Artificial Intelligence dalam Pasar Modal Syariah: Studi Bibliometrik terhadap Struktur Intelektual, Tren Riset, dan Future Research Agenda

Artificial Intelligence in Islamic Capital Markets: A Bibliometric Analysis of Intellectual Structure, Research Trends, and Future Research Agenda

Authors

  • Azwar Azwar Institut Agama Islam STIBA Makassar, Indonesia
  • Abur Hamdi Usman Universiti Islam Selangor (UIS) Malaysia
  • Muh. Ali Akbar Institut Agama Islam STIBA Makassar, Indonesia
  • Andi Ahmad Mappangaja Institut Agama Islam STIBA Makassar, Indonesia

DOI:

https://doi.org/10.36701/qiblah.v5i3.3051

Keywords:

Artificial Intelligence; Islamic Capital Markets; Bibliometric Analysis

Abstract

This study maps the intellectual structure, research trends, and future research agenda of AI in Islamic Capital Markets using a bibliometric approach. With a descriptive-quantitative design and data from reputable international databases, it analyzes publication growth, key contributors (authors, journals, institutions, and countries), collaboration networks, thematic clusters, and thematic evolution. Results show a sharp increase in publications, especially since 2021, reflecting the rapid expansion of AI applications in Islamic capital markets amid global financial digitalization. Authorship and citation analysis identify Irfan M. as the most productive author, while Abakah et al. (2023) is the most influential work. However, collaboration network analysis reveals a fragmented structure, with zero betweenness centrality among authors, indicating weak interconnectivity between research clusters. At the journal level, the International Journal of Islamic and Middle Eastern Finance and Management and the Journal of Islamic Marketing dominate as key outlets. Institutionally, Federal Polytechnic Ilaro and Hamad Bin Khalifa University are leading contributors, while Indonesia emerges as the most productive country. Thematic analysis identifies four core pillars: (1) AI integration in Islamic finance, (2) investment and financial markets, (3) machine learning-based risk management, and (4) enabling technologies such as blockchain and big data. Thematic evolution indicates a shift toward integrated, value-driven research aligned with maqāṣid al-syarī‘ah, sustainability, regulatory governance, and AI-based investment optimization.

Downloads

Download data is not yet available.

References

Abakah, E J A, A K Tiwari, S Ghosh, and B Doğan. “Dynamic Effect of Bitcoin, Fintech and Artificial Intelligence Stocks on Eco-Friendly Assets, Islamic Stocks and Conventional Financial Markets: Another Look Using Quantile-Based Approaches.” Technological Forecasting and Social Change 192 (2023). https://doi.org/10.1016/j.techfore.2023.122566.

Abbas, K, and M Hafeez. “Wıll Artıfıcıal Intellıgence Rejuvenate Islamıc Fınance? A Versıon of World Academıa.” Hitit Theology Journal 20, no. 3 (2021): 311–24. https://doi.org/10.14395/hid.931401.

Abdullah, M, Z Sulong, and M Ashraful Ferdous Chowdhury. “Explainable Deep Learning Model for Stock Price Forecasting Using Textual Analysis.” Expert Systems with Applications 249 (2024). https://doi.org/10.1016/j.eswa.2024.123740.

Abozaid, Abdulazeem. “Financial Applications of Artificial Intelligence: Shariah Issues and Maqasid Considerations.” In Islamic Finance in the Digital Age, 165–89. Edward Elgar Publishing, 2024.

Alam, N, L Gupta, and B Shanmugam. Islamic Finance: A Practical Perspective. Islamic Finance: A Practical Perspective. University of Reading Malaysia, Johor Bahru, Malaysia: Springer International Publishing, 2017. https://doi.org/10.1007/978-3-319-66559-7.

Ali, W, S Muthaly, and M Dada. “Adoption of Shariah Compliant Peer-to-Business Financing Platforms by Smes: A Conceptual Strategic Framework for Fintechs in Bahrain.” International Journal of Innovative Technology and Exploring Engineering 8, no. 2 Special Issue 2 (2018): 407–12. https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064182993&partnerID=40&md5=88499f335e16a460fe79e631d17880cb.

