ISLAMIC FINANCE'S ROLE IN SOCIAL EQUITY AND POVERTY ALLEVIATION: TRENDS AND GAPS
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2025-11-27
Keywords:
Islamic finance, Poverty alleviation, Social equity, Bibliometric, Content analysis.
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Abstract
This study investigates global research trends on the role of Islamic finance in promoting social equity and poverty alleviation. Using bibliometric and content analysis methods, we analyze publications on the subject from Scopus from 1991 to 2025 using Rstudio, VOSviewer and Excel to identify key authors, institutions, and journals and to perform a thematic analysis. The results show increasing academic interest, with publication peaking from 2020 onwards. Leading contributors are M. Kabir Hassan and Universiti Utara Malaysia (UUM) for respectively authors and institutions. Dominant themes include zakat, waqf, Islamic microfinance, and financial inclusion, alongside emerging areas like Islamic fintech and productive zakat. Despite its growth, the field remains fragmented, with gaps in governance, regional representation, and long-term impact assessments. Future research should focus on integrating Islamic finance with national poverty strategies, addressing gender disparities, and leveraging technology for greater financial inclusion. This study provides a comprehensive roadmap for scholars and policymakers, contributing to a deeper understanding of Islamic finance as a tool for fostering social equity and poverty alleviation.
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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Journal of Islamic Monetary Economics and Finance is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
How to Cite
Ahmid, A. F. (2025). ISLAMIC FINANCE’S ROLE IN SOCIAL EQUITY AND POVERTY ALLEVIATION: TRENDS AND GAPS. Journal of Islamic Monetary Economics and Finance, 11(4). https://doi.org/10.21098/jimf.v11i4.2611
References
Abdul Rahman, A. R. (2010). Islamic microfinance: An ethical alternative to poverty alleviation. Humanomics, 26(4), 284-295.
Abubakar, J., & Aysan, A. F. (2022). Research trends in the field of Islamic social finance. In Eurasian Business and Economics Perspectives: Proceedings of the 36th Eurasia Business and Economics Society Conference (pp. 253-268). Cham: Springer International Publishing.
Ahmed, H. (2004). Frontiers of Islamic banking: A synthesis of social role and microfinance. European Journal of Management and Public Policy, 3(1), 118–138.
Ahmid, A. F., & Alı, S. N. M. (2024). A Thorough Nine-Year Bibliometric Review of The International Journal of Islamic Economics and Finance Studies (IJISEF). International Journal of Islamic Economics and Finance Studies, 10(2), 148-172.
Alam, M. M., Hassan, S., & Said, J. (2015). Performance of Islamic microcredit in perspective of Maqasid Al-Shariah: A case study on Amanah Ikhtiar Malaysia. Humanomics, 31(4), 374–384.
Ali, I., & Hatta, Z. A. (2014). Zakat as a Poverty Reduction Mechanism Among the M uslim Community: Case Study of B angladesh, M alaysia, and I ndonesia. Asian Social Work and Policy Review, 8(1), 59-70.
Al-Qaraḍāwī, Y. (1999). Fiqh Az-zakat: A comparative study; the rules, regulations and philosophy of zakat in the light of the Qur'an and Sunna. Dar Al Taqwa.
Alshater, M. M., Hassan, M. K., Rashid, M., & Hasan, R. (2021). A bibliometric review of the Waqf literature. Eurasian Economic Review, 12(2), 213-239.
Alshater, M. M., Hassan, M. K., Khan, A., & Saba, I. (2020). Influential and intellectual structure of Islamic finance: A bibliometric review. International Journal of Islamic and Middle Eastern Finance and Management, 14(2), 339–365.
Ascarya, A. (2022). The role of Islamic social finance during Covid-19 pandemic in Indonesia’s economic recovery. International Journal of Islamic and Middle Eastern Finance and Management, 15(2), 386-405.
Aysan, A. F., Demirtaş, H. B., & Saraç, M. (2021). The ascent of bitcoin: Bibliometric analysis of bitcoin research. Journal of Risk and Financial Management, 14(9), 427.
Aziz, M. N., & Mohamad, O. B. (2016). Islamic social business to alleviate poverty and social inequality. International Journal of Social Economics, 43(6), 573-592.
