Efficiency studies of the sharia insurance industry: A systematic literature review

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The sharia insurance industry has experienced significant development from year to year. A sharia insurance company’s efficiency is crucial because it reflects its capacity to generate outputs from resources. This study aims to enhance comprehension of the efficiency of sharia insurance currently studied by doing a comprehensive literature study. This study selected 429 published articles about Islamic insurance indexed by Scopus between 2010 and 2022. 32 final articles that met the criteria that discussed efficiency as the primary study included in the qualitative synthesis analysis were selected. As a result, this study succeeded in revealing the development of sharia insurance efficiency studies based on the number of publications, authors, countries, subject areas, sources of publications, and cited articles. The study found four main methods researchers used to measure the efficiency of Sharia insurance. This study also revealed several studies comparing the efficiency level between conventional and sharia insurance. Furthermore, the study’s results were mapped based on the significance of the influence of variables on the efficiency of Sharia insurance. This study offers a new opportunity for further development in methods and variables of the efficiency of sharia insurance.

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    • Figure 1. PRISMA process in article selection
    • Figure 2. Publication trends by year
    • Table 1. Top three most productive authors
    • Table 2. Publications by subject area
    • Table 3. Publications by the country issuing five or more documents
    • Table 4. Publications by source title
    • Table 5. Top five most cited publications
    • Table 6. Efficiency analysis model
    • Table 7. Influence of variables on efficiency
    • Conceptualization
      Azhar Alam
    • Data curation
      Azhar Alam
    • Formal Analysis
      Azhar Alam
    • Funding acquisition
      Azhar Alam, Fauzul Hanif Noor Athief
    • Investigation
      Azhar Alam, Fikri ‘Ainul Qolbi
    • Methodology
      Azhar Alam, Fikri ‘Ainul Qolbi
    • Project administration
      Azhar Alam, Ririn Tri Ratnasari
    • Resources
      Azhar Alam, Ririn Tri Ratnasari, Fikri ‘Ainul Qolbi
    • Supervision
      Azhar Alam, Ririn Tri Ratnasari, Fauzul Hanif Noor Athief
    • Writing – original draft
      Azhar Alam, Ririn Tri Ratnasari, Fikri ‘Ainul Qolbi
    • Writing – review & editing
      Azhar Alam, Ririn Tri Ratnasari, Fikri ‘Ainul Qolbi
    • Software
      Fikri ‘Ainul Qolbi, Fauzul Hanif Noor Athief
    • Validation
      Fauzul Hanif Noor Athief
    • Visualization
      Fauzul Hanif Noor Athief