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Open research questions in Islamic Finance and Banking Studies

329 gap statements mined from Islamic Finance and Banking Studies papers in our 7.9M-paper local library, which holds 1,550 papers on the topic — drawn mostly from each paper's own stated research gap, future-work, challenge and limitation notes, and its abstract. The ones listed below are a selection still marked open; each names the study that raised it, with a DOI link where the paper has one.

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What the literature leaves open

  • The research needs to control for time-invariant disparities between individuals and unobserved heterogeneity. The study must address the issue of unit heteroskedasticity and possible contemporaneous correlation.

    Examining the Quadratic Impact of Sovereign Environmental, Social, and Governance Practices on Firms’ Profitability: New Insights from the Financial Industry in Gulf Cooperation Council Countries · 2024 · DOI

  • The lack of strict mandatory regulation of sustainability reporting may affect the accuracy of the data. The complexity of the relationship between business performance and environmental sustainability may make it challenging to identify the underlying factors. The study had to deal with missing data, as some companies had no ESG reports or were missing data.

    Corporate Governance Characteristics and Environmental Sustainability Affect the Business Performance among Listed Saudi Company · 2024 · DOI

  • The findings in this research are limited to the Islamic banking industry in the Kingdom of Bahrain.

    Special purpose vehicles in Islamic finance: the Kingdom of Bahrain as a case study · 2025 · DOI

  • Given that the Updated Commercial Transactions Law in the UAE is relatively new, limited research papers have analysed this segment of the updated law in particular.

    From revelation to modern Islamic finance: Islamic commercial law in the UAE as a case study · 2024 · DOI

  • This research is limited to the UAE as a case study and thus does not provide a comparative analysis with other GCC countries.

    From revelation to modern Islamic finance: Islamic commercial law in the UAE as a case study · 2024 · DOI

  • The adoption of AI in Islamic financial institutions is a relatively new and crucial issue requiring further examination. There is a need to highlight the potential contribution of AI in Islamic financial institutions, particularly in supporting financial decision-making and issuing fatwas.

    Artificial Intelligence and its Role in Supporting Decision-Making and Fatwas in Islamic Financial Institutions: A Fundamental and Applied Jurisprudential Study on the Fatwa and Sharia Consultation Platform of Bahrain Islamic Bank · 2026 · DOI

  • The lack of transparency, monitoring, and decision-making processes in PLS financing.

    WHAT ARTIFICIAL INTELLIGENCE CAN DO TO MITIGATE ASYMMETRIC INFORMATION IN ISLAMIC BANK: A CONCEPTUAL FRAMEWORK REVEALED · 2026 · DOI

  • The framework lacks guidance on ethical constraints and Islamic finance principles that should govern AI decision-making in borrower assessment and early warning alert generation, particularly how to ensure Maqasid Al-Sharia alignment when using automated systems that might falsely flag legitimate business transactions or borrower operational changes.

    WHAT ARTIFICIAL INTELLIGENCE CAN DO TO MITIGATE ASYMMETRIC INFORMATION IN ISLAMIC BANK: A CONCEPTUAL FRAMEWORK REVEALED · 2026 · DOI

  • The lack of integrated academic synthesis demonstrating the relationship between charitable giving and wealth. The limited understanding of the mechanisms by which charitable giving produces returns. The need for more comprehensive evidence on the effects of charitable giving on wealth and well-being.

    The Generosity Paradox and The Fallacy of Wealth Preservation: How Empirical Science Confirms That Charitable Giving Does Not Diminish Wealth - A Multi Method Investigation Spanning Behavioral Economics, Neuroscience, and 1,400 Years of Islamic Wisdom · 2026 · DOI

  • Several limitations should be acknowledged. First, most experimental evidence examines relatively small scale giving rather than substantial wealth transfers. Second, observational studies face endogeneity concerns: generous individuals may have unobserved characteristics that also predict economic success.

    The Generosity Paradox and The Fallacy of Wealth Preservation: How Empirical Science Confirms That Charitable Giving Does Not Diminish Wealth - A Multi Method Investigation Spanning Behavioral Economics, Neuroscience, and 1,400 Years of Islamic Wisdom · 2026 · DOI

  • The integration of maqāṣid into institutional and constitutional analysis remains underdeveloped. Existing scholarship frequently treats maqāṣid al-sharī'ah as an abstract normative ideal without systematically connecting it to legal structures, institutional arrangements, and state regulatory frameworks governing zakat administration.

    Reconstructing Zakat Governance in Indonesia · 2026 · DOI

  • The lack of systematic connection between maqāṣid al-sharī'ah and legal structures, institutional arrangements, and state regulatory frameworks governing zakat administration.

    Reconstructing Zakat Governance in Indonesia · 2026 · DOI

  • Future research should focus on developing effective governance frameworks for Islamic commercial banks. Future research should explore the relationship between Sharia Good Corporate Governance and the long-term operational resilience of Sharia commercial banks in different contexts.

    Implementation of Good Corporate Governance (GCG) Sharia in Maintaining the Sustainability of Commercial Banks in Indonesia · 2026 · DOI

  • The lack of temporal flexibility in international financial institutions' repayment schedules. The need to balance the obligations of debt repayment with the socio-economic realities of debtor nations.