Biancone, P. P., Saiti, B., Petricean, D., & Chmet, F. (2020). The bibliometric analysis of Islamic banking and finance. Journal of Islamic Accounting and Business Research, 11(9), 2069-2086.
Bougatef, K. (2015). The impact of corruption on the soundness of Islamic banks. Borsa Istanbul Review, 15(4), 283-295.
Boyack, K. W., & Klavans, R. (2010). Co‐citation analysis, bibliographic coupling, and direct citation: Which citation approach represents the research front most accurately? Journal of the American Society for information Science and Technology, 61(12), 2389-2404.
Chapra, M. U. (2000). The future of economics: An Islamic perspective (Vol. 21). Kube Publishing Ltd.
Dean, H., & Khan, Z. (1997). Muslim perspectives on welfare. Journal of Social Policy, 26(2), 193-209.
Ding, Y., Chowdhury, G. G., & Foo, S. (2001). Bibliometric cartography of information retrieval research by using co-word analysis. Information processing & management, 37(6), 817-842.
Durán-Sánchez, A., Álvarez-García, J., del Río-Rama, M. D. L. C., & Rosado-Cebrián, B. (2019). Science mapping of the knowledge base on tourism innovation. Sustainability, 11(12), 3352.
Dusuki, A. W., & Abozaid, A. (2007). A critical appraisal of the challenges of realizing maqasid al-shariah in Islamic banking and finance. IIUM Journal of Economics and Management, 15(2), 143-165.
El-Gamal, M. A. (2006). Islamic finance: Law, economics, and practice. Cambridge University Press.
El Qorchi, M. (2005). Islamic finance gears up. Finance and Development, 42(4), 46.
Feng, Y., Zhu, Q., & Lai, K.-H. (2017). Corporate social responsibility for supply chain management: A literature review and bibliometric analysis. Journal of Cleaner Production, 158, 296-307.
Haneef, M. A., Pramanik, A. H., Mohammed, M. O., Amin, M. F. B., & Muhammad, A. D. (2015). Integration of waqf-Islamic microfinance model for poverty reduction: The case of Bangladesh. International Journal of Islamic and Middle Eastern Finance and Management, 8(2), 246-270.
Haque, M. S., & Yamao, M. (2011). Prospects and challenges of Islamic microfinance programmes: A case study in Bangladesh. International Journal of Economic Policy in Emerging Economies, 4(1), 95–111.
Hassan, A. (2014). The challenge in poverty alleviation: role of Islamic microfinance and social capital. Humanomics, 30(1), 76-90.
Hassan, M. K. (2010). An integrated poverty alleviation model combining Zakat, Awqaf, and micro-finance. 7th International Conference–The Tawhidi Epistemology: Zakat and Waqf Economy, Malaysia (pp. 261-281).
Hassan, M. K. (2013). IFSB 7th public lecture on financial policy and stability. Journal of Chemical Information and Modeling, 53,
Hassan, M. K., Alshater, M. M., Hasan, R., & Bhuiyan, A. B. (2021). Islamic microfinance: A bibliometric review. Global Finance Journal, 49, 100651.
Hassan, M. K., & Khan, A. (2007). Zakat, external debt and poverty reduction strategy in Bangladesh. Journal of Economic Cooperation, 28(4), 1-38.
Hoque, N., Khan, M. A., & Mohammad, K. D. (2015). Poverty alleviation by Zakah in a transitional economy: a small business entrepreneurial framework. Journal of Global Entrepreneurship Research, 5, 1-20.
Hudaefi, F. A. (2020). How does Islamic fintech promote the SDGs? Qualitative evidence from Indonesia. Qualitative Research in Financial Markets, 12(4), 353-366.
Iqbal, Z., & Mirakhor, A. (2011). An introduction to Islamic finance: Theory and practice (Vol. 687). John Wiley & Sons.
Kaleem, A., & Ahmed, S. (2010). The Quran and poverty alleviation: A theoretical model for charity-based Islamic microfinance institutions (MFIs). Nonprofit and Voluntary Sector Quarterly, 39(3), 409-428.
Kamla, R., & Rammal, H. G. (2013). Social reporting by Islamic banks: Does social justice matter? Accounting, Auditing & Accountability Journal, 26(6), 911-945.
