Journal of Social Economics, 43(6), 573-592https://doi.org/10.1108/IJSE-06-2014-0129
Baber, H. (2020). FinTech, crowdfunding and customer retention in Islamic banks. Vision, 24(3), 260-268. https://doi.org/10.1177/0972262919869765
Bae, S.M., Masud, M.A.K., Rashid, M.H.U. and Kim, J.D. (2022), "Determinants of climate financing and the moderating effect of politics: evidence from Bangladesh", Sustainability Accounting, Management and Policy Journal, Vol. 13 No. 1, pp. 247-272. https://doi.org/10.1108/SAMPJ- 04-2019-0157
Bassens, D., Engelen, E., Derudder, B., & Witlox, F. (2013). Securitization across borders: organizational mimicry in Islamic finance. Journal of Economic Geography, 13(1), 85-106. https://doi.org/10.1093/jeg/lbs007
Belal, A.R., Abdelsalam, O. & Nizamee, S.S. Ethical Reporting in Islami Bank Bangladesh Limited (1983–2010). J Bus Ethics 129, 769–784 (2015). https://doi.org/10.1007/s10551-014-2133-8
Bertoli-Barsotti, L., & Lando, T. (2017). A theoretical model of the relationship between the h-indexand other simple citation indicators. Scientometrics, 111, 1415-1448. https://link.springer.com/article/10.1007/s11192-017-2351-9
Blongkod, H., Rasjid, H., HAMIN, D. I., & Mahmud, M. (2023). Measuring the Performance of Sharia Commercial Banks in Indonesia Using the Islamicity Performance Index (IPI) and Maqashid Sharia Index (MSI). Quality-Access to Success, 24(196). https://doi.org/10.47750/QAS/24.196.14
Budiman, M. A. (2014). The significance of waqf for economic development. Jurnal Equilibrium, 2(1), 19-34. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2995473
Bukair, A.A. and Abdul Rahman, A. (2015), "Bank performance and board of directors attributes by Islamic banks", International Journal of Islamic and Middle Eastern Finance and Management, Vol. 8 No. 3, pp. 291-309. https://doi.org/10.1108/IMEFM-10-2013-0111
Butt, H. A., Sadaqat, M., & Shear, F. (2023). Does Islamic financial development foster economic growth? International evidence. Journal of Islamic Accounting and Business Research, 14(6), 1013-1029. https://doi.org/10.1108/JIABR-10-2022-0267
Chaudhary, S., Dhir, A., Ferraris, A., & Bertoldi, B. (2021). Trust and reputation in family businesses: A systematic literature review of past achievements and future promises. Journalof Business Research, 137, 143-161. https://doi.org/10.1016/j.jbusres.2021.07.052
Choi, S. D., Guo, L., Kang, D., & Xiong, S. (2017). Exergame technology and interactive interventions for elderly fall prevention: A systematic literature review. Applied ergonomics, 65, 570-581. https://doi.org/10.1016/j.apergo.2016.10.013
Choudhri, A. F., Siddiqui, A., Khan, N. R., & Cohen, H. L. (2015). Understanding bibliometric parameters and analysis. Radiographics, 35(3), 736-
https://doi.org/10.1148/rg.2015140036
Di Vaio, A., Palladino, R., Hassan, R., & Escobar, O. (2020). Artificial intelligence and business models in the sustainable development goals perspective: A systematic literature review. Journal of Business Research, 121, 283-314. https://doi.org/10.1016/j.jbusres.2020.08.019
Durach, C. F., Kembro, J., & Wieland, A. (2017). A new paradigm for systematic literature reviews in supply chain management. Journal of Supply Chain Management, 53(4), 67-85. https://doi.org/10.1111/jscm.12145
Fernández-Alemán, J. L., Señor, I. C., Lozoya, P. Á. O., & Toval, A. (2013). Security and privacy in electronic health records: A systematic literature review. Journal of biomedical informatics, 46(3), 541-562. https://doi.org/10.1016/j.jbi.2012.12.003
Fithria, A., Sholihin, M., Arief, U., & Anindita, A. (2021). Management ownership and the performance of Islamic microfinance institutions: a panel data analysis of Indonesian Islamic rural banks. International Journal of Islamic and Middle Eastern Finance and Management, 14(5), 950-966. https://doi.org/10.1108/IMEFM-05-2020-0257
Lebdaoui, H. and Wild, J. (2016), "Islamic banking presence and economic growth in Southeast Asia",
International Journal of Islamic and Middle Eastern Finance and Management, Vol. 9 No.4, pp. 551-569. https://doi.org/10.1108/IMEFM-03-2015-0037
Gümüsay, A. A. (2020). The potential for plurality and prevalence of the religious institutional logic.Business & Society, 59(5), 855-880. https://doi.org/10.1177/0007650317745634
Hachicha, N. and Ben Amar, A. (2015), "Does Islamic bank financing contribute to economic growth? The Malaysian case", International Journal of Islamic and Middle Eastern Finance and Management, Vol. 8 No. 3, pp. 349-368. https://doi.org/10.1108/IMEFM-07-2014-0063
Hamed, M. M. (2020). The role of Islamic social finance in mitigating humanitarian crises. European Journal of Islamic Finance, (16). https://doi.org/10.13135/2421-2172/4937
