Exploring the Current Trend of Islamic Cooperatives
A Thematic Review
DOI:
https://doi.org/10.33102/jmifr.687Keywords:
Islamic cooperative, Shariah cooperative, Islamic cooperative society, Islamic finance, thematic reviewAbstract
The objective of the present work is to analyse the recent literature trend within Islamic cooperatives during the period 2019–2024 on the topics of governance, socio-economic effects, and innovation. The gaps in Shariah compliance, along with the operational structures, are also established in the review to enhance the sustainability and efficacy of Islamic cooperatives. A systematic thematic review was performed using the Thematic Review FlowZ (TreZ) framework by utilising the Scopus, Web of Science, and Mendeley databases. Fifty-four articles were screened and analysed based on predefined criteria, and the themes related to Islamic cooperatives were synthesised. Key themes that are central to Islamic cooperatives emerged, and they include Shariah governance and compliance, socio-economic contributions and poverty alleviation, adoption and behavioural intentions, financial and operational efficiency, and technological adoption and innovation. Specifically, the role of Shariah leadership in compliance was evaluated, and the socio-economic impact that Islamic cooperatives have on society is drawn from oppressed communities. Important problems were also uncovered, such as mapping the foundations of governance that could fit with the Shariah, scalability, digitisation of solutions, and capability building in management and education. A consolidated thematic map is provided to researchers, policymakers, and practitioners to establish unified frameworks, better governance, and technology to gain the operational and socio-economic effectiveness of Islamic cooperatives.
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