Exploring IFRS in Islamic finance: a bibliometric and coding analysis of emerging topics and perspectives

Davide Calandra, Federico Lanzalonga and Paolo Pietro Biancone

International Journal of Islamic and Middle Eastern Finance and Management, 2024, vol. 17, issue 4, 711-729

Abstract: Purpose - Emerging economies are increasingly benefiting from Islamic finance principles. The distinctive features of this unconventional form of finance are starting to be considered even in developed economies. Islamic finance operates under prohibitions on interest, gambling, speculation and complex derivatives according to the dogma in the Quran, Sunnah, Ijma and Qiyas. International financial reporting standards (IFRS) allow companies to attract global capital due to overcoming international borders. However, Islamic finance cannot apply all accounting standards. Therefore, this study aims to explore the implementation of international accounting standards in the Islamic finance context to present applications and future research fields. Design/methodology/approach - Using a bibliometric and coding analysis, the study analyses 226 peer-reviewed journal papers extracted from the Scopus database. Using the bibliometrix package, the authors explored the literature’s intellectual, conceptual and social structures, categorising the findings into thematic clusters relevant to traditional and Islamic finance paradigms. Findings - The results reveal new and interesting elements using the lens of the conceptual, intellectual and social structure. Additionally, the authors find out three main thematic clusters: (1) IFRS and Islamic finance: general principles; (2) IFRS and Zakat; (3) IFRS andMurabahacompatibility; (4) IFRS and Takaful; and (5) IFRS and auditing organisation for Islamic financial institution: governance strategies. Originality/value - The contribution is original as the authors discover institutional theory perspectives and a diatribe between positivist and ontological approaches.

Keywords: IFRS; Islamic finance; Fair value; Murabaha; Takaful; Bibliometric analysis (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:imefmp:imefm-11-2023-0444

DOI: 10.1108/IMEFM-11-2023-0444

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