The Islamic Gold Investment : Meet the Trends, Patterns, and Future Directions from Scopus
Abstract
This study aimed to map the development of research at the intersection of Islamic civilization, economics, and psychology through bibliometric analysis. This investigation is crucial for understanding how Islamic values shape economic thought and human behavior and how this intellectual legacy continues to influence modern economic research. Data were obtained from the Scopus database, encompassing scientific publications related to the themes of Islamic civilization and economics. The analysis was conducted using VOSviewer software to identify patterns of citation linkages, author collaborations, and the emergence of key keywords within the research network. The results show that limited articles that discussed (29 papers), in addition, recent research trends increasingly integrate Islamic principles with behavioral economics concepts, particularly in financial ethics, decision-making, and moral psychology. The main research clusters focus on Islamic finance, consumer behavior, and the reconstruction of classical Islamic thought in modern contexts. Temporal analysis also revealed a shift from historical-descriptive studies to empirical and interdisciplinary approaches. These findings significantly contribute to strengthening behavioral perspectives within Islamic economics and open new research directions on how the moral and psychological dimensions of Islamic civilization influence contemporary economic behavior.
References
Abdullah, A.M., Wahab, H.A., Abdullah, M., Jaafar, R., & Hamzah, N. (2023). Investing Amid Turmoil: Diversification Opportunities in Islamic Stock Indices, Bitcoin, Gold, and Crude Oil. Malaysian Journal of Economics.
Abdullah, M., Hassan, R., & Ahmad, N. (2022). Islamic perspective on gold investment: A Malaysian evidence. International Journal of Social Science Research, 10(3), 45–59.
Abdullah, NH, et et al. (2022). Compliance to Pay Zakat on Gold : A Study on UUM Staff. North University of Malaysia.
Abubakar, M., Hassan, MK, & Haruna, M.A. (2019). Cryptocurrency tide and Islamic finance development: Any issues?. International Finance Review.
Alam, N., Gupta, L., & Zameni, A. (2020). Islamic finance: Instruments and markets. London: Kogan Page.
Amin, H. (2016). Willingness to open Islamic gold investment accounts. Journal of Internet Banking and Commerce.
Bacha, O.I., Mirakhor, A., & Askari, H. (2021). Islamic Capital Markets: Principles and Practices. Wiley.
Bangko Village Team. (2024). Implementation of Gold Zakat Payment in Bangko Village. Indonesian Journal of Islamic Economics
Baur, D. G., & Lucey, B. M. (2010). Is gold a hedge or a safe haven? Financial Review, 45(2), 217–229.
BAZNAS. (2023). Zakat on gold and silver and how to calculate it. National Zakat Collection Agency.
Bintarto, MAI, Setiawan, Y., Alqarni, MU, & Hilmi, F. (2022). Zakah and Waqf for Cryptocurrency in Islamic Law. Al- Istinbath : Journal of Islamic Law.
Chkili, W., Ben Rejeb, A., & Mongi, M. (2021). Does bitcoin provide hedge to Islamic stock markets for pre- and during COVID-19 outbreak? A comparative analysis with gold. Resources Policy.
Dompet Dhuafa. (2023). Practical guide to gold zakat. Dompet Dhuafa.
DSN-MUI. (2010). National Sharia Council Fatwa No. 77/DSN-MUI/V/2010 concerning Non- Cash Gold Purchase and Sale. Indonesian Ulema Council.
Hanafi & Syafi'i schools of thought. (2020). The law of zakat on gold jewelry from the perspective of the schools of thought. eJournal IAI Ibrahimy.
Gezgin, Y. E. (2022). Electronıc Trade Transactıons in the Gold Sector and Its Fıqh Evaluatıon. Hitit Theology Journal.
Gulseven, O., & Ekici, Ö. (2016). The Turkish appetite for gold: An Islamic explanation. Resources Policy.
Gulseven, O., & Ekici, Ö. (2021). The role of real estate and gold as inflation hedges: the Islamic influence. International Journal of Islamic and Middle Eastern Finance and Management.
Hadi, S. (2013). The Influence of Customer Knowledge on the Decision to Pay Gold Zakat (Thesis). IAIN Syekh Nurjati Cirebon.
Hossain, M., Rahman, A., & Ariffin, N. (2023). Digital gold and Islamic finance: Challenges of compliance and innovation. Journal of Islamic Accounting and Business Research, 14(1), 88–103.
IAIN Bone Researcher. (2022). How to Calculate Zakat on Gold Trading and Its Application by Gold Traders at Watampone Central Market. IAIN Bone Journal of Sharia Economics.
Insan, J. (2019). Historical basis and review of the nisab of gold zakat in classical texts and qanun. Insan Journal.
Juisin, H.A., Mohd Sayuthi, MAS, Amin, H., & Mehboob, I.M. (2023). Determinants of Shari'ah gold investment behavior: the case of Penang, Malaysia. Journal of Islamic Marketing.
Mussafi, NSM (2021). Mathematical analysis of gold nisab and its zakat rate. UIN Sunan Kalijaga.
Nasution, E., & Rahmawati, D. (2020). The relevance of gold investment from the perspective of Islamic economic law. Journal of Islamic Law Studies, 8(2), 102–114.
Nawi, NH, Yazid, AS, & Haniff, Z. (2019). Factors influencing Muslim investors' intention towards gold investment. International Journal of Islamic Business Ethics, 4(1), 35–47.
Nordin, N., Rahimah, R., Ismail, SK, Kamaruddin, K., Mohamed, Z., & Nawi, MAA (2015). Understanding of gold investment among Muslim professionals in Terengganu, Malaysia. Mediterranean Journal of Social Sciences.
Rahman, MA, & Kassim, SH (2023). Fintech and Islamic gold trading: Regulatory and ethical perspectives. Asian Journal of Islamic Economics, 5(2), 56–72.
Raza, N., Ali, S., Shahzad, S. J. H., Rehman, M. U., & Salman, A. (2019). Can alternative hedging assets add value to Islamic-conventional portfolio mix: Evidence from MGARCH models. Resources Policy.
Reboredo, J. C. (2013). Is gold a hedge or safe haven against oil price movements? Energy Policy, 61, 740–747.
Siddique, M. Z. (2022). Modern money and Islamic banking in the light of Islamic law of riba. International Journal of Finance and Economics.
STIS HID Journal. (2023). Perception of Gold Traders in Klandasan Market regarding Gold Zakat. Hidayatullah Islamic College.
Tuna, G. (2019). Interaction between precious metals prices and Islamic stock markets. International Journal of Islamic and Middle Eastern Finance and Management.
UIM Researcher. (2024). Zakat on Gold Jewelry : Case of Terengganu. Melaka Islamic University.
Widagdo, AK, Santoso, D., & Putri, R. (2022). Religiosity, financial literacy, and gold investment decisions among Muslim millennials. Journal of Islamic Economics and Finance, 8(1), 12–25.
World Gold Council. (2016). Shariah Standard on Gold. London: WGC.

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.