Islamic wealth management: a bibliometric analysis of major dimensions and future research plan

• Main Authors: Busari, Saheed Abdullahi, Kazeem, Akeem Olayinka, Abdul Aziz, Akhtarzaitie, Zakariyah, Habeebullah
• Format: Article
• Language: English
• Published: 2024
• Subjects: BPH72 Economic development. Growth. Sustainable development. Sustainability
• Online Access: http://irep.iium.edu.my/117494/7/117494_Islamic%20wealth%20management.pdf; http://irep.iium.edu.my/117494/; https://journals.iium.edu.my/intdiscourse/index.php/id/article/view/2097; https://doi.org/10.31436/id.v32i2.2097

Abstract: Islamic Wealth Management (IWM) plays a crucial role in sustainable wealth, yet comprehensive research on its current state is lacking. While some studies explore aspects like wealth distribution via Waqf and Takaful, a holistic view of IWM is often missing. Existing reviews focus on specific Islamic financial instruments for wealth creation, which consequently indicates gaps in comprehensive bibliometric analyses across IWM dimensions. To address these gaps, researchers undertook a meticulous mixed method review, examining manuscripts, journal articles, and book chapters. This approach aimed to uncover nuanced insights and develop a framework to enhance understanding of key IWM dimensions. The study used bibliometric and content analyses to synthesise fundamental dimensions and themes within IWM. Analysing 667 pieces of literature from Scopus (2007–2023), the research employed VOSviewer and Microsoft Excel to visualise publication trends, influential papers, and research collaborations. Findings underscored limited exploration by financial planners and policymakers into dimensions crucial for sustainable IWM: Wealth Creation, Protection, Purification, and Distribution. Despite the expansive Islamic finance industry, there remains a notable gap in research comprehensively addressing these dimensions. The study’s graphical representations provided deep insights into terminologies, themes, and collaborative networks within IWM, revealing opportunities for further scholarly exploration and practical application in global financial settings. In conclusion, while IWM holds the potential for driving economic growth, its comprehensive study is still evolving. This research advocates for broader exploration and application of Islamic principles in wealth management practices to foster sustainable development and equitable wealth distribution globally.