Islamic Fintech: analyzing current status, trends and future directions

Abstract

Purpose – This study aims to review the relevant research on Islamic Fintech, including key themes, research areas and research targets. By systematically collecting, collating and analyzing the relevant literature, we provide a basis for understanding the current status and trends of Islamic Fintech. Design/methodology/approach – This study uses a hybrid systematic literature review and bibliometric analysis to explore in-depth the key research dimensions of Islamic Fintech. The authors identified research trends on the topic of Islamic Fintech from 2013 to 2023 through a systematic analysis of 148 studies in the Scopus database. Using RStudio and VOS viewer software, this paper explores publication trends, influential articles and the status of research collaborations in the research field through visual charts. Findings – The analysis summarizes the four clusters of Islamic Fintech, the opportunities, challenges and future development of Islamic Fintech, the Implications of Islamic Fintech studies and the contributions to policymakers. The impact of the COVID-19 pandemic and the way forward: Islamic Fintech and Islamic Finance growth. A thematic analysis of the literature over the last five years has identified novel themes in the research area. This study has important implications for the practice and policy development of Islamic Fintech. The development of Islamic Fintech offers opportunities for financial institutions to innovate and provide new solutions for the accessibility and efficiency of financial services. In terms of policy development, innovation and technological development should be encouraged while ensuring that Islamic Fintech is consistent with the principles and provisions of Islamic Shariah. Originality/value – This study provides unique findings by using a hybrid approach, namely a systematic literature review and bibliometric analysis in the domain of Islamic Fintech. It highlights key areas of Islamic Fintech such as emerging themes, research trends, top research and collaborative efforts of prominent scholars. This study further sheds light on the future direction and practical significance in the ongoing debate of the Islamic Fintech field. In addition, this research aligns Shariah principles, Fintech innovations and financial inclusion for sustainable economic development.