Koskinen, J., Isohanni, M., Paajala, H., Jaaskelainen, E., Nieminen, P., Koponen, H., Tienari, P., & Miettunen, J. (2008). How to use bibliometric methods in evaluation of scientific research? An example from Finnish schizophrenia research. Nordic Journal of Psychiatry, 62(2), 136–143.
Lu, K., & Wolfram, D. (2012). Measuring author research relatedness: A comparison of word-based, topic-based, and author cocitation approaches. Journal of the American Society for Information Science and Technology, 63(10), 1973–1986.
Martínez-Climent, C., Zorio-Grima, A., & Ribeiro-Soriano, D. (2018). Financial return crowdfunding: literature review and bibliometric analysis. International Entrepreneurship and Management Journal, 14(3), 527–553.
Mongeon, P., & Paul-Hus, A. (2016). The journal coverage of Web of Science and Scopus: A comparative analysis. Scientometrics 106, 213–228.
Obaidullah, M. (2008). Introduction to Islamic Microfinance. International Institute of Islamic Business and Finance: New Delhi.
Obaidullah, M., & Khan, T. (2008). Islamic microfinance development: Challenges and initiatives. Islamic Research & Training institute Policy Dialogue Paper, (2).
Othman, R., Aris, N. A., Azli, R. M., & Arshad, R. (2012). Islamic banking: The firewall against the global financial crisis. Journal of Applied Business Research, 28(1), 9.
Rahim Abdul Rahman, A. (2010). Islamic microfinance: an ethical alternative to poverty alleviation. Humanomics, 26(4), 284-295.
Tumewang, Y. K. (2023). A bibliometric analysis of the Journal of King Abdulaziz University: Islamic Economics. Journal of King Abdulaziz University, Islamic Economics, 36(1), 45–70.
Unal, I. M., & Aysan, A. F. (2022). Fintech, digitalization, and blockchain in Islamic finance: Retrospective investigation. FinTech, 1(4), 388-398.
Umar, U. H., Baita, A. J., Haron, M. H. B., & Kabiru, S. H. (2022). The potential of Islamic social finance to alleviate poverty in the era of COVID-19: the moderating effect of ethical orientation. International Journal of Islamic and Middle Eastern Finance and Management, 15(2), 255-270.
Wajdi Dusuki, A. (2008). Banking for the poor: the role of Islamic banking in microfinance initiatives. Humanomics, 24(1), 49-66.
Widiarto, I., & Emrouznejad, A. (2015). Social and financial efficiency of Islamic microfinance institutions: A Data Envelopment Analysis application. Socio-Economic Planning Sciences, 50, 1-17.
Zahari, S. A., Shahimi, S., Alma’amun, S., & Ismail, A. G. (2024). Ethics in Focus: A Bibliometric and Content Analysis of Islamic Banking and Finance Research. Journal of Islamic Monetary Economics and Finance, 10(2), 249-276.
Zainuldin, M. H., & Lui, T. K. (2022). A bibliometric analysis of CSR in the banking industry: a decade study based on Scopus scientific mapping. International Journal of Bank Marketing, 40(1), 1-26.
Abubakar, J., & Aysan, A. F. (2022). Research trends in the field of Islamic social finance. In Eurasian Business and Economics Perspectives: Proceedings of the 36th Eurasia Business and Economics Society Conference (pp. 253-268). Cham: Springer International Publishing.
Ahmed, H. (2004). Frontiers of Islamic banking: A synthesis of social role and microfinance. European Journal of Management and Public Policy, 3(1), 118–138.
Ahmid, A. F., & Alı, S. N. M. (2024). A Thorough Nine-Year Bibliometric Review of The International Journal of Islamic Economics and Finance Studies (IJISEF). International Journal of Islamic Economics and Finance Studies, 10(2), 148-172.
Alam, M. M., Hassan, S., & Said, J. (2015). Performance of Islamic microcredit in perspective of Maqasid Al-Shariah: A case study on Amanah Ikhtiar Malaysia. Humanomics, 31(4), 374–384.
Ali, I., & Hatta, Z. A. (2014). Zakat as a Poverty Reduction Mechanism Among the M uslim Community: Case Study of B angladesh, M alaysia, and I ndonesia. Asian Social Work and Policy Review, 8(1), 59-70.
