ISLAMIC SOCIAL FINANCE 2.0: OVERCOMING THE PARADOX OF FRAGMENTATION AND IMPACT THROUGH DIGITAL ECOSYSTEM INTEGRATION
Abstract
This study is motivated by the increasing digital transformation within Islamic Social Finance (ISF), which has accelerated the shift from traditional philanthropic systems toward a more inclusive and technology-driven Islamic social finance ecosystem. The study aims to analyze the development, thematic structure, and transformation trajectory of ISF within the context of digitalization and financial innovation. The method employed is bibliometric analysis using data sourced from the Web of Science Core Collection covering the period from 1979 to 2025. Based on the bibliometric search results, approximately 566 documents related to Islamic Social Finance (ISF) were identified. The analysis was conducted using Biblioshiny for Bibliometrix and VOSviewer through descriptive analysis, co-word analysis, bibliographic coupling, thematic evolution, and thematic mapping approaches. The findings indicate that the ISF literature has experienced significant growth and is characterized by four major clusters, namely core Islamic social finance, sustainability and development, institutional and microfinance dimensions, and digital transformation. Digitalization-related themes such as fintech, blockchain, crowdfunding, digital zakat, and digital waqf have emerged as the primary drivers of ISF transformation. However, the development of ISF continues to face fragmentation among digital innovation, regulatory frameworks, and institutional governance. This study concludes that the transformation toward Islamic Social Finance 2.0 requires the integration of technology, regulation, governance, and maqashid al-shariah values in order to establish a more sustainable and impactful ISF ecosystem.
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Copyright (c) 2026 Muhammad Abrar
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