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The purpose of this paper is to investigate the extent to which Chinese equity investors can benefit from diversifying their portfolio into Shariah-compliant (Islamic) indices. It examines three Islamic stock indices (FTSE Shariah China price index, MSCI China Islamic IMI price index and the DJ Islamic Greater China price index) and ten sectoral indices in Shanghai Stock Exchange as a sample.

The multivariate GARCH dynamic conditional correlations (MGARCH-DCC) is deployed to estimate the time-varying linkages of returns of the selected indices, covering approximately eight years daily data starting from 28 August 2009 to 29 September 2017.

In general, in terms of volatility, the results indicate that all Islamic Indices are less volatile than the conventional indices. From the correlation analysis, the results imply that Chinese conventional equity investors would benefit from Islamic stock indices, especially when they include DJ Islamic Greater China in their portfolio.

The findings of this paper may have several significant implications for the Chinese equity investors and fund managers for better understanding about co-movements of the Chinese conventional sectoral indices with the Shariah-compliant stock indices with the purpose of gaining higher risk-adjusted returns through portfolio diversification.

The purpose of this study is to examine the effects of financial development on the economic growth of jurisdictions with systemically important Islamic finance.

The authors use several estimation methods. The primary analysis is based on the LSDVC method using a sample of 23 countries covering the period of 2000–2019.

The findings suggest that the financial sector may not be a significant factor in determining economic growth, or that it may decrease it depending on the proxy used. These results are in line with recent studies and robust across different estimation specifications and methods used.

Finance practitioners may reconsider the way they conduct their daily activities as their impact on economic growth is fading away. Similarly, policymakers should consider the role that financial development plays in economic growth alongside other factors that may influence its impact. It may be necessary to examine the moderating effects of institutional development on the relationship between finance and growth and consider the channels through which financial development can contribute to economic growth. Additionally, it would be useful to study the impact of Islamic finance on economic growth using different data sources.

Although the topic has been explored using different data sets and focusing on different samples, it has not been explored considering the impact of Islamic finance development on economic growth. Given the global appeal of the Islamic finance industry, it is worth investigating its significance for economic growth.

The emerging markets have been witnessing a remarkable revival of rotating savings and credit associations (ROSCAs) serving as alternative informal financing and investment platforms, also known as savings-based finance (SBF) in Turkey. The purpose of this study is to present the SBF model mathematically, analyse the performance of the SBF sector and propose a new Sharīʿah-compliant SBF model for the acquisition of durables.

The paper thoroughly reviews the concept and practice of ROSCA across the globe, mathematically models and empirically analyses the performance of Turkish SBF companies using a unique data set.

The study formulates a two-person SBF model and proposes a Mudarabah-Wakalah hybrid model with a new investment feature. It is found that the concept of ROSCA is being operationalized in 105 countries across the globe under different names with slight business model modifications. The research also reveals that the demand for financing of durables in Turkey significantly increased in recent years with the demand for housing is twice greater compared to vehicles. Most importantly, a strong significant inter- and intra-comovement is observed between these durables implying that the success of the sector in one segment has attracted the customers to other SBF products. It shows that the SBF institutions can effectively serve as the alternative financing houses for pooling savings and financing the durables, and they have strong potential to capture a larger financial market share in Turkey and even globally.

The study constructs mathematical models and proposes a new investment wing to an existing SBF wealth fund.

This study aims to explore the evolution of the Islamic capital market (ICM) from the perspective of research publications.

A bibliometric analysis was applied based on selected publications from the Web of Science Core Collection (WoSCC) database from 2000 to 2021. The study adopted VOSviewer software which was developed by Leiden University.

This study has some implications that need urgent action. Firstly, there are some areas that have received little attention among researchers, although they are relevant to the industry, for instance, in fintech and blockchain in ICM. Secondly, the inconsistent frequency of publications in some niche areas may suggest that there are unprecedented events that hinder further research; probably, the researcher may anticipate more information and progress in the industry. Thirdly, the need to strengthen the collaboration between industry and academia to advance research.

This study considered only the WoSCC database. The provider of WoSCC is Clarivate (formerly known as Thomson Reuters), where access to publications is limited to institutional subscribers. The implications of this study are to identify and propose future research trends in the field of ICM.

