The Best Methodology Recommended for Research in Islamic Finance

Abstract

This study aims to explore several methodologies being used for research in Islamic finance and suggest the best methodologies. There are several research methodologies being used in conducting research in Islamic finance. Those methodologies are qualitative research design, conceptual research design, quantitative research design, mixed method research design, and case study research design. Available data as well as research objectives usually drive selection of best methodology research designs. However, availability of more statistical tools for data stimulation has shown that even qualitative research design could be paired with quantitative research design to make the findings more comprehensive. Through this, the methodology that enables both qualitative and quantitative simultaneously may be considered as best methodology. This is because it allows both subjective judgement and objective judgement to explain each other especially when there are conflicting findings. An advantage of this methodology is that Islamic finance research would be more tailored to address very important issues and contribute to the national economy in particular and global economy in general. The limitation of this methodology is that since Islamic research scholars are few, Islamic finance research may be few. At the same time, this may increase the number of people enrolling for core Islamic finance programs with integrated knowledge of several research methodologies.