INVESTMENT PLANNING IN ISLAMIC WEALTH MANAGEMENT: A SYARIAH PERSPECTIVE ON GROWTH AND SUSTAINABILITY
DOI:
10.54443/ijset.v4i2.655Published:
2025-01-04Downloads
Abstract
Islamic wealth management has emerged as a critical area for addressing ethical and sustainable investment needs, driven by the principles of Shariah compliance. This study aims to explore the integration of Islamic wealth management tools with a focus on investment planning, growth, and sustainability. It addresses gaps in regulatory frameworks, Shariah governance, and the adoption of fintech and blockchain technologies. Using a bibliometric and thematic analysis approach, this research reviews data collected from Scopus and Web of Science, analyzing trends and debates in the field of Islamic finance over the last two decades. The study reveals significant advancements in instruments like Sukuk, green Sukuk, and Islamic mutual funds, alongside challenges in ensuring Shariah compliance and integrating sustainability frameworks. Findings highlight the potential of Islamic financial tools to support sustainable economic growth and financial inclusion, provided that governance structures and technological adoption are improved. The implications underscore the need for stronger collaboration between academia and industry to address global financial and socio-economic challenges. This study contributes to the literature by offering comprehensive insights into the role of Islamic finance in achieving sustainable development goals while bridging theoretical and practical gaps.
Keywords:
Blockchain, Fintech, Islamic Finance, Shariah Governance, Sukuk, Sustainable InvestmentReferences
Adekoya, A. A. (2022). Islamic Banking and Finance in Developing Countries: the Goals, Challenges and Prospects. In International Journal of Economics, Commerce and Management: Vol. X (Issue 5, pp. 348–369). researchgate.net. http://ijecm.co.uk/
Ahmad, E., Azami, A. R., & Siraj, M. B. (2024). A Comprehensive Review of Non-Interest Banking in India: Requirements, Potential, and Hurdles. In International Journal of Advances in …. ijaem.net. https://ijaem.net/issue_dcp/A comprehensive review of Non Interest banking in India Requirements, Potential, and Hurdles.pdf
Ahmed, H., & Mohieldin, M. (2019). Sustainable Development Goals and the role of Islamic finance. Proceedings of the 1st Kedah International Zakat Conference 2019 (KEIZAC 2019), May, 698–708. http://blogs.worldbank.org/eastasiapacific/sustainable-development-goals-and-role-islamic-finance
Akhter, A., Javed, M. Y., & Akhter, J. (2023). Research trends in the field of Islamic social finance: a bibliometric analysis from 1914 to 2022. International Journal of Ethics and Systems. https://doi.org/10.1108/IJOES-03-2023-0044
Al-Amine, M. A.-B. (2015). Product Development and MaqāṣId in Islamic Finance : Towards a Balanced Methodology. Islamic Economic Studies, 23(1), 33–71. https://doi.org/10.12816/0012263
Al-Hamdany, A., & Mahmood, A. (2023). Fintech innovations, scope, challenges, and implications in Islamic Finance: A systematic analysis. International Journal of Computing and Digital Systems, 13, 1–15. https://doi.org/10.12785/ijcds/130147
Al-Roubaie, A., & M. Sarea, A. (2019). Green Investment and Sustainable Development: The Case of Islamic Finance. Journal of Islamic Business and Management (JIBM), 09(01), 14–24. https://doi.org/10.26501/jibm/2019.0901-002
Alam, A., Ratnasari, R. T., Sawinda, W., & Al Hakim, M. H. (2023). How does Sukuk Investment Perform? A Literature Review. International Journal of Professional Business Review, 8(7), e02580. https://doi.org/10.26668/businessreview/2023.v8i7.2580
Alhammadi, S. (2024). Islamic finance as a driver for enhancing economic sustainability and innovation in the GCC. Journal of Science and Technology Policy Management, ahead-of-print(ahead-of-print). https://doi.org/10.1108/JSTPM-11-2023-0206
Alkadi, R. S. (2024). Towards a sustainable future: a comprehensive review of Green Sukuk. Review of Accounting and Finance, 23(4), 467–488. https://doi.org/10.1108/RAF-03-2023-0105
Almutairi, S. (2023). A Systematic Review on the Green Sukuk after Paris-Agreement. Issues in Economics and Business, 9(1), 1. https://doi.org/10.5296/ieb.v9i1.21110
Alqahtani, D. S. (2012). Redefining Sukuk as an InvestmentInstrument, Not a Debt One. In [][] B T - (Ed.), The Journal of Investing (Vol. 21, Issue 21, pp. 190–195). https://doi.org/10.3905/joi.2012.21.4.190
Calandra, D., Marseglia, R., Vaccaro, V., & Chmet, F. (2022). Mapping Islamic finance and new technologies: research and managerial perspectives. European Journal of Islamic Finance, 39–47. https://doi.org/10.13135/2421-2172/6257
Dawood, H., Al Zadjali, D. F., Al Rawahi, M., Karim, D. S., & Hazik, D. M. (2022). Business trends & challenges in Islamic FinTech: A systematic literature review. F1000Research, 11, 1–26. https://doi.org/10.12688/f1000research.109400.1
Delle Foglie, A., & Keshminder, J. S. (2024). Challenges and opportunities of SRI sukuk toward financial system sustainability: a bibliometric and systematic literature review. International Journal of Emerging Markets, 19(10), 3202–3225. https://doi.org/10.1108/IJOEM-04-2022-0601
Delle Foglie, A., & Panetta, I. C. (2020). Islamic stock market versus conventional: Are islamic investing a ‘Safe Haven’ for investors? A systematic literature review. Pacific Basin Finance Journal, 64. https://doi.org/10.1016/j.pacfin.2020.101435
Elahi.E.MME. (2020). Penerapan Maqasid Al-Syariah dan Hukum-hukum Syariah dalam Pengelolaan Harta dan Transaksi Keuangan. 17(4), 1241–1261.
