Evolutionary Overview of Tawarruq Based on Bibliometric Analysis from 2012 to 2024

Islamic financing in Malaysia is helping the Islamic banking sector expand quicker than conventional lending. This expansion is driven primarily by tawarruq-based financing. Surprisingly, since tawarruq is the most common contract especially when it comes to financing products, the proposal in Bank Negara Malaysia’s (BNM) Financial Sector Blueprint 2022 – 2026 to review its use must be taken seriously to target broader adoption of sustainable financing. This study uses bibliometric analysis based on the Scopus and Science Direct databases to capture the research landscape relevant to tawarruq since no large-scale studies have been performed from 2012 until 2024. The application of tawarruq on financing products is also considered to assess the importance and relevance of studies in the area of ??tawarruq. The results manage to unpack the evolutionary nuances of tawarruq while shedding light on the emerging regions of tawarruq. As a whole, this paper should be a useful resource for gaining insight and identifying the patterns, trends and impact of tawarruq within the Islamic finance industry.