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The Rise of Islamic Insurance (Takaful) and Impact on Economic Growth: A Multi-country Study

In: Islamic Financial Markets and Institutions

Author

Listed:
  • Ibrahim Muhammad Muye

    (Tashkent State University of Economics)

  • Ahmad Fahmi S. Hasan

    (School of Business and Economics, UPM)

  • Yusuf Karbhari

    (Cardiff University)

Abstract

This study examines the global expansion of Takaful insurance and evaluates its impact on economic development in 22 Muslim-majority countries. Utilizing the difference GMM technique, we find strong evidence of a positive and significant effect from the Takaful sector on economic growth. We report a robust positive and significant link between trade and a positive but insignificant relationship between CPI and economic growth with government consumption being negative. Our results provide support for the supply-leading hypothesis in the finance growth literature. We conclude that this alternative form of insurance is an important catalyst for economic development.

Suggested Citation

  • Ibrahim Muhammad Muye & Ahmad Fahmi S. Hasan & Yusuf Karbhari, 2025. "The Rise of Islamic Insurance (Takaful) and Impact on Economic Growth: A Multi-country Study," Contributions to Economics, in: Farhad Taghizadeh-Hesary & Hassanudin Mohd Thas Thaker & M. Ishaq Bhatti & Anwar Allah Pitchay (ed.), Islamic Financial Markets and Institutions, chapter 0, pages 301-315, Springer.
    • Handle: RePEc:spr:conchp:978-981-96-8650-6_14
    DOI: 10.1007/978-981-96-8650-6_14
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