Al-Qaraḍāwī, Y. (1999). Fiqh Az-zakat: A comparative study; the rules, regulations and philosophy of zakat in the light of the Qur'an and Sunna. Dar Al Taqwa.
Alshater, M. M., Hassan, M. K., Rashid, M., & Hasan, R. (2021). A bibliometric review of the Waqf literature. Eurasian Economic Review, 12(2), 213-239.
Alshater, M. M., Hassan, M. K., Khan, A., & Saba, I. (2020). Influential and intellectual structure of Islamic finance: A bibliometric review. International Journal of Islamic and Middle Eastern Finance and Management, 14(2), 339–365.
Ascarya, A. (2022). The role of Islamic social finance during Covid-19 pandemic in Indonesia’s economic recovery. International Journal of Islamic and Middle Eastern Finance and Management, 15(2), 386-405.
Aysan, A. F., Demirtaş, H. B., & Saraç, M. (2021). The ascent of bitcoin: Bibliometric analysis of bitcoin research. Journal of Risk and Financial Management, 14(9), 427.
Aziz, M. N., & Mohamad, O. B. (2016). Islamic social business to alleviate poverty and social inequality. International Journal of Social Economics, 43(6), 573-592.
Biancone, P. P., Saiti, B., Petricean, D., & Chmet, F. (2020). The bibliometric analysis of Islamic banking and finance. Journal of Islamic Accounting and Business Research, 11(9), 2069-2086.
Bougatef, K. (2015). The impact of corruption on the soundness of Islamic banks. Borsa Istanbul Review, 15(4), 283-295.
Boyack, K. W., & Klavans, R. (2010). Co‐citation analysis, bibliographic coupling, and direct citation: Which citation approach represents the research front most accurately? Journal of the American Society for information Science and Technology, 61(12), 2389-2404.
Chapra, M. U. (2000). The future of economics: An Islamic perspective (Vol. 21). Kube Publishing Ltd.
Dean, H., & Khan, Z. (1997). Muslim perspectives on welfare. Journal of Social Policy, 26(2), 193-209.
Ding, Y., Chowdhury, G. G., & Foo, S. (2001). Bibliometric cartography of information retrieval research by using co-word analysis. Information processing & management, 37(6), 817-842.
Durán-Sánchez, A., Álvarez-García, J., del Río-Rama, M. D. L. C., & Rosado-Cebrián, B. (2019). Science mapping of the knowledge base on tourism innovation. Sustainability, 11(12), 3352.
Dusuki, A. W., & Abozaid, A. (2007). A critical appraisal of the challenges of realizing maqasid al-shariah in Islamic banking and finance. IIUM Journal of Economics and Management, 15(2), 143-165.
El-Gamal, M. A. (2006). Islamic finance: Law, economics, and practice. Cambridge University Press.
El Qorchi, M. (2005). Islamic finance gears up. Finance and Development, 42(4), 46.
Feng, Y., Zhu, Q., & Lai, K.-H. (2017). Corporate social responsibility for supply chain management: A literature review and bibliometric analysis. Journal of Cleaner Production, 158, 296-307.
Haneef, M. A., Pramanik, A. H., Mohammed, M. O., Amin, M. F. B., & Muhammad, A. D. (2015). Integration of waqf-Islamic microfinance model for poverty reduction: The case of Bangladesh. International Journal of Islamic and Middle Eastern Finance and Management, 8(2), 246-270.
Haque, M. S., & Yamao, M. (2011). Prospects and challenges of Islamic microfinance programmes: A case study in Bangladesh. International Journal of Economic Policy in Emerging Economies, 4(1), 95–111.
Hassan, A. (2014). The challenge in poverty alleviation: role of Islamic microfinance and social capital. Humanomics, 30(1), 76-90.
Hassan, M. K. (2010). An integrated poverty alleviation model combining Zakat, Awqaf, and micro-finance. 7th International Conference–The Tawhidi Epistemology: Zakat and Waqf Economy, Malaysia (pp. 261-281).
Hassan, M. K. (2013). IFSB 7th public lecture on financial policy and stability. Journal of Chemical Information and Modeling, 53,
Hassan, M. K., Alshater, M. M., Hasan, R., & Bhuiyan, A. B. (2021). Islamic microfinance: A bibliometric review. Global Finance Journal, 49, 100651.