Elamin, M. O. I. (2023). Advancing Ethical and Sustainable Economy: Islamic Finance Solutions for Environmental, Social, & Economic Challenges in the Digital Age. International Journal of Membrane Science and Technology, 10(5), 408–429. https://doi.org/10.15379/ijmst.v10i5.2515
Essayem, A., & Görmüş, Ş. (2023). Islamic Stock Indices: An Overview. Uluslararası Ekonomik Araştırmalar Dergisi. https://dergipark.org.tr/en/pub/ead/issue/77906/1270365
Hasan, R., Hassan, M. K., & Aliyu, S. (2020). Fintech and Islamic Finance: Literature Review and Research Agenda. International Journal of Islamic Economics and Finance (IJIEF), 3(1). https://doi.org/10.18196/ijief.2122
Hashim, A. M. (2018). Editorial. ISRA International Journal of Islamic Finance, 10(2), 122–125. https://doi.org/10.1108/IJIF-12-2018-075
Hassan, M. K., Khan, A., & Paltrinieri, A. (2021). Islamic finance: A literature review. Islamic Finance and Sustainable Development: A Sustainable Economic Framework for Muslim and Non-Muslim Countries, 77–106. https://doi.org/10.1007/978-3-030-76016-8_5
Hesse, H., Jobst, A. A., & Solé, J. (2008). Trends and Challenges in Islamic Finance. WORLD ECONOMICS, 9(2), 175–193. https://doi.org/10.7554/ELIFE.57457
Ihsan, A., Nur, A., & Kadir, S. (2022). Islamic Wealth Management And Corporate Governance. El-Qish: Journal of Islamic Economics, 2(2), 85–96. https://doi.org/10.33830/elqish.v2i2.4158.2022
Iqbal, I. H., & Kassim, M. C. (2024). Regulatory and Innovation Challenges: Strengthening the foundations of the islamic economy for sustainable growth. Seriat Ekonomisi, 1(2), 21–33. https://doi.org/10.35335/11k0rr94
Ishak, N., Shari, A., Japang, M., & Ab Rahim, F. (2022). Performance of islamic equity and fixed-income funds during the covid-19 pandemic in Malaysia. Cogent Economics and Finance, 10(1). https://doi.org/10.1080/23322039.2022.2122184
Ismail, A. G., & Shaikh, S. A. (2017). Role of Islamic Economics and Finance in Sustainable Development Goals. IESTAC Working Paper Series, April 2017, 1–15. https://doi.org/10.13140/RG.2.2.14806.09288
Kamaruddin, M. I. H., Shafii, Z., Hanefah, M. M., Salleh, S., & Zakaria, N. (2024). Issues and Challenges in Shariah Audit Practices in Malaysian Shariah-Based Sectors. The Journal of Muamalat and Islamic Finance Research, 82–100. https://doi.org/10.33102/jmifr.564
Kanwal, A., Tayyab, M., & Idrees, S. (2023). Exploring the Nexus of Financial Technologies, Financial Inclusion, and Blockchain in Islamic Finance within Digital Transformation. Pakistan Journal of Humanities and Social Sciences, 11(4), 4071–4085. https://doi.org/10.52131/pjhss.2023.1104.0675
Karim, R. (2023). Prospects and challenges of Islamic finance instruments for low-carbon energy transitions: a legal analysis from an energy justice perspective. Journal of Energy and Natural Resources Law, 41(2), 195–209. https://doi.org/10.1080/02646811.2023.2187550
Kurniati Yunus, Erwan Setyanoor, & Mansyur, A. (2024). Sustainbility in Sharia Invesment. Jurnal Ilmu Ekonomi Dan Bisnis Islam, 6(1), 37–53. https://doi.org/10.24239/jiebi.v6i1.279.37-53
Lim, D. T., Goh, K. W., & Sim, Y. W. (2023). A review on portfolio optimization models for Islamic finance. In AIMS Mathematics (Vol. 8, Issue 5, pp. 10329–10356). aimspress.com. https://doi.org/10.3934/math.2023523
Masood, A., & Rahim, N. (2024). Empowering Green Sukuk Through IoE Towards SDGs Attainment: A Paradigm Shift. Journal of Economics and Business Issues, 4(1), 113–125. https://www.jebi-academic.org/index.php/jebi/article/view/93%0Ahttps://www.jebi-academic.org/index.php/jebi/article/download/93/35
