Public Finance and Islamic Economics: The State of Art and Future Research Agenda

Abstract

In this paper, we aim to carry out a comprehensive bibliometric analysis on articles published in the field of public finance and Islamic economics from 1972 until 2022. We have utilized Scopus and other published report in this field of research such as journal article, book chapter, conference paper, magazine, government reports, book and review manuscript. Numerous major civilizations, including Islam, have integrated public finance into their economic structures. Since the advent of Islam in Arabia until the Golden Age, Muslim authorities have endeavored to implement Islamic fiscal principles in accordance with the standards outlined in the Holy Qur'an and Sunnah. In Islamic economics, legal maxims (Al-Qawa'id Al-Fiqhiyyah) play a prominent role in public finance, as the Islamic legality of government actions must be considered prior to their execution. We believe, this research can serve a primary reference to public finance within the framework of Islamic economics on the state of research within a field or discipline and the way forward. We conclude that the incorporation of Islamic economics into public finance has substantial potential for stimulating economic expansion, guaranteeing social equity, and advocating for ethical financial conduct. As we begin this journey, it is important to develop a research agenda that includes several disciplines to tackle current economic difficulties. This will ultimately help create a more inclusive and sustainable economic model.