A Bibliometric Analysis of Digital Gold Investment in Islamic Finance: Mapping Research Trends and Future Directions

Authors

  • Trisna Caraka Putra Prima Universitas Diponegoro
  • Hastarini Dwi Atmanti Universitas Diponegoro
  • Indah Susilowati Universitas Diponegoro

DOI:

https://doi.org/10.37034/jems.v8i4.522

Keywords:

Islamic Finance, Digital Gold, Gold Investment, Shariah Compliance, Bibliometric Analysis

Abstract

Digital gold investment within the Islamic finance framework has emerged as a significant area of research, particularly as fintech disrupts traditional asset management. However, no comprehensive bibliometric study has systematically mapped the intellectual landscape of this topic. This study presents a bibliometric analysis of 1,163 publications retrieved from the Scopus database, spanning from 1987 to 2025, focusing on Islamic finance, gold investment, and digital assets. Using descriptive statistics and Lotka’s Law analysis, the study identifies publication trends, key authors, productive journals, leading countries, and prominent research themes. Results reveal a sharp increase in publications post-2019, with 2025 recording the highest output (208 documents). Malaysia and Indonesia are the most productive countries. Lotka’s Law confirms that 86.8% of authors contributed only one publication, indicating a broad yet fragmented scholarly community. Key emerging themes include Islamic fintech, blockchain-based gold, Shariah compliance frameworks, and digital asset regulation. The findings provide a roadmap for researchers, policymakers, and Islamic financial institutions to identify research gaps and guide future studies on halal digital gold investment.

References

Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of Business Research, 133, 285–296. https://doi.org/10.1016/j.jbusres.2021.04.070

Ellegaard, O., & Wallin, J. A. (2015). The bibliometric analysis of scholarly production: How great is the impact? Scientometrics, 105(3), 1809–1831. https://doi.org/10.1007/s11192-015-1645-z

Kameel, A. Meera, A. M., & Larbani, M. (2006). Part I: Seigniorage of fiat money and the Maqasid al-Shari'ah: the unattainableness of the maqasid. Humanomics, 22(2), 84–97. https://doi.org/10.1108/08288660610669383

Chkili, W. (2017). Is gold a hedge or safe haven for Islamic stock market movements? A Markov switching approach. Journal of Multinational Financial Management, 42–43, 152–163. https://doi.org/10.1016/j.mulfin.2017.10.001

Widjaja, M., Gaby, & Havidz, S. A. H. (2024). Are gold and cryptocurrency a safe haven for stocks and bonds? Conventional vs Islamic markets during the COVID-19 pandemic. European Journal of Management and Business Economics, 33(1), 96–115. https://doi.org/10.1108/EJMBE-05-2022-0135

Rabbani, M. R., Khan, S., & Thalassinos, E. I. (2020). FinTech, blockchain and Islamic finance: An extensive literature review. International Journal of Economics and Business Administration, 8(2), 65–86. https://doi.org/10.35808/ijeba/444

Hassan, M. K., & Aliyu, S. (2018). A contemporary survey of Islamic banking literature. Journal of Financial Stability, 34, 12-43. https://doi.org/10.1016/j.jfs.2017.11.006

Elamer, A. A., Ntim, C. G., Abdou, H. A., & Pyke, C. (2020). Sharia supervisory boards, governance structures and operational risk disclosures: Evidence from Islamic banks in MENA countries. Global Finance Journal, 46. https://doi.org/10.1016/j.gfj.2019.100488

Rabbani, M. R., Bashar, A., Nawaz, N., Karim, S., Ali, M. A. M., Rahiman, H. U., & Alam, M. S. (2022). Exploring the role of Islamic fintech in combating the aftershocks of COVID-19: The open social innovation of the Islamic financial system. Journal of Open Innovation: Technology, Market, and Complexity, 7(2), 136. https://doi.org/10.3390/joitmc7020136

Pritchard, A. (1969). Statistical bibliography or bibliometrics. Journal of Documentation, 25(4), 348–349. https://doi.org/10.1108/eb026482

Lotka, A. J. (1926). The frequency distribution of scientific productivity. Journal of the Washington Academy of Sciences, 16(12), 317–323.

AAOIFI (2017). Shariah Standard. Accounting and Auditing Organisation for Islamic Financial Institutions, Manama, Bahrain. Retrieved from https://aaoifi.com/shariaa-standards/

van Eck, N. J., & Waltman, L. (2010). Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics, 84(2), 523–538. https://doi.org/10.1007/s11192-009-0146-3

Grassa, R. (2016). Ownership structure, deposits structure, income structure and insolvency risk in GCC Islamic banks. Journal of Islamic Accounting and Business Research, 7(2), 93–111. https://doi.org/10.1108/JIABR-11-2013-0041

Hudaefi, F. A. (2020). How does Islamic fintech promote the SDGs? Qualitative evidence from Indonesia. Qualitative Research in Financial Markets, 12(4), 353–366. https://doi.org/10.1108/QRFM-05-2019-0058

Alshater, M. M., Saba, I., Supriani, I., & Rabbani, M. R. (2022). Fintech in Islamic finance literature: A review. Heliyon, 8(9), e10385. https://doi.org/10.1016/j.heliyon.2022.e10385

Muryanto, Y. T. (2022). The urgency of sharia compliance regulations for Islamic Fintechs: a comparative study of Indonesia, Malaysia and the United Kingdom. Journal of Financial Crime, 30(5), 1264–1278.

https://doi.org/10.1108/JFC-05-2022-0099

Adzimatinur, F., Manalu, V. G., & Rahimi, F. (2021). The Sharia Compliance of Gold-Backed-Cryptocurrency: Analysis of Volatility and Risk. UNISET 2020 Proceedings (EAI).

https://doi.org/10.4108/eai.12-12-2020.2304995

Yousaf, I., & Yarovaya, L. (2022). Spillovers between the Islamic gold-backed cryptocurrencies and equity markets during the COVID-19: A sectorial analysis. Pacific-Basin Finance Journal, 71. https://doi.org/10.1016/j.pacfin.2021.101705

Naylor, A. (2025). Digital gold: Unlocking a Shariah compliant future for Islamic finance. Islamic Finance News. Retrieved from https://www.islamicfinancenews.com/digital-gold-unlocking-a-shariah-compliant-future-for-islamic-finance.html

Downloads

Published

2026-07-15

How to Cite

Prima, T. C. P., Atmanti, H. D., & Susilowati, I. (2026). A Bibliometric Analysis of Digital Gold Investment in Islamic Finance: Mapping Research Trends and Future Directions. Journal of Economics and Management Scienties, 8(4), 1429–1438. https://doi.org/10.37034/jems.v8i4.522