    The Nadhirah Multiplier: A Mixed-Methods Analysis of Sovereign Debt, "Crip Time," and Non-Linear Temporalities in the Quran and Sunnah · 2026 · DOI

  • Future studies can empirically test the Nadhirah Multiplier concept using panel data from OIC nations. Research can explore the application of nadhirah in various contexts, including debt forgiveness and financial dispensation. Further analysis can investigate the impact of temporal flexibility on socio-economic outcomes in developing nations.

    The Nadhirah Multiplier: A Mixed-Methods Analysis of Sovereign Debt, "Crip Time," and Non-Linear Temporalities in the Quran and Sunnah · 2026 · DOI

  • Future research may address these limitations by incorporating multi-platform data, employing data augmentation or resampling techniques to address class imbalance, applying topic modeling to identify dominant themes within Several limitations of the present study should be acknowledged.

    Sentiment analysis on cryptocurrency in a Muslim-majority country: Evidence from Indonesian social media · 2026 · DOI

  • There is a lack of research on integrating Sharia and SRI. The study identifies a gap in the literature on the performance of Sharia-SRI integrated portfolios.

    Integrating Sharia and SRI Portfolio to Achieve Kaffah and Sustainability · 2026 · DOI

  • Future studies should focus on developing holistic AI governance architectures that are scalable, transparent, and globally interoperable. In addition, future research should focus on explainable AI (XAI), macrosystemic and network-based analysis, and the application of AI in Islamic social finance, ESG, and sustainability.

    Unveiling the Intellectual Landscape of Artificial Intelligence in Islamic Capital Markets: A PRISMA-Based Systematic Literature Review · 2026 · DOI

  • There is a need for a comprehensive understanding of the fiqh construction of production and consumption amid modern economic transformations.

    An Axiological Review of Fiqh on Production and Consumption in Modern Economic Development · 2026 · DOI

  • There is a need to prioritize risk mitigation strategies to improve the overall effectiveness and sustainability of the zakat system. The study identifies a gap in the existing literature on zakat performance risk assessment and prioritization.

    PRIORITIZING RISK FACTORS BEHIND LOW ZAKAT PERFORMANCE: AN ANALYTIC HIERARCHY PROCESS (AHP) STUDY FROM SOUTH SULAWESI, INDONESIA · 2026 · DOI

  • The study notes that the governance problems faced by Islamic commercial banks are becoming increasingly complex.

    Implementation of Good Corporate Governance (GCG) Sharia in Maintaining the Sustainability of Commercial Banks in Indonesia · 2026 · DOI

  • Islamic banking institutions and the Financial Services Authority (OJK) should consistently adopt PPPMPS 2023 as the primary guideline for murabahah implementation, particularly regarding asset ownership. 2) OJK should revise Regulation No. 13/POJK.03/2021 and align it with PPPMPS 2023, and the Supreme Court should revise KHES Article 119 to ensure legal consistency.

    THE RECONSTRUCTION OF THE REGULATION OF THE OBJECT OF MURABAHAH FINANCING CONTRACTS IN ISLAMIC BANKING IN INDONESIA · 2026 · DOI

  • A limited supply of high-quality Sharia-compliant liquid assets. Interpretational divergence in Sharia rulings across different regions. A critical shortage of professionals and Sharia advisory boards.

    ISLAMIC FINANCE: GLOBAL TRENDS AND STRATEGIC PERSPECTIVES FOR UZBEKISTAN · 2026 · DOI

  • No strict mandatory regulation of sustainability reporting, - Limited to Saudi listed firms, - Data only from 2015…

    Corporate Governance Characteristics and Environmental Sustainability Affect the Business Performance among Listed Saudi Company · 2024 · DOI

  • The integration of FinTech and ESG principles in Islamic finance. The development of Sharia-compliant liquid assets. The standardization of Sharia rulings across different regions.

    ISLAMIC FINANCE: GLOBAL TRENDS AND STRATEGIC PERSPECTIVES FOR UZBEKISTAN · 2026 · DOI

Most-cited papers in Islamic Finance and Banking Studies

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Open questions raised by papers listed on this page include: (1) There is a need to highlight the potential contribution of AI in Islamic financial institutions, particularly in supporting financial decision-making and issuing fatwas (“Artificial Intelligence and its Role in Supporting Decision-Making and Fatwas…”, 2026); (2) The lack of transparency, monitoring, and decision-making processes in PLS financing (“WHAT ARTIFICIAL INTELLIGENCE CAN DO TO MITIGATE ASYMMETRIC INFORMATION IN…”, 2026); (3) The lack of integrated academic synthesis demonstrating the relationship between charitable giving and wealth (“The Generosity Paradox and The Fallacy of Wealth Preservation: How Empirical…”, 2026); (4) The lack of systematic connection between maqāṣid al-sharī'ah and legal structures, institutional arrangements, and state regulatory frameworks governing zakat administration (“Reconstructing Zakat Governance in Indonesia”, 2026); (5) Future research should focus on developing effective governance frameworks for Islamic commercial banks (“Implementation of Good Corporate Governance (GCG) Sharia in Maintaining the…”, 2026). 329 gap statements have been mined from Islamic Finance and Banking Studies papers in our 7.9M-paper local library, which holds 1,550 papers on the topic; the gaps come from whichever of those papers state one. They are mostly the research gaps the authors state and the papers' abstracts, plus future-work, limitations and challenges passages. The ones listed below are a selection still marked open; each names the study that raised it, with a DOI link where the paper has one, so you can read the original claim in context.

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