Aria, Massimo, and Corrado Cuccurullo. “Bibliometrix: An R-Tool for Comprehensive Science Mapping Analysis.” Journal of Informetrics 11, no. 4 (2017): 959–75.

Awais, M, A O Öztürk, O K Bhatti, and N Ellahi. The Islamic Economic System: Cultural Context in a Global Economy. The Islamic Economic System: Cultural Context in a Global Economy. Economics & Finance Department, Foundation University, School of Science and Technology, Pakistan: Taylor and Francis, 2024. https://doi.org/10.4324/9781003484349.

Azar, E, and A N Haddad. Artificial Intelligence in the Gulf: Challenges and Opportunities. Artificial Intelligence in the Gulf: Challenges and Opportunities. Khalifa University of Science and Technology, Abu Dhabi, United Arab Emirates: Springer Singapore, 2021. https://doi.org/10.1007/978-981-16-0771-4.

Bareith, T, T Tatay, and L Vancsura. “Navigating Inflation Challenges: AI-Based Portfolio Management Insights.” Risks 12, no. 3 (2024). https://doi.org/10.3390/risks12030046.

Creswell, John W, and J David Creswell. Research Design Qualitative, Quantitative, and Mixed Methods Approaches. 5th ed. New York, NY: SAGE Publications, Inc, 2017. http://www.ceil-conicet.gov.ar/wp-content/uploads/2015/10/Creswell-Cap-10.pdf.

Dawood, H, D F Al Zadjali, M Al Rawahi, D S Karim, and D M Hazik. “Business Trends & Challenges in Islamic FinTech: A Systematic Literature Review.” F1000Research 11 (2022). https://doi.org/10.12688/f1000research.109400.1.

Derbali, A, A El Khaldi, and F Jouini. “Shariah-Compliant Capital Asset Pricing Model: New Mathematical Modeling.” Journal of Asset Management 18, no. 7 (2017): 527–37. https://doi.org/10.1057/s41260-017-0051-x.

Donthu, Naveen, Satish Kumar, Debmalya Mukherjee, Nitesh Pandey, and Weng Marc Lim. “How To Conduct A Bibliometric Analysis: An Overview And Guidelines.” Journal of Business Research 133 (2021): 285–96. https://doi.org/https://doi.org/10.1016/j.jbusres.2021.04.070.

Irfan, Mohammad, Seifedine Kadry, Muhammad Sharif, and Habib Ullah Khan. Fintech Applications in Islamic Finance: AI, Machine Learning, and Blockchain Techniques: AI, Machine Learning, and Blockchain Techniques. IGI Global, 2023.

Kamarudin, N S, N A Hadi, A Ahmad, A.J.C.M. Hashim, A F N Rasedee, M Z Hishamudin, and N Dzolkarnaini. “Robo-Advisor Can Play a Role in Promoting Financial Knowledge Within Society.” Journal of Advanced Research in Applied Sciences and Engineering Technology 53, no. 1 (2025): 197–208. https://doi.org/10.37934/araset.53.1.197208.

Katterbauer, K, H Syed, S Y Genç, and L Cleenewerck. “Environmental Compliance And Financial Performance Of Shariah-Compliant Enterprises – A Data-Driven Analysis.” Revista de Gestao Social e Ambiental 16, no. 2 (2022). https://doi.org/10.24857/rgsa.v16n2-025.

Mukherjee, Debmalya, Weng Marc Lim, Satish Kumar, and Naveen Donthu. “Guidelines for Advancing Theory and Practice through Bibliometric Research.” Journal of Business Research 148 (2022): 101–15. https://doi.org/https://doi.org/10.1016/j.jbusres.2022.04.042.

Nawaz, A, A Afzal, A Khatibi, A Shankar, H Madan, H S Faisal, A Shahbaz, et al. “Role of Artificial Intelligence in Halal Authentication and Traceability: A Concurrent Review.” Food Control 169 (2025). https://doi.org/10.1016/j.foodcont.2024.111003.

Nguyen, Duc K, Georgios Sermpinis, and Charalampos Stasinakis. “Big Data, Artificial Intelligence and Machine Learning: A Transformative Symbiosis in Favour of Financial Technology.” European Financial Management 29, no. 2 (2022): 517–48. https://doi.org/10.1111/eufm.12365.

