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Bibliometric Analysis of Value at Risk in Islamic Portfolio: Trends, Gaps, and Future Directions

Journal of Islamic Economics and Business · Vol. 4 No. 2 (2025) · hlm. 130–170

DOI
10.15575/jieb.v4i2.45494
ISSN
2798-4834, 2798-8562
Terbit
2025-05-16
Penerbit
Fakultas Ekonomi dan Bisnis Islam
Bahasa
eng
Lisensi
creativecommons.org/licenses/by-sa/4.0

Abstrak

This study explores trends, intellectual structures, and thematic evolution in the literature on Value at Risk (VaR) for Islamic portfolios, identifying research gaps and proposing future directions. Using bibliometric analysis, it synthesizes 311 articles from the Scopus database (2005–2025) through Biblioshiny in RStudio and VOSviewer, focusing on publication trends, influential authors, affiliations, and thematic structures. The findings reveal steady growth in VaR literature for Islamic portfolios, with a 3.53% annual growth rate and contributions from 677 authors. Key contributors include Hammoudeh S., Mensi W., and institutions like International Islamic University Malaysia and Prince Sultan University. Thematic analysis highlights advanced methodologies such as GARCH and wavelet analysis, enhancing Islamic finance approaches. Thematic evolution shows a shift from foundational Islamic finance topics to complex analyses of volatility spillovers and dynamic connectedness. The study identifies nine research clusters and recommends integrating ESG considerations, improving risk management, and strengthening portfolio diversification. This research offers valuable insights for practitioners and policymakers in Islamic finance, underscoring the importance of tailored risk assessment tools. It provides a roadmap for scholars to address gaps, particularly in adapting conventional VaR methods to align with Islamic principles. To the authors’ knowledge, this is the first comprehensive bibliometric analysis on VaR in Islamic portfolios, significantly contributing to the literature by mapping intellectual landscapes and offering actionable future research directions.

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  • Indonesia University of Education
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Rekan penulisOrganisasiArtikel bersama
Maya SariAfiliasi tidak diketahui3
Abdul RozakAfiliasi tidak diketahui2
Fakhrul Anwar ZainolAfiliasi tidak diketahui2
DismanAfiliasi tidak diketahui1
Elva HerliantiIndonesia University of Education1
Yayat SupriyatnaIndonesia University of Education1
Imas PurnamasariIndonesia University of Education1
Disman DismanAfiliasi tidak diketahui1
Nugraha NugrahaAfiliasi tidak diketahui1
Rita SatriaAfiliasi tidak diketahui1
Anisa IlmiaAfiliasi tidak diketahui1
Neneng HartatiAfiliasi tidak diketahui1
Prasetyo HarisandiAfiliasi tidak diketahui1
Alma Bella HermayantiAfiliasi tidak diketahui1
Muhammad Arief RamdhanyAfiliasi tidak diketahui1
Umar AnsamuAfiliasi tidak diketahui1
Adi SopianAfiliasi tidak diketahui1
Budi Supriatono PurnomoAfiliasi tidak diketahui1
Dadang Husen SobanaAfiliasi tidak diketahui1
Deni Kamaludin YusupAfiliasi tidak diketahui1
Vemy Suci AsihAfiliasi tidak diketahui1
Fauzi Zulfikar AhmadAfiliasi tidak diketahui1

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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.uinsgd.ac.id/index.php/jieb/oai, pertama di-harvest 7 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en-US">Bibliometric Analysis of Value at Risk in Islamic Portfolio: Trends, Gaps, and Future Directions</dc:title>
	<dc:creator>Yulandri, Elsa</dc:creator>
	<dc:creator>Heryana, Toni</dc:creator>
	<dc:creator>Utama, Wahyudayanto</dc:creator>
	<dc:creator>Nugraha</dc:creator>
	<dc:creator>Waspada, Ikaputera</dc:creator>
	<dc:creator>Purnamasari, Imas</dc:creator>
	<dc:subject xml:lang="en-US">Bibliometric analysis</dc:subject>
	<dc:subject xml:lang="en-US">Islamic finance</dc:subject>
	<dc:subject xml:lang="en-US">Risk management</dc:subject>
	<dc:subject xml:lang="en-US">Sharia Finance</dc:subject>
	<dc:subject xml:lang="en-US">Value at Risk (VaR)</dc:subject>
	<dc:description xml:lang="en-US">This study explores trends, intellectual structures, and thematic evolution in the literature on Value at Risk (VaR) for Islamic portfolios, identifying research gaps and proposing future directions. Using bibliometric analysis, it synthesizes 311 articles from the Scopus database (2005–2025) through Biblioshiny in RStudio and VOSviewer, focusing on publication trends, influential authors, affiliations, and thematic structures. The findings reveal steady growth in VaR literature for Islamic portfolios, with a 3.53% annual growth rate and contributions from 677 authors. Key contributors include Hammoudeh S., Mensi W., and institutions like International Islamic University Malaysia and Prince Sultan University. Thematic analysis highlights advanced methodologies such as GARCH and wavelet analysis, enhancing Islamic finance approaches. Thematic evolution shows a shift from foundational Islamic finance topics to complex analyses of volatility spillovers and dynamic connectedness. The study identifies nine research clusters and recommends integrating ESG considerations, improving risk management, and strengthening portfolio diversification. This research offers valuable insights for practitioners and policymakers in Islamic finance, underscoring the importance of tailored risk assessment tools. It provides a roadmap for scholars to address gaps, particularly in adapting conventional VaR methods to align with Islamic principles. To the authors’ knowledge, this is the first comprehensive bibliometric analysis on VaR in Islamic portfolios, significantly contributing to the literature by mapping intellectual landscapes and offering actionable future research directions.</dc:description>
	<dc:publisher xml:lang="en-US">Fakultas Ekonomi dan Bisnis Islam</dc:publisher>
	<dc:date>2025-05-16</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.uinsgd.ac.id/index.php/jieb/article/view/45494</dc:identifier>
	<dc:identifier>10.15575/jieb.v4i2.45494</dc:identifier>
	<dc:source xml:lang="en-US">Journal of Islamic Economics and Business; Vol. 4 No. 2 (2024): Journal of Islamic Economics and Business; 130 - 170</dc:source>
	<dc:source>2798-4834</dc:source>
	<dc:source>2798-8562</dc:source>
	<dc:source>10.15575/jieb.v4i2</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.uinsgd.ac.id/index.php/jieb/article/view/45494/14175</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2025 Elsa Yulandri</dc:rights>
	<dc:rights xml:lang="en-US">https://creativecommons.org/licenses/by-sa/4.0</dc:rights>
</oai_dc:dc>