Swot Analysis on Research Methodologies and Techniques Adopted in Islamic Economics and Finance

Abstract

Islamic economics and finance have grown rapidly across the world. The rise is due to increased global demand for products that fulfill sharia principles. The positive growth of Islamic economics and finance supports the advancement of Islamic economics and finance research. In order to advance knowledge and offer advantages to industry, government, and society, research methodology in Islamic economics and finance must be strengthened. Therefore, the purpose of this chapter is to examine the approach for developing a research methodology for Islamic economics and finance through SWOT analysis. According to the SWOT analysis, there are six strategies in developing research methodology applied in Islamic economics and finance, namely, increasing cooperation with the Islamic economics and finance industry to conduct joint research; strengthening Islamic economics and finance research conducted by academics; collaborating with the Islamic economics and finance industry to create a data center; providing incentives to academics to conduct research aimed at building Islamic economic theory; innovating research methodology applied in the field of Islamic economics and finance with various methods and techniques; and strengthening and developing existing Islamic theory.