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This study aims to find whether sukuk (Islamic bonds) possess a safe haven property for investors or not.

To analyze this statement, the study used data from MSCI World conventional and MSCI World Islamic indices from August 17, 2012 to June 8, 2022. The study used the generalized autoregressive conditional heteroskedasticity (GARCH) variance technique, the most common technique used in stock data analysis.

The results dictate the absence of sukuk as a safe haven for investors as both the conventional and Islamic markets show decoupling behavior. The study finds concrete evidence of a strong association between the debt-based bond market and the Islamic sukuk market. As these markets mostly like to move in a parallel direction, a recession in a conventional bond market likely means a recession in the Islamic sukuk market.

This study is unique in incorporating the MSCI World Islamic Index and other Islamic indices of several Muslim countries, which was absent in previous research. Second, this study is unique because it adds a separate regression for the COVID era to show whether the movement of indices changed during regression.

Islamic Insurance (Takaful) played a dynamic role in Islamic Social Finance (ISF). The popularity of the Takaful concept is being increased with each passing day. To describe the process, it is important to understand past areas of research, research differences, areas of unknown Takaful research, as well as the existing data. However, the purpose of the paper is to provide a comprehensive analysis of the development of qualitative research by carefully examining the nature of science and aspects of social relations in ISF.

Field, concerns with analysing and measuring the scholarly literature, quantitative characteristics of sciences and scientific technologies are known as scient metrics. This research includes queries such as “Islamic Insurance”, “Takaful” and “Shariah Insurance” as a reference in “Article title, Abstract and Keywords” based on Scopus from 2002 to 2022. This analysis was conducted in February 2022. The Bibliometrics, R-Studio, VOSviewer and Excel software are used to analyse the collected data and apply the bibliometric analysis.

The gist of the results and findings is that there are clear research gaps in the existing literature on Takaful. The available research on this subject does cover historical background, concept and models of Takaful and customer satisfaction towards Takaful model. Very important areas such as use of technology for bringing innovation in Takaful products and Shariah issues in existing practice and their solutions were not found in the present literature on Takaful.

This is the comprehensive research article to examine current literature on Takaful with bibliometric analysis. Results and potential areas of this research could be much helpful for scholars and researchers to create more dynamic improvements in the scientific development of Takaful in ISF.

This study aims to explore the safe-haven properties of sukuk and analyze the co-movement and interdependence between sukuk and conventional bond indices to provide insights into the potential role of diversification.

The study uses the data set from 2012 to 2022, retrieved from the Eikon Reuter database. Different machine learning tools such as decision trees, random forests, gradient boosting and deep neural networks have been applied to capture the non-linear relationship and co-movement among the variables. Furthermore, K-clustering captures the hidden patterns and periods of high and low co-movements.

The results state that the sukuk and conventional bond indices exhibit various degrees of co-movement influenced by regional and global market sentiments. The clustering analysis shows strong positive and negative correlations. The sukuk shows some instances of zero co-movement, but the results are inconsistent across all scenarios. Moreover, investors need to do their research first before investing in sukuk.

This study uniquely applies K-clustering and advanced machine learning tools to understand the nonlinear relationship among variables better. In contrast, the previous studies mainly focused on linear relationships. It is critical to understand that financial variables tend to have nonlinear relationships, and these techniques best suit those needs.