PERKEMBANGAN RISET SUKUK DI INDONESIA: ANALISIS BIBLIOMETRIK MENGGUNAKAN VOSVIEWER
DOI:
https://doi.org/10.46576/1cw6gr81Kata Kunci:
sukuk, bibliometric, VOSviewer, Islamic finance, green sukuk, cash waqf linked sukukAbstrak
This study aims to map the development of scientific literature on sukuk in Indonesia through a bibliometric analysis approach using VOSviewer software. The research data derives from 247 scientific publications (2020-2023) enriched by citation metrics from Publish or Perish (840 papers, 10,088 citations, h-index 46). Sukuk as an Islamic financial instrument has attracted growing global scholarly attention, as evidenced by 560.44 citations per year over an 18-year period (Abdullah & Razak, 2020; Bhuiyan et al., 2020). The keyword co-occurrence network identifies four thematic clusters: (1) local academic references, (2) Sharia instruments and domestic context, (3) empirical market analysis, and (4) instrument innovation (green sukuk, cash waqf linked sukuk). Density visualization confirms sukuk and syariah as the most intensively researched terms. Overlay visualization reveals green sukuk and cash waqf linked sukuk as the most emerging topics, consistent with global trends in sustainable Islamic finance (Nasr et al., 2023). The novelty of this study lies in integrating three VOSviewer visualizations with Publish or Perish citation analysis for a holistic sukuk research landscape in Indonesia.
Keywords: sukuk, bibliometric, VOSviewer, Islamic finance, green sukuk, cash waqf linked sukuk
Referensi
Abdullah, A., & Razak, L. A. (2020). Exploratory research into sukuk: A literature review. Asian Academy of Management Journal of Accounting and Finance, 16(1), 69–103. https://doi.org/10.21315/aamjaf2020.16.1.4
Afshar, T. A. (2020). Compare and contrast sukuk (Islamic bonds) with conventional bonds, are they compatible? Journal of Global Business and Economics, 2(1), 44–52.
Ahmad, W., & Radzi, S. M. (2021). Sustainability of sukuk and conventional bond during financial crisis: Malaysia’s capital market. Global Business Management Review, 3(1), 33–45.
Aisyah, S., Rahmawati, R., & Prasetyo, D. (2022). Volatilitas dan efisiensi pasar sukuk korporasi di Indonesia: Analisis GARCH pada masa pandemi Covid-19. Jurnal Keuangan Dan Perbankan Syariah, 10(2), 115–132. https://doi.org/10.15575/jkps.v10i2.15823
Alandejani, M., & Asutay, M. (2021). Nonperforming Islamic versus conventional loans: Empirical evidence from global banking. International Review of Financial Analysis, 73, 101624. https://doi.org/10.1016/j.irfa.2020.101624
Aria, M., & Cuccurullo, C. (2017). bibliometrix: An R-tool for comprehensive science mapping analysis. Journal of Informetrics, 11(4), 959–975. https://doi.org/10.1016/j.joi.2017.08.007
Ascarya, A. (2020). The role of sukuk in Islamic financial development: Evidence from Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 13(1), 45–67. https://doi.org/10.1108/IMEFM-11-2018-0380
Bhuiyan, R. A., Rahman, M. P., Saiti, B., & Mat Ghani, G. (2020). Co-movement dynamics between global sukuk and bond markets: New insights from a wavelet analysis. International Journal of Emerging Markets, 15(6), 1143–1165. https://doi.org/10.1108/IJOEM-09-2018-0447
Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of Business Research, 133, 285–296. https://doi.org/10.1016/j.jbusres.2021.04.070
Dusuki, A. W. (2016). Islamic Financial System: Principles and Operations (2nd (ed.)). ISRA.
Firmansyah, I., & Rusydiana, A. S. (2022). Pembiayaan infrastruktur melalui sukuk negara di Indonesia: Analisis dampak terhadap pertumbuhan ekonomi regional. Jurnal Ekonomi Syariah Teori Dan Terapan, 9(3), 201–218. https://doi.org/10.20473/vol9iss20223pp201-218
Hamdan, R., Aziz, A. A., Kader, R. A., & Abdullah, A. (2021). Bibliometric analysis of sukuk research: A systematic review of literature. International Journal of Islamic and Middle Eastern Finance and Management, 14(5), 1063–1079. https://doi.org/10.1108/IMEFM-06-2020-0278
Hassan, M. K., Rabbani, M. R., & Ali, M. A. M. (2020). Challenges for the Islamic finance and banking in post COVID era and the role of fintech. Journal of Economic Cooperation and Development, 41(3), 93–116.