Mohamad, A. (2024). Navigating through pandemics: a bibliometric analysis of research trends in Islamic finance and Islamic banking. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-11-2023-0373
Mohamad Shafi, R., & Tan, Y. L. (2023). Evolution in Islamic capital market: a bibliometric analysis. Journal of Islamic Accounting and Business Research, 14(8), 1474–1495. https://doi.org/10.1108/JIABR-04-2022-0106
Nur Rohmah, F., Fauzi, M., & Lu’lu Firdaus, M. A. (2023). Opportunities and Challenges of Sukuk Development in the Digital Era: Millennial Generation Perspectives In Indonesia. WARAQAT : Jurnal Ilmu-Ilmu Keislaman, 8(2), 211–227. https://doi.org/10.51590/waraqat.v8i2.580
Piratti, M., & Cattelan, V. (2020). Islamic green finance. Islamic Social Finance, 144–172. https://doi.org/10.4324/9781315272221-9
Qosim, N., Ratnasari, R. T., Wardhana, A. K., Fauziana, H., & Barkah, T. T. (2023). Eight Years of Research Related to the Green Sukuk in the Global Stock Exchange Market to Support the Implementation of SDG: A Bibliometric Review. Journal of Islamic Economic and Business Research, 3(2), 161–180. https://doi.org/10.18196/jiebr.v3i2.204
Raimi, L., Abdur-Rauf, I. A., & Ashafa, S. A. (2024). Does Islamic Sustainable Finance Support Sustainable Development Goals to Avert Financial Risk in the Management of Islamic Finance Products? A Critical Literature Review. In Journal of Risk and Financial Management (Vol. 17, Issue 6). mdpi.com. https://doi.org/10.3390/jrfm17060236
Sahabuddin, M., Muhammad, J., Yahya, M. H., Shah, S. M., & Kausar Alam, M. (2019). Digitalization, Innovation and Sustainable Development: An Evidence of Islamic Finance Perspective. International Journal of Asian Social Science, 9(12), 651–656. https://doi.org/10.18488/journal.1.2019.912.651.656
Setiawan, B., Afin, R., Wikurendra, E. A., Nathan, R. J., & Fekete-Farkas, M. (2022). Covid-19 pandemic, asset prices, risks, and their convergence: A survey of Islamic and G7 stock market, and alternative assets. In Borsa Istanbul Review (Vol. 22, pp. S47–S59). Elsevier. https://doi.org/10.1016/j.bir.2022.11.011
Sidik, N. S., & Ahmad, A. A. (2024). Sukuk Blockchain: An Innovation—Opportunities and Challenges. Contributions to Management Science, Part F2529, 273–282. https://doi.org/10.1007/978-3-031-48770-5_22
Svoboda, A. (2024). Investing in the Islamic World: Opportunities, Challenges, and Implications. Economics and Finance, 12(1), 13–21. https://doi.org/10.51586/2754-6209.2024.12.1.13.21
Swadjaja, I., Sawarjuwono, T., & Ludigdo, U. (2019). Model of Islamic Wealth Management Based on Maqasid al-Shariah. Journal of Innovation in Business and Economics, 3(02), 63–72. https://doi.org/10.22219/jibe.v3i02.7465
Talib, A., Paturochman, I. R., Ansyori, A., & ... (2024). Challenges and Opportunities in Implementing Sharia Principles in Business Management. … Journal of Sharia …, 3(1), 1–8. https://jurnal.binamandiri.ac.id/index.php/ijsbm/article/view/201%0Ahttps://jurnal.binamandiri.ac.id/index.php/ijsbm/article/download/201/111
Umar F. Moghul, S. H. K. S.-A. (2015). Green Sukuk: The Introduction of Islam’s Environmental Ethics to Contemporary Islamic Finance. Georgetown International Environmental Law Review. https://heinonline.org/
Yihua, W., Meng, F., Farrukh, M., Raza, A., & Alam, I. (2023). Twelve years of research in The International Journal of Islamic and Middle Eastern Finance and Management: a bibliometric analysis. International Journal of Islamic and Middle Eastern Finance and Management, 16(1), 154–174. https://doi.org/10.1108/IMEFM-03-2020-0134
License
Copyright (c) 2025 M.Hakim Sitompul, Sugianto, Marliyah
This work is licensed under a Creative Commons Attribution 4.0 International License.
How to Cite