Hamidi, M. L., & Worthington, A. C. (2023). Beyond the triple bottom line: Prosperity, People, Planet, and Prophet in Islamic banking. Journal of Islamic Marketing, 14(2), 394-409. https://doi.org/10.1108/JIMA-02-2021-0036
Hanushek, E. A. (2013). Economic growth in developing countries: The role of human capital. Economics of education review, 37, 204-212. https://doi.org/10.1016/j.econedurev.2013.04.005
Haridan, N. M., Hassan, A. F., & Karbhari, Y. (2018). Governance, religious assurance and Islamic banks: Do Shariah boards effectively serve?. Journal of Management and Governance, 22, 1015- 1043. https://link.springer.com/article/10.1007/s10997-018-9418-8
Harun, F. M., Possumah, B. T., Shafiai, M. H. B. M., & Noor, A. H. M. (2016). Issues and economic role of waqf in higher education institution. https://doi.org/10.15408/ijies.v8i1.2514
Hicks, D., & Melkers, J. (2013). Bibliometrics as a tool for research evaluation. Handbookon the theory and practice of program evaluation, 323- 349.http://works.bepress.com/diana_hicks/31/
Ho, C.S.F. (2015), "International comparison of Shari’ah compliance screening standards",International Journal of Islamic and Middle Eastern Finance and Management, Vol.8 No. 2,pp. 222-245. https://doi.org/10.1108/IMEFM-07-2014-0065
Iman, A.H.M. and Mohammad, M.T.S.H. (2017), "Waqf as a framework for entrepreneurship", Humanomics, Vol. 33 No. 4, pp. 419-440. https://doi.org/10.1108/H-01-2017-0015
Kaakeh, A., Hassan, M.K. and Van Hemmen Almazor, S.F. (2019), "Factors affecting customers’ attitude towards Islamic banking in UAE", International Journal of Emerging Markets, Vol. 14 No.4, pp. 668-688. https://doi.org/10.1108/IJOEM-11-2017-0502
Kaakeh, A., Hassan, M.K. and van Hemmen Almazor, S.F. (2018), "Attitude of Muslim minority in Spain towards Islamic finance", International Journal of Islamic and Middle Eastern Finance andManagement, Vol. 11 No. 2, pp. 213-230. https://doi.org/10.1108/IMEFM-11-2017-0306
Kallamu, B.S. and Saat, N.A.M. (2015), "Audit committee attributes and firm performance: evidence from Malaysian finance companies", Asian Review of Accounting, Vol. 23 No. 3, pp. 206-231. https://doi.org/10.1108/ARA-11-2013-0076
Kamla, R. and G. Rammal, H. (2013), "Social reporting by Islamic banks: does social justice matter?", Accounting, Auditing & Accountability Journal, Vol. 26 No. 6, pp. 911- 945. https://doi.org/10.1108/AAAJ-03-2013-1268
Karlan, D., Osman, A., & Shammout, N. (2021). Increasing financial inclusion in the Muslim world: Evidence from an islamic finance marketing experiment. The World Bank Economic Review, 35(2), 376-397. https://doi.org/10.1093/wber/lhaa010
Kuanova, L. A., Sagiyeva, R., & Shirazi, N. S. (2021). Islamic social finance: a literature review and future research directions. Journal of Islamic Accounting and Business Research, 12(5), 707- 728.https://doi.org/10.1108/JIABR-11-2020-0356
Lebdaoui, H. and Wild, J. (2016), "Islamic banking presence and economic growth in Southeast Asia",International Journal of Islamic and Middle Eastern Finance and Management, Vol. 9 No.4, pp. 551-569. https://doi.org/10.1108/IMEFM-03-2015-0037.
Iannaci, D., & Gideon, M. J. (2020). Islamic finance and social finance, an opportunity for social enterprises. European Journal of Islamic Finance, 1, 1-12.https://iris.unito.it/handle/2318/1716819
Mahyudi, M. (2015). Reviving the Islamic economic system through shariah-based public policy.Humanomics, 31(4), 415-429. https://doi.org/10.1108/H-06-2015-0037
Mejia, C., & Kajikawa, Y. (2017). Bibliometric analysis of social robotics research: identifying research trendsand knowledgebase. Applied Sciences, 7(12),1316.https://doi.org/10.3390/app7121316
Mensi, W., Rehman, M. U., Maitra, D., Al-Yahyaee, K. H., & Vo, X. V. (2023). Frequency spillovers and portfolio risk implications between Sukuk, Islamic stock and emerging stock markets. The Quarterly Review of Economics and Finance, 91, 139-157.https://doi.org/10.1016/j.qref.2022.10.012
Mohd Thas Thaker, M. A. B. (2018). A qualitative inquiry into cash waqf model as a source of financing for micro enterprises. ISRA International Journal of Islamic Finance, 10(1), 9-35.https://doi.org/10.1108/IJIF-07-2017-0013
Obeid, H., & Kaabachi, S. (2016). Empirical investigation into customer adoption of Islamic banking services in Tunisia. Journal of Applied Business Research (JABR), 32(4), 1243-1256.https://doi.org/10.19030/jabr.v32i4.9734
Owolabi Yusuf, M. B., & Mat Derus, A. (2013). Measurement model of corporate zakat collection in Malaysia: A test of diffusion of innovation theory. Humanomics, 29(1), 61-74.
