Open research questions in Islamic Finance and Banking Studies

What the literature leaves open

• Future research should focus on operationalizing the proposed constructs, developing reliable measurement instruments such as an IQZATH Scale, and testing the theoretical propositions through quantitative, qualitative, and mixed- method approaches across different cultural and national contexts.

  IQZATH Theory: Reconstructing Islamic Economics toward a Moral-Spiritual and Sustainable Paradigm · 2026 · DOI

• Future research should focus on the empirical validation and operationalization of the FalahDI framework, including cross-country applications, statistical testing of indicator reliability, and integration with existing international development datasets such as those produced by the United Nations Development Programme and the World Bank.

  Beyond GDP: Toward A Falah Development Index (FalahDI) Framework For Measuring Prosperity In Islamic Economics · 2026 · DOI

• First, the framework is inherently conceptual in nature; all propositions are theoretically derived through the deductive synthesis of extant literature and have not been subjected to empirical testing. The absence of primary data collection means that the proposed relationships— including the mediating role of ambidexterity in the relationship between servitization initiatives and organ- izational performance—remain speculative pending rigorous empirical scrutiny. Second, the lack of context- specific, psychometrically validated measurement instru- ments constrains the immediate operationalization of the constructs advanced herein, representing a significant methodological gap for researchers seeking to translate this framework into testable hypotheses. Third, the theo- retical arguments draw predominantly on institutional contexts in the Gulf Cooperation Council (GCC) region and Malaysia, which may restrict the generalizability of the framework to jurisdictions characterized by divergent regulatory architectures, distinct Shariah interpretive traditions, and varying levels of financial sector devel- opment. Fourth, macro-level contingencies—includ- ing regulatory volatility, geopolitical uncertainty, and systemic disparities in digital infrastructure—are not fully incorporated into the framework, potentially limit- ing its explanatory scope in more turbulent institutional environments. Fifth, the framework’s relatively static conceptualization of ambidexterity does not sufficiently account for the temporal dynamics through which the exploration–exploitation balance may shift in response to competitive disruption, regulatory reform, or evolving customer expectations, suggesting the need for a more dynamic capabilities perspective in subsequent theoreti- cal development.

  Exploit, explore, and serve: a conceptual model of ambidexterity in islamic bank servitization · 2026 · DOI

• These limitations collectively define a clear and substan- tive agenda for future empirical inquiry. First, research- ers should develop and psychometrically validate measurement scales specifically tailored to servitization and ambidexterity in Islamic banking, encompassing the technological, market, and governance dimensions proposed in this framework. The absence of such instru- ments currently represents one of the most pressing methodological constraints in this emerging field of inquiry. Second, quantitative investigation employing struc- tural equation modeling (SEM) applied to survey data drawn from Islamic banks across diverse geographic and regulatory contexts could test the propositions advanced herein, with particular attention to the mediating role of ambidexterity in the relationship between servitization initiatives and performance outcomes—both financial and socio-economic. Third, qualitative longitudinal case studies of Islamic banks that have actively pursued digital servitiza- tion strategies would yield rich contextual insights into how exploration–exploitation tensions are managed in Bteibt and Bteibt Future Business Journal (2026) 12:198 Page 7 of 10 practice, how Shariah governance structures are inte- grated into innovation processes, and how value is co- created with customers and broader communities. Fourth, comparative research designs contrasting Islamic and conventional banks could empirically assess whether Shariah principles constitute a facilitating or constraining force in the development of ambidextrous servitization capabilities. Such studies could also examine the broader transferability of Islamic banking principles to ethical and sustainable service models in mainstream financial sectors. Finally, ecosystem-level research should investigate how partnerships with fintechs, non-governmental organizations, and regulatory bodies contribute to ambi- dextrous servitization. Comparative analyses contrast- ing dual-banking systems—such as Malaysia’s Maybank Islamic, operating within a mixed Islamic-conventional environment—with systems—including Islamic-only Saudi Arabia’s Al Rajhi Bank, the UAE’s Dubai Islamic Bank, and Jordan’s Islamic International Arab Bank— would illuminate how divergent regulatory frameworks shape the institutional conditions for ambidexterity [94, 97, 98, 98]. Such comparative work holds considerable potential to advance both theoretical understanding and evidence-based practice in Islamic banking strategy.

