Assessment of Mathematical Models in Islamic Economics and Finance: A Scientometric Analysis

Abstract

This research aims to chart the evolution of mathematical models in Islamic economics and finance research indexed by Dimensions using the keyword 'Mathematical in Islamic economics finance.' The analysis was conducted on 76 carefully chosen publications. Bibliometric mapping of the development of mathematical models in Islamic economics and finance research was carried out using the Biblioshiny-R and VO Sviewer software to reveal the bibliometric landscape. The findings indicate a significant surge in publications on the development of mathematical models in Islamic economics and finance research from 1980 to 2020, with the highest impact observed in the International Journal of Islamic and Middle Eastern Finance and Management. Network visualization unveils three distinct clusters representing the development of mathematical models in this field. A predominant focus of the research revolves around modeling Profit Loss Sharing (PLS) schemes. Islamic bank financing remains a prominent and continually evolving subject in recent studies. However, despite the utilization of mathematical models in these investigations, the approach often mirrors an adaptation from existing conventional models. There is a pressing need to critically reassess the prevailing models within this domain to foster innovative perspectives and advancements.