Purpose This study aims to synthesize the evolution and current state of Islamic capital markets research to identify dominant themes, discern critical research gaps and delineate avenues for future scholarly inquiry. Design/methodology/approach A hybrid methodology is used, integrating a bibliometric analysis of 775 Scopus-indexed documents with a systematic content analysis of 147 articles from ABDC A* and A-ranked journals, covering publications from 1979 to 2025. Findings The analysis reveals three principal research clusters: the financial performance of Islamic stocks, comparative analyses of Islamic versus conventional stocks and the interconnectedness between Islamic stocks and commodity markets (e.g. oil, gold). Key identified lacunae demanding further investigation include the efficacy of Islamic stock screening mechanisms during financial crises, the role of investor sentiment and the complex dynamics of stock−commodity interactions. Research limitations/implications The primary limitation is the focus on Scopus-indexed and ABDC A*/A-ranked journals for the respective analyses and the concentration on Islamic stocks, which may restrict broader generalizability to all Islamic financial instruments. Implications for future research are directly derived from the identified gaps, urging deeper exploration of crisis performance, behavioral influences and cross-asset relationships. Practical implications The synthesis of extant literature offers actionable insights for investors and portfolio managers regarding diversification strategies and the development of robust investment approaches. It also provides a clear roadmap for academics by highlighting underresearched yet critical areas within the Islamic stock market. Originality/value This review provides a comprehensive, methodologically robust roadmap of the Islamic capital markets literature, critically evaluating its trajectory and offering a structured agenda to guide future research toward impactful contributions concerning its integration with global financial systems.
Supriani et al. (Wed,) studied this question.