  Exploit, explore, and serve: a conceptual model of ambidexterity in islamic bank servitization · 2026 · DOI

• Several limitations guide interpretation. First, the cross-sectional design supports theoryconsistent associations but does not establish temporal causality. Second, all constructs were measured through self-reported perceptions, creating a possibility of common-method bias. Third, Islamic capital was measured as relational-ethical capital rather than transaction-level financing access. Fourth, the study did not model gender, income change, agency, or wellbeing directly; its relevance to women's economic participation is therefore contextual rather than causal. Fifth, the available documentation did not retain category-level demographic frequencies or a complete HTMT matrix. Future studies should use longitudinal, mixedmethod, and gender-disaggregated designs; directly measure household welfare, agency, income control, workload, and well-being; and test whether particular Islamic-finance instruments and environmental practices have distinct effects.

  Reorganizing Coastal Food MSMEs for Inclusive Livelihoods: Digitalization, Green Practice, Islamic Capital, and Collaboration · 2026 · DOI

• Several lines of work could strengthen the framework’s external validity and policy uptake. Behavioural studies could examine Muslim users’ comprehension of consent, their privacy expectations, and their willingness to share data under Sharīʿah safeguards. Field audits of institutions’ scoring and machine learning models could be used to test bias, accuracy, and | 123 International Journal of Islamic Finance and Sustainable Development • Volume 18 • Number 2 • 2026 An Islamic Juristic Framework for Data and Algorithmic Monetisation in the Digital Economy resource use. Platform analyses of widely used ‘Islamic’ applications could benchmark their permissions and data-sharing against the proposed model. Economic evaluation could model data fiduciaries and trusts as wakālah arrangements, estimating costs, welfare gains, and competition effects. Doctrinal work could advance towards a systematic fiqh al-muʿāmalāt alraqamiyyah with standardised positions on consent architectures, gharar thresholds, and prohibited purpose taxonomies. Subsequent research should also develop and validate measurable thresholds for Sharīʿah assurance: whether transparent governance (disclosure, audit logs, and recourse) raises Sharīʿah-aligned trust and perceived compliance; whether consent-based stewardship improves perceived ʿadl and reduces perceived exploitation; and whether maqāṣid-based controls (purpose gating, fairness audits, and minimisation) measurably reduce bias and ethical risk in deployed systems. These programs would render the framework testable without reducing juristic analysis to technical metrics alone.

  An Islamic Juristic Framework for Data and Algorithmic Monetisation in the Digital Economy · 2026 · DOI

• Future research should explore long-term impacts, blockchain-based currency feasibility, and cross-jurisdictional applications Practical Implications — The TIFS-FR provides Muslim states with a mechanism to reduce external debt, counter speculative financial systems, and enhance economic resilience through unified revenue streams and the proposed Ummah Solidarity Currency.

  Bayt Al-Māl Revitalisation: A Transnational Framework for Islamic Economic Sovereignty · 2026 · DOI

• Based on the findings, the following recommendations are made: 1. Integrate blockchain solutions into zakat management systems to enhance transparency and trust. 2. Strengthen institutional practices, including disclosure, service delivery, and reporting mechanisms. 3. Collaborate with blockchain experts to ensure secure, effective and Sharīʿah-compliant implementation. 4. Increase zakat payer awareness through structured training, outreach programmes and digital literacy initiatives. 5. Implement regulatory support that mandates digital audit trails and periodic technological audits for zakat institutions.

  The Mediating Role of Blockchain Technology in Improving the Determinants of Trust in Zakat Institutions · 2026 · DOI

• The sample utilised in the study, although of sufficient size, may not be readily applicable to other zakat institutions, given that the data was collected from zakat payers who contribute to BAZNAS North Sumatra. Samples from other zakat institutions in other locations could be used in future studies. In addition, a quantitative method was employed in this study; future studies could be conducted on the same topic using qualitative methods, which might achieve different results based on the type of respondents questioned. It is recommended that more focus should be placed on digital technology and its role in enhancing trust in zakat institutions. REFERENCES Afifah, K., Abu-Hussin, M.F. & Zafar, M.B. (2025), ‘Transforming Islamic social finance: determinants of blockchain technology adoption for zakat payment’, Journal of Islamic Accounting and Business Research, ahead-of-print, https://doi.org/10.1108/JIABR-08- 2024-0283 Ajzen, I. (1991), ‘The theory of planned behavior’, Organizational Behavior and Human Decision Processes, Vol. 50 No. 2, pp. 179–211, https://doi.org/10.1016/0749- 5978(91)90020-T Anderson, J.C. & Gerbing, D.W. (1988), ‘Structural equation modeling in practice: a review and recommended two-step approach’, Psychological Bulletin, Vol. 103 No. 3, pp. 411– 423. Aziz, M.R.A.B. & Mohd Anim, N.A.H. (2020), ‘Trust towards zakat institutions among Muslim business owners’, Jurnal Ekonomi & Keuangan Islam, Vol. 6 No. 1, pp. 1–9. Bahaaudeen, A. (2025), ‘Governance in the digital era: the role of blockchain technology in enhancing accountability’, Journal of Cultural Analysis and Social Change, Vol. 10 No. 2, pp. 770–781, https://doi.org/10.64753/jcasc.v10i2.1680 Baron, R.M. & Kenny, D.A. (1986), ‘The moderator-mediator variable distinction in social psychological research: conceptual, strategic, and statistical considerations’, Journal of Personality and Social Psychology, Vol. 51 No. 6, pp. 1173–1182.

