Sukuk as a financial instrument in islamic capital markets: a bibliometric analysis

This study provides a detailed bibliometric analysis of research on Sukuk as a financial instrument in Islamic capital markets. Utilizing the SCOPUS database and VOS viewer tool, we analysed over 1,000 publications from 2009 to 2024. The study highlights a significant increase in scholarly publications, with output rising from 54 documents in 2015 to 142 in 2023. This growth reflects a heightened academic interest in Sukuk and its role within Islamic Capital Markets, illustrating the expanding complexity and relevance of the field. Notable peaks in research activity were observed in 2020 and 2023, signalling intensified focus and considerable advancements during these periods. The analysis identifies key institutions that have played pivotal roles in advancing research. INCEIF University and the International Islamic University Malaysia are leading contributors, underscoring their central role in the development of Sukuk research. Their substantial output, alongside contributions from Universiti Teknologi MARA, emphasizes the concentrated academic efforts and institutional commitment to this area of study. Additionally, the bibliometric review explores the citation dynamics of prominent authors, revealing significant contributors such as M. Kabir Hassan and Nader Naifar. It also examines co-authorship patterns, indicating robust collaborative networks among researchers. The keyword analysis highlights core themes, including Sukuk, Islamic Finance, and Islamic Banks, reflecting the primary areas of focus within the field. This analysis provides valuable insights into the growth trajectory, institutional contributions, and key research themes, offering a comprehensive overview of the current state and future directions of research on Sukuk and Islamic Capital Markets.