Islamic versus conventional financial market: a meta-literature review of spillover effects

Abstract

Purpose

This study comprehensively aims to review the key influential and intellectual aspects of spillovers between Islamic and conventional financial markets.

Design/methodology/approach

The study uses the bibliometric and content analysis methods using the VOSviewer software to analyse 52 academic documents derived from the Web of Sciences (WoS) between 2015 and June 2022.

Findings

The results demonstrate the influential aspects of spillovers between Islamic and conventional financial markets, including the leading authors, journals, countries and institutions and the intellectual aspects of literature. These aspects are synthesised into four main streams: research between stock indexes; studies between stock indexes, oil and precious metal; works between Sukuk, bond and indexes; and empirical studies review. The authors also propose future research directions in spillovers between Islamic and conventional financial markets.

Research limitations/implications

Our study is subject to several limitations. Firstly, the authors only used the WoS database. Secondly, the study only includes papers and reviews written in English from the WoS. This study assists academic scholars, practitioners and regulatory bodies in further exploring the suggested issues in future studies and improving and predicting economic and financial stability.

Originality/value

To the best of the authors’ knowledge, no extant empirical studies have been conducted in this area of research interest.

Citation

Foo, S.M., Ab Razak, N.H., Kamarudin, F., Azizan, N.A.B. and Zakaria, N. (2023), "Islamic versus conventional financial market: a meta-literature review of spillover effects", Journal of Islamic Accounting and Business Research, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JIABR-09-2022-0233