Hassan, M. K., & Khan, A. (2007). Zakat, external debt and poverty reduction strategy in Bangladesh. Journal of Economic Cooperation, 28(4), 1-38.
Hoque, N., Khan, M. A., & Mohammad, K. D. (2015). Poverty alleviation by Zakah in a transitional economy: a small business entrepreneurial framework. Journal of Global Entrepreneurship Research, 5, 1-20.
Hudaefi, F. A. (2020). How does Islamic fintech promote the SDGs? Qualitative evidence from Indonesia. Qualitative Research in Financial Markets, 12(4), 353-366.
Iqbal, Z., & Mirakhor, A. (2011). An introduction to Islamic finance: Theory and practice (Vol. 687). John Wiley & Sons.
Kaleem, A., & Ahmed, S. (2010). The Quran and poverty alleviation: A theoretical model for charity-based Islamic microfinance institutions (MFIs). Nonprofit and Voluntary Sector Quarterly, 39(3), 409-428.
Kamla, R., & Rammal, H. G. (2013). Social reporting by Islamic banks: Does social justice matter? Accounting, Auditing & Accountability Journal, 26(6), 911-945.
Koskinen, J., Isohanni, M., Paajala, H., Jaaskelainen, E., Nieminen, P., Koponen, H., Tienari, P., & Miettunen, J. (2008). How to use bibliometric methods in evaluation of scientific research? An example from Finnish schizophrenia research. Nordic Journal of Psychiatry, 62(2), 136–143.
Lu, K., & Wolfram, D. (2012). Measuring author research relatedness: A comparison of word-based, topic-based, and author cocitation approaches. Journal of the American Society for Information Science and Technology, 63(10), 1973–1986.
Martínez-Climent, C., Zorio-Grima, A., & Ribeiro-Soriano, D. (2018). Financial return crowdfunding: literature review and bibliometric analysis. International Entrepreneurship and Management Journal, 14(3), 527–553.
Mongeon, P., & Paul-Hus, A. (2016). The journal coverage of Web of Science and Scopus: A comparative analysis. Scientometrics 106, 213–228.
Obaidullah, M. (2008). Introduction to Islamic Microfinance. International Institute of Islamic Business and Finance: New Delhi.
Obaidullah, M., & Khan, T. (2008). Islamic microfinance development: Challenges and initiatives. Islamic Research & Training institute Policy Dialogue Paper, (2).
Othman, R., Aris, N. A., Azli, R. M., & Arshad, R. (2012). Islamic banking: The firewall against the global financial crisis. Journal of Applied Business Research, 28(1), 9.
Rahim Abdul Rahman, A. (2010). Islamic microfinance: an ethical alternative to poverty alleviation. Humanomics, 26(4), 284-295.
Tumewang, Y. K. (2023). A bibliometric analysis of the Journal of King Abdulaziz University: Islamic Economics. Journal of King Abdulaziz University, Islamic Economics, 36(1), 45–70.
Unal, I. M., & Aysan, A. F. (2022). Fintech, digitalization, and blockchain in Islamic finance: Retrospective investigation. FinTech, 1(4), 388-398.
Umar, U. H., Baita, A. J., Haron, M. H. B., & Kabiru, S. H. (2022). The potential of Islamic social finance to alleviate poverty in the era of COVID-19: the moderating effect of ethical orientation. International Journal of Islamic and Middle Eastern Finance and Management, 15(2), 255-270.
Wajdi Dusuki, A. (2008). Banking for the poor: the role of Islamic banking in microfinance initiatives. Humanomics, 24(1), 49-66.
Widiarto, I., & Emrouznejad, A. (2015). Social and financial efficiency of Islamic microfinance institutions: A Data Envelopment Analysis application. Socio-Economic Planning Sciences, 50, 1-17.
Zahari, S. A., Shahimi, S., Alma’amun, S., & Ismail, A. G. (2024). Ethics in Focus: A Bibliometric and Content Analysis of Islamic Banking and Finance Research. Journal of Islamic Monetary Economics and Finance, 10(2), 249-276.
Zainuldin, M. H., & Lui, T. K. (2022). A bibliometric analysis of CSR in the banking industry: a decade study based on Scopus scientific mapping. International Journal of Bank Marketing, 40(1), 1-26.