  The Mediating Role of Blockchain Technology in Improving the Determinants of Trust in Zakat Institutions · 2026 · DOI

• Based on these conclusions, future research is recommended to develop this study through an empirical or normativeempirical approach to test the application of the conceptual sharia compliance model in the practice of sharia housing development. In addition, the sharia compliance model formulated in this study may be further developed into a sharia audit. An instrument or an applicable compliance checklist that can be used as a tool for supervision and consumer protection in istishna contracts in the housing sector. the conceptual sharia Indonesia. Thus, compliance model formulated in this study functions as an academic foundation for strengthening istishna contract practices that are aligned with justice and public benefit. D.

  SHARIA COMPLIANCE MODEL OF THE ISTISHNA CONTRACT IN SHARIA HOUSING DEVELOPMENT: A CONCEPTUAL REVIEW OF ISLAMIC ECONOMIC LAW · 2026 · DOI

• Development of Maqasid Indicators: Further research is needed to develop measurable indicators for each dimension of Maqasid al-Shariah in the context of BWM. Limitations of Generalization: The findings of this study are contextual to BWM in Indonesia and may not be generalizable to the context of other countries or other Islamic microfinance institutions that have different characteristics.

  MAQASID AL-SYARIAH AS A NORMATIVE FRAMEWORK FOR ISLAMIC MICROECONOMICS: ANALYSIS OF MICRO WAQF BANKS IN INDONESIA · 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), macro- systemic 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

• Future research should examine (1) the long term effects of hybrid contracts on financial performance and customer satisfaction (2) comparative studies between Indonesia and other OIC member states (3) technology based integrated supervisory frameworks for multi contract management and (4) the effectiveness of Islamic financial literacy programs in increasing the adoption of equitable hybrid products such as MMQ.

  Hybrid Contract In Islamic Banking Innovation In Indonesia: Systematic Mapping And Analysis Of Implementation Models · 2026 · DOI

• Future research may address these limitations by incorporating multi-platform data, employing data augmen- tation or resampling techniques to address class imbalance, applying topic modeling to identify domi- nant themes within Several limitations of the present study should be acknowledged. The dataset is limited to tweets from the X platform, which may not be representative of the broader Indonesian Muslim population or of sentiment expressed through other channels.

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

• 1) 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. PPPMPS 2023 should be attached as an annex to POJK to strengthen its binding force. 3) A Murabahah Wakalah Executor Agency (PWM) and a Murabahah Price Assessment Institution (LPHM) should be established, along with a long-term establishment of an independent Sharia Compliance Authority (OKPS).

  THE RECONSTRUCTION OF THE REGULATION OF THE OBJECT OF MURABAHAH FINANCING CONTRACTS IN ISLAMIC BANKING IN INDONESIA · 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. Third, the cultural and institutional context matters significantly — the returns to charity may vary across legal systems, social norms, and economic conditions. Future research should prioritize large scale randomized field experiments that track both giving behavior and comprehensive measures of wealth over extended periods. Natural experiments exploiting variation in charitable incentives, such as tax policy changes or natural disasters, could provide stronger causal identification. Cross cultural comparative work is needed to understand how and institutional frameworks moderate the relationship between giving and wealth.

  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 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 paper does not specify how the proposed AI framework would integrate with existing Islamic bank credit scoring models or whether it requires retraining on historical PLS financing default data. The dataset requirements, sample sizes, and class imbalance handling for training machine learning models on asymmetric information detection remain unspecified.

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

• Implementation challenges across different institutional and regulatory contexts (mentioned in the conclusion) are not addressed—specifically, how the AI framework would adapt to varying Shariah governance structures, different regulatory capital requirements, and diverse data privacy regulations across Muslim-majority countries and Islamic banking jurisdictions.

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

• The framework proposes IoT integration for real-time monitoring of borrower business operations (e.g., machine idle time, production efficiency), but lacks specification of which IoT sensor types, data collection frequencies, and data integration protocols would be compatible with Islamic banking infrastructure and Shariah-compliance requirements.

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

• The early warning system relies on detecting anomalous patterns in monthly sales, operating expenses, and profit-loss ratios, but the paper provides no specification of the machine learning algorithms (e.g., isolation forests, autoencoders, statistical process control methods) or the training datasets required to establish baseline 'normal' patterns for different Islamic bank borrower industries and business sizes.