Hastuti, R. T. (2023). Perkembangan riset sukuk di Indonesia: Tinjauan bibliometrik dan agenda penelitian masa depan. Jurnal Akuntansi Dan Keuangan Islam, 11(1), 45–68. https://doi.org/10.35836/jakis.v11i1.312
Hastuti, R. T., & Olivia, M. (2021). Pemetaan riset sukuk Indonesia: Analisis bibliometrik berbasis Sinta 2016-2020. Jurnal Ekonomi Syariah Teori Dan Terapan, 8(4), 421–436. https://doi.org/10.20473/vol8iss20214pp421-436
Iqbal, Z., & Mirakhor, A. (2017). Introduction to Islamic Finance: Theory and Practice (3rd (ed.)). Wiley Finance Series.
Iskandar, A., Possumah, B. T., & Aqbar, K. (2023). Green sukuk as a sustainable financing instrument: Literature review and future research agenda. Asian Journal of Finance & Accounting, 15(1), 1–22. https://doi.org/10.5296/ajfa.v15i1.20891
Khartabiel, G., Murad, M., Tbaishat, D., & Hussainey, K. (2020). Shari’ah-compliant sukuk versus conventional bond announcements: Is there a difference in market reaction? Journal of Emerging Market Finance, 19(1), 47–68. https://doi.org/10.1177/0972652719878641
Lahsasna, A., Hassan, M. K., & Ahmad, R. (2022). Forward lease sukuk in Islamic capital markets: Structure and governing rules. Journal of Islamic Accounting and Business Research, 13(6), 900–917. https://doi.org/10.1108/JIABR-11-2021-0304
Miniaoui, H., & Hamdan, R. (2022). Corporate sukuk in Southeast Asia: A bibliometric analysis and systematic review. Journal of Islamic Accounting and Business Research, 13(3), 489–512. https://doi.org/10.1108/JIABR-01-2021-0024
Mohamed Noor, A., Noor, A. M., & Shahimi, S. (2022). Cash waqf linked sukuk: An innovative financial product for social welfare enhancement in Malaysia. Jurnal Pengurusan, 64, 1–14. https://doi.org/10.17576/pengurusan-2022-64-01
Narayan, P. K., & Phan, D. H. B. (2020). Country- and industry-level shocks and Islamic stock returns. Pacific-Basin Finance Journal, 60, 101221. https://doi.org/10.1016/j.pacfin.2019.101221
Nasr, A. K., Taghizadeh-Hesary, F., & Mohammadi, A. (2023). Green sukuk issuance and firms’ performance: Fresh empirical evidence from emerging economies. International Review of Financial Analysis, 87, 102601. https://doi.org/10.1016/j.irfa.2023.102601
Olivia, M., Hastuti, R. T., & Wijayanti, R. (2022). Cash waqf linked sukuk sebagai instrumen pembiayaan sosial: Tinjauan literatur dan peta riset. Jurnal Ilmiah Ekonomi Islam, 8(2), 1987–1998. https://doi.org/10.29040/jiei.v8i2.5221
Rahman, M. P., & Abdullah, A. (2021). Bibliometric analysis on Shariah compliant investment research using VOSviewer. Jurnal Pengurusan, 62, 1–15. https://doi.org/10.17576/pengurusan-2021-62-01
Risiko, D. J. P. P. dan. (2023). Perkembangan Pasar SBSN Indonesia 2023. Kementerian Keuangan Republik Indonesia.
Setiawan, D., Gumanti, T. A., & Qizam, I. (2022). Sukuk issuance and corporate performance: Evidence from Indonesia. Journal of King Abdulaziz University: Islamic Economics, 35(2), 45–62. https://doi.org/10.4197/Islec.35-2.4
Van Eck, N. J., & Waltman, L. (2023). VOSviewer Manual Version 1.6.19. Universitas Leiden, CWTS.
Wahyudi, I., & Sani, G. A. (2021). Interdependence between Islamic capital market and money market: Evidence from Indonesia. Borsa Istanbul Review, 21(S1), S28–S37. https://doi.org/10.1016/j.bir.2021.04.001
Wilson, R. (2015). Islamic Finance: A Very Short Introduction. Oxford University Press.
Zawawi, N. H. M., & Wahab, N. A. (2023). Waqf and Islamic Finance: The Rise of Socially Responsible Finance. Palgrave Macmillan.
Unduhan
Diterbitkan
Terbitan
Bagian
Lisensi
Hak Cipta (c) 2026 Erisa Hajizah Hutasuhut, Aliyah Shahfitri
Artikel ini berlisensi Creative Commons Attribution-NonCommercial 4.0 International License.