Pal, T, M Irfan, S A C Bukhari, and S B Kassim. “Harnessing the Power of Artificial Intelligence and Machine Learning in the Islamic Capital Market: A Comprehensive Analysis.” In Fintech Applications in Islamic Finance: AI, Machine Learning, and Blockchain Techniques, 93–102. RATM, India: IGI Global, 2023. https://doi.org/10.4018/9798369310380.ch006.

Rabbani, M R, A Sarea, S Khan, and Y Abdullah. “Ethical Concerns in Artificial Intelligence (AI): The Role of RegTech and Islamic Finance.” In Lecture Notes in Networks and Systems, edited by Musleh Al-Sartawi A.M., 423 LNNS:381–90. College of Business Administration, University of Bahrain, Zallaq, Bahrain: Springer Science and Business Media Deutschland GmbH, 2022. https://doi.org/10.1007/978-3-030-93464-4_38.

Ridzuan, Nurhadhinah Nadiah, Masairol Masri, Muhammad Anshari, Norma Latif Fitriyani, and Muhammad Syafrudin. “AI in the Financial Sector: The Line between Innovation, Regulation and Ethical Responsibility.” Information 15, no. 8 (July 25, 2024): 432. https://doi.org/10.3390/info15080432.

Saied, Galal Mohamed A Abdul, Mohd D Awang, and Sa’odah B Ahmad. “Hybrid Sukuk and Wealth Preservation: Aligning With Maqasid Al-Shariah Principles in Modern Islamic Finance.” International Journal of Religion 5, no. 12 (2024): 1487–95. https://doi.org/10.61707/m3fpb331.

Shahzad, U, M Ghaemi Asl, M Panait, T Sarker, and S A Apostu. “Emerging Interaction of Artificial Intelligence with Basic Materials and Oil & Gas Companies: A Comparative Look at the Islamic vs. Conventional Markets.” Resources Policy 80 (2023). https://doi.org/10.1016/j.resourpol.2022.103197.

Shehab, N Al, and A Hamdan. “Artificial Intelligence and Women Empowerment in Bahrain.” Studies in Computational Intelligence 954 (2021): 101–21. https://doi.org/10.1007/978-3-030-72080-3_6.

Soodoo, J, and P Hosein. “Predicting Foreign Exchange Rates for an Oil-Rich Country Using Energy-Based Indicators.” In 2025 IEEE International Conference on Technology Management, Operations and Decisions, ICTMOD 2025. The University of the West Indies, Department of Computing and Information Technology, St. Augustine, Trinidad and Tobago: Institute of Electrical and Electronics Engineers Inc., 2025. https://doi.org/10.1109/ICTMOD66732.2025.11371900.

Taufik, M. “Strategic Role Of Islamic Religious Education In Strengthening Character Education In The Era Of Industrial Revolution 4.0.” Jurnal Ilmiah Islam Futura 20, no. 1 (2020): 86–104. https://doi.org/10.22373/jiif.v20i1.5797.

Veerasingam, N, and A P Teoh. “Modeling Cryptocurrency Investment Decision: Evidence from Islamic Emerging Market.” Journal of Islamic Marketing 14, no. 7 (2023): 1817–35. https://doi.org/10.1108/JIMA-07-2021-0234.

Zaka, F, and S E Shaikh. “Blockchain for Islamic Financial Services Institutions: The Case of Sukuk Financing.” In Research Anthology on Blockchain Technology in Business, Healthcare, Education, and Government, 654–71. Information Technology University, Pakistan: IGI Global, 2020. https://doi.org/10.4018/978-1-7998-5351-0.ch038.

Downloads

Published

2026-05-25

How to Cite

Azwar, Azwar, Abur Hamdi Usman, Muh. Ali Akbar, and Andi Ahmad Mappangaja. 2026. “Artificial Intelligence Dalam Pasar Modal Syariah: Studi Bibliometrik Terhadap Struktur Intelektual, Tren Riset, Dan Future Research Agenda: Artificial Intelligence in Islamic Capital Markets: A Bibliometric Analysis of Intellectual Structure, Research Trends, and Future Research Agenda”. AL-QIBLAH: Jurnal Studi Islam Dan Bahasa Arab 5 (3): 257-81. https://doi.org/10.36701/qiblah.v5i3.3051.