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

• The paper does not specify how NLP sentiment analysis on financial statements should be calibrated to detect borrower financial distress in Islamic banking contexts, nor does it define threshold parameters for what constitutes positive, negative, or neutral tone that would trigger bank intervention. Implementation requires concrete guidelines on sentiment classification metrics and risk alert thresholds specific to Islamic financial reporting standards.

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

• The conceptual framework for AI-mitigating asymmetric information in Islamic bank profit-loss sharing financing has not been empirically validated with actual transaction datasets or borrower performance data from Islamic financial institutions. Empirical testing is required to confirm whether the proposed machine learning models, NLP-based financial statement analysis, and early warning system algorithms achieve the claimed accuracy rates in detecting adverse selection and moral hazard in real PLS contracts.

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

• https://doi.org/10.1108/FS-11-2021-0241 Moldakmatov, A., Idinov, K., Orozonova, A., & Sulaimanov, A. (2025). Islamic Principles of Finance: Features and Prospects of Their Use in Central Asia. International Journal on Culture, History, and Religion, 7(SI1), 765–790. https://doi.org/10.63931/ijchr.v7iSI1.339 Nizam, A. M. (2022). Impact of e-money on money supply: Estimation and policy implication for Bangladesh. 17(4), e0267595. https://doi.org/10.1371/journal.pone.0267595 Pérez-Sánchez, B., Perea, C., Gonzalez, M., & López-Espín, J. J. (2025). Evaluation of Estimation Methods for Simultaneous Equations Models Across Varying Levels of Data Variability. Data Science and Engineering. https://doi.org/10.1007/s41019-025-00318-6 Raval, A., & Desai, R. (2024). Reviews and directions of FinTech research: Bibliometric–content Journal of Financial Services Marketing, 29(3), 1115–1134. analysis approach. https://doi.org/10.1057/s41264-023-00262-4 Sarstedt, M., Adler, S. J., Ringle, C. M., Cho, G., Diamantopoulos, A., Hwang, H., & Liengaard, B. D. (2024). Same model, same data, but different outcomes: Evaluating the impact of method choices in structural equation modeling. Journal of Product Innovation Management, 41(6), 1100–1117. https://doi.org/10.1111/jpim.12738 Sheikhi, A., Bahador, F., & Arashi, M. (2022). On a generalization of the test of endogeneity in a two Journal of Applied Statistics, 49(3), 709–721. least squares estimation.

  Technology money supply and economic growth simultaneously in islamic banks in Indonesia · 2026 · DOI

• The study concludes that EM in Islamic banks is not detrimental to stakeholders in terms of efficiency and stability, warranting further research into the factors driving decreasing EM in conventional banks.

  The Impact of Earnings Management on the Efficiency and Stability of Islamic and Conventional Banks: Evidence from Pakistan · 2025 · DOI

Most-cited papers in Islamic Finance and Banking Studies

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• The role of blockchain technology in enhancing Islamic social finance: the case of Zakah management in Malaysia · foresight · 2021 · 43 citations
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Most recent work

• Does Financial Innovation Mediate Risk in Islamic Banking? Evidence from Algeria · Share Jurnal Ekonomi dan Keuangan Islam · 2026
• Determinants of the Success of Zakat Utilization in Alleviating Poverty · Journal of Mathematics Instruction, Social Research and Opinion · 2026
• Technology money supply and economic growth simultaneously in islamic banks in Indonesia · Journal of Advanced Sciences and Mathematics Education · 2026
• 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 · International Islamic Sciences Journal · 2026
• WHAT ARTIFICIAL INTELLIGENCE CAN DO TO MITIGATE ASYMMETRIC INFORMATION IN ISLAMIC BANK: A CONCEPTUAL FRAMEWORK REVEALED · Referensi Islamika: Jurnal Studi Islam · 2026
• Natural Language Processing for Evaluating Shariah Governance Disclosures and Investor Confidence in the Saudi Sukuk Market · Iconic Research and Engineering Journals · 2026
• 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 · Zenodo (CERN European Organization for Nuclear Research) · 2026
• Reconstructing Zakat Governance in Indonesia · Al-Ahkam: Jurnal Ilmu Syari’ah dan Hukum · 2026
• Implementation of Good Corporate Governance (GCG) Sharia in Maintaining the Sustainability of Commercial Banks in Indonesia · Neo Journal of economy and social humanities · 2026
• The Impact of Islamic Monetary Instruments and Islamic Social Funds on Indonesia’s Economic Growth · Inkubis Jurnal Ekonomi dan Bisnis · 2026

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