To the best of the authors’ knowledge, the present study is among the pioneer studies in analysing bibliometric focusing on ICM. Previous research has focused on Islamic finance and banking, and not specifically on ICM. Accordingly, this study sheds light on research gaps in ICM.

This paper reviews economic and finance research on Islamic investments. In the course of our review, we focus on the following issues: the performance of Islamic stock indexes, Islamic finance–growth nexus and Islamic real-estate investment trust market.

This literature survey consists of two stages such as random and systematic. It begins with a random search of articles with the intention to explore the three different areas of Islamic banking and finance. In order to maintain some level of quality of the literature review, we explored inside citations of articles based on relevant and recent articles from SCOPUS and Web of Science.

This paper represents an attempt to organise current research on Islamic stock markets, Islamic finance-growth nexus and Islamic real-estate finance: (1) the first prevailing finding is that Islamic stock indices are less volatile than conventional stock indices; (2) most empirical studies regarding Islamic finance–growth nexus focus on the impacts of banking sectors on growth and neglect other segments of the Islamic financial market; (3) based on our review of existing studies, there is no unanimous model for Islamic home financing in Islamic banks.

The mixed findings in this area hinder the understanding of Islamic investment and prevent identifying trends that support decision-making. Our review provides suggestions for prospective research directions. Most empirical studies regarding Islamic finance–growth nexus focus on the impacts of banking sectors on growth and neglect other segments of the Islamic financial market.

There is no literature review on Islamic finance-growth nexus and Islamic real-estate literature. Therefore, we are going to fill this gap to review these three different aspects of Islamic banking and finance.

This study aims to examine the relationship between sustainable activities and financial performance under the moderation of the Shariah supervisory board (SSB) of Islamic banks (IBs).

The sample consists of IBs in Asia from 2015 to 2018. Sustainable activities were collected from sustainability and annual reports, while additional data were sourced from Orbis, Thomson Reuters, and Euromonitor. Weighted content analysis measures sustainable activities, and general least square regression was used to test the hypothesis.

Sustainable activities are positively correlated to IBs’ financial performance in the current and following year. However, the SSB cannot strengthen this relationship.

IBs should integrate sustainable financing or green banking into their strategies and operations, as shareholders are increasingly drawn to investing in banks that demonstrate strong social and environmental responsibility.

First, policymakers can improve guidelines related to sustainability in IBs in line with Islamic concepts and perspectives. Second, regulation can optimize the role of SSB in terms of sustainability based on maqasid shariah.

This study examines sustainable activities per the concept of maqasid shariah. Financial performance testing is carried out not only in the current period but also in one subsequent year. Limited research exists in this area, especially with a large sample in the Asian region.

This paper aims to analyze the scientific trend of research on Islamic banking sustainability (IBS) through a bibliometric study. In particular, the paper extensively investigates all the articles issued through the Scopus database regarding the IBS.

The authors discovered 76 papers that met the function, subject and set requirements by using the phrase IBS. The authors used VOSviewer as an analytical tool and the Scopus website.

IBS publications were found in the period 2005–2022, and the publication trend of IBS research demonstrates that it is growing exponentially after 2018. Malaysia is the leading country in terms of productive authors, universities, number of documents, citations and collaboration research on IBS. The current research trends are summarized into five cluster maps for future research directions: sustainability measurement, sustainability practices, risk and governance, corporate social responsibility (CSR) and IBS theory. The Maqashid al Shariah approach conceptually influences the framework for constructing the dimensions and indicators used to measure the IBS.

The authors retrieved data for their research from the Scopus database; using other databases might result in totally different research patterns with this IBS bibliometric research.

The research encompasses valuable implications for Islamic banking as it offers valuable insights on how to assess the performance of IBS. Particularly, it contributes to identifying the dimensions and indicators needed to measure IBS performance. Furthermore, this research provides strategic initiatives to promote sustainable practices in Islamic banking in terms of green financing taxonomy, services, operations, risk management and governance.

This research is valuable for other scholars as it offers a foundation for the future growth of IBS research, focusing on important sustainability clusters obtained from selected reputable journals. This research is beneficial for regulators in enhancing the roadmap for establishing and enhancing long-term IBS with impacts on socio-economic, environmental and governance.

The study presents a concise review of the bibliometric study in IBS and provides recommendations for future research directions in cluster mapping of themes and subthemes. There is still insufficient research that examines the IBS, in particular, complete insights into the IBS literature review.