Blockchain in Islamic Financial: A Bibliometric Analysis

Abstract

Integrating blockchain into Islamic finance offers significant potential to enhance transparency, security, and efficiency of the sector, which closely aligns with the principles of Sharia law. This study aims to comprehensively review the current applications of blockchain in Islamic finance, identify key challenges, and propose future research directions. The study employs a bibliometric analysis, focusing on authoritative sources from Scopus and Web of Science. The analysis results show that blockchain can significantly enhance financial inclusion by developing a decentralized platform for microfinance and fundraising, reducing costs associated with sukuk issuance, and improving the efficiency and transparency of zakat management. However, challenges such as regulatory, legal, and technological issues, including scalability and Sharia compliance, remain significant barriers to widespread adoption. The study concludes that while blockchain presents significant opportunities to transform Islamic finance, future research is needed to address these challenges and promote the technology’s potential for financial inclusion and socio-economic development in the Islamic context.