Shariah Compliance in Islamic Economics: A Bibliometric Analysis

Abstract

This study aims to examine the literature related to shariah compliance in the Scopus database. Furthermore, classification and critical commentary were applied to find a new direction for developing studies on shariah compliance in Islamic economics. The bibliometric approach was used to analyse 233 articles, while a systematic literature review was used to classify issues from 82 articles on this paradigm. The results showed that the examined studies grew significantly and were influential in developing the shariah compliance paradigm. This was indicated by the author’s highest m-index of 0.666. However, this literature primarily concerns financial institutions and their relationship with the paradigm, followed by related literature in various industries, with extensive discussion on ethics and in the normative context. In this regard, shariah compliance issues can be classified into three topics, namely Islamic banks, non-bank financial institutions, and general firms. Shariah compliance was insufficiently used as an instrument to measure the product restructuring impact of an Islamic bank and a reflection of the compliance from the customer psychology perspective. In this context, it is necessary to transform the paradigm into “preventing exploitation” by introducing the customer exploitation index.