Pepinsky, T. B. (2013). Development, social change, and Islamic finance in contemporary Indonesia.
World Development, 41, 157-167. https://doi.org/10.1016/j.worlddev.2012.06.007
PY Lai, K., & Samers, M. (2017). Conceptualizing Islamic banking and finance: A comparison of its development and governance in Malaysia and Singapore. The Pacific Review, 30(3), 405-424. https://doi.org/10.1080/09512748.2016.1264455
Ritz, A., Brewer, G. A., & Neumann, O. (2016). Public service motivation: A systematic literature review and outlook. Public Administration Review, 76(3), 414-426.https://doi.org/10.1111/puar.12505
Salma Sairally, B. (2013). Evaluating the corporate social performance of Islamic financial institutions: an empirical study. International Journal of Islamic and Middle Eastern Finance and Management, 6(3), 238-260. https://doi.org/10.1108/IMEFM-02-2013-0026
Shahwan, S., Shafii, Z., Mirza, A. A. I., Sapian, S., Salleh, S., Nawai, N., & Haris, A. (2018). A
review on product development of Islamic social finance in tijarisector. International Journal of Islamic Business, 3(2), 59-66. https://doi.org/10.32890/ijib
Shaikh, S. A., Ismail, A. G., & Mohd Shafiai, M. H. (2017). Application of waqf for social and development finance. ISRA International Journal of Islamic Finance, 9(1), 5-14.
Sukmana, R., Ratnasari, R. T., & Widiastuti, T. (2022). Issues and challenges of waqf in providing healthcare resources. Islamic Economic Studies, 30(1), 2-22. https://doi.org/10.1108/ies-09- 2021-0034
Sukmaningrum, P. S., Hendratmi, A., Putri, M. R., & Gusti, R. P. (2023). Determinants of sharia life insurance productivity in Indonesia. Heliyon, 9(6). https://doi.org/10.1016/j.heliyon 2023.e16605
Tahiri Jouti, A. (2019), "An integrated approach for building sustainable Islamic social finance ecosystems", ISRA International Journal of Islamic Finance, Vol. 11 No. 2, pp. 246-266. https://doi.org/10.1108/IJIF-10-2018-0118
Tahiri Jouti, A. (2019), "An integrated approach for building sustainable Islamic social finance ecosystems", ISRA International Journal of Islamic Finance, Vol. 11 No. 2, pp. 246-266. https://doi.org/10.1108/IJIF-10-2018-0118
Tlemsani, I., Mohamed Hashim, M. A., & Matthews, R. (2023). Portfolio replication: Islamic vs conventional. Journal of Islamic Accounting and Business Research, 14(1), 1-20.https://doi.org/10.1108/JIABR-09-2021-0261
Uluyol, B., Secinaro, S., Calandra, D. and Lanzalonga, F. (2021), "Mapping waqf research: a thirty- year bibliometric analysis", Journal of Islamic Accounting and Business Research, Vol. 12 No. 5, pp. 748-767. https://doi.org/10.1108/JIABR-01-2021-0031
Van Laar, E., Van Deursen, A. J., Van Dijk, J. A., & de Haan, J. (2020). Determinants of 21st-century skills and 21st-century digital skills for workers: A systematic literature review. Sage Open, 10(1),2158244019900176. https://doi.org/10.1177/215824401990017
Yuspin, W., & Fauzie, A. (2023). Good Corporate Governance In Sharia Fintech: Challenges and Opportunities In The Digital Era. Quality-Access to Success, 24(196). 1 https://doi.org/0.47750/QAS/24.196.28
Zabri, M.Z.M. and Mohammed, M.O. (2018), "Examining the behavioral intention to participate in a Cash Waqf-Financial Cooperative-Musharakah Mutanaqisah home financing model", Managerial Finance, Vol. 44 No. 6, pp. 809-829. https://doi.org/10.1108/MF-05-2017- 0189
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Dina Anisya Rufaedah, Husnama Patih

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Licensing
© The Author(s). Journal of Industrial and Syariah Economics.
This is an Open Access article distributed under the terms of Attribution-NonCommercial 4.0 International (CC BY-NC 4.0).