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Impact Of Islamic Finance On Economic Growth: An Empirical Analysis Of Muslim Countries

Author

Listed:
  • SYEDA AROOJ NAZ

    (Department of Management Sciences, COMSATS University Islamabad, Wah Campus, Pakistan)

  • SAQIB GULZAR

    (Department of Management Sciences, COMSATS University Islamabad, Wah Campus, Pakistan)

Abstract

Islamic finance is one of the most rapidly growing sectors of the global financial system. This paper empirically outlines the pure effect of Islamic finance including Islamic banking and Islamic bonds on economic growth in major Muslim countries. Current study has taken up Islamic banks’ assets and Islamic banks’ financing, total value of sukuk issued and real GDP as measuring proxies. For the analysis, PMG of ARDL framework has been utilized. The outcomes of the study revealed that in the long run, Islamic banks’ assets, Islamic banks’ financing and Islamic bonds are significantly correlated with real GDP in Muslim countries.

Suggested Citation

  • Syeda Arooj Naz & Saqib Gulzar, 2022. "Impact Of Islamic Finance On Economic Growth: An Empirical Analysis Of Muslim Countries," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 67(01), pages 245-265, March.
    • Handle: RePEc:wsi:serxxx:v:67:y:2022:i:01:n:s0217590819420062
    DOI: 10.1142/S0217590819420062
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    Citations

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    Cited by:

    1. Mosab I. Tabash & Mohammad Sahabuddin & Fatima Muhammad Abdulkarim & Basem Hamouri & Dang Khoa Tran, 2023. "Dynamic Dependency between the Shariah and Traditional Stock Markets: Diversification Opportunities during the COVID-19 and Global Financial Crisis (GFC) Periods," Economies, MDPI, vol. 11(5), pages 1-19, May.
    2. Nigo, Ayine R.S. & Gibogwe, Vincent, 2023. "Empirical Research on Financial Efficiency and Economic Growth in Sub-Saharan Africa," MPRA Paper 116041, University Library of Munich, Germany, revised 14 Dec 2022.

    More about this item

    Keywords

    Islamic banking; sukuk; GDP; PMG/ARDL;
    All these keywords.

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