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Impact of Islamic Finance on Economic Growth: An Empirical Analysis of Muslim Countries

In: INTRODUCTION TO ISLAMIC ECONOMICS AND FINANCE

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  • Syeda Arooj Naz
  • Saqib Gulzar

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, 2025. "Impact of Islamic Finance on Economic Growth: An Empirical Analysis of Muslim Countries," World Scientific Book Chapters, in: M Kabir Hassan (ed.), INTRODUCTION TO ISLAMIC ECONOMICS AND FINANCE, chapter 6, pages 101-121, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789819813735_0006
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