Bibliometric Analysis of Islamic Crowdfunding: A Literature Review of Its Journey

Abstract

Background: The potential of Islamic crowdfunding to encourage the development of Islamic fintech globally, even in countries with non-Muslim majority populations, needs to be examined in a literature study on this issue. More extensive research is needed regarding the factors that most reliably predict the success of Islamic crowdfunding, such as compliance with Islamic crowdfunding laws, sustainability, and the potential of Islamic finance. This article describes a comprehensive and systematic Literature Review (SLR) regarding papers published in the field of Islamic crowdfunding. This research aims to contribute to a better understanding of Islamic crowdfunding, provide useful information for practitioners, and stimulate further research in the field to increase the success of Islamic crowdfunding. Methods: We conducted a review of selected papers to identify gaps and significant issues in Islamic crowdfunding, providing guidance for future researchers. This article review was based on 704 articles retrieved using the keyword "Islamic crowdfunding" from the Scopus database between 2013 and 2022. To minimize bias, we formulated 5 research questions to guide our analysis: RQ1: How do publication and citation rates vary annually? RQ2: How can we determine the most influential studies based on citation counts for each keyword? RQ3: What are the most common subject areas addressed in Islamic crowdfunding literature from 2013 to 2022? RQ4: What are the most frequently used keywords in Scopus documents? RQ5: How are Islamic values discussed in articles related to Islamic crowdfunding? Results: The findings of this research demonstrate that Islamic crowdfunding, characterized by interdisciplinary scholarship, has emerged as an increasingly significant alternative for aiding society and the economy. It contributes to poverty alleviation and the development of specific sectors through channels such as crowdfunding for small and medium enterprises and social projects tailored to meet the diverse needs of Muslims. However, the challenge facing the future development of Sharia crowdfunding is that, despite its benefit of increasing community participation in projects aligned with religious values, it also carries the potential risk of investment losses and non-compliance with Sharia principles. Ways to address the current scarcity of Sharia fintech are also needed, ensuring its broader acceptance across all societal levels, and enhancing Muslims' understanding of compliance with Islamic religious rules, particularly Fiqh law. Conclusion: Urgently needed are specific fiqh regulatory guidelines to ensure that Sharia-compliant crowdfunding adheres to Islamic principles. Government support, particularly through legislation in countries where the majority of the population is Muslim, is crucial to enhance public participation and trust in Sharia crowdfunding.

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