New Islamic Economic Index

Reem Alqadiri (), Manal Almusfer () and Khaled AlMawazini ()
Additional contact information
Reem Alqadiri: Gulf University of Science and Technology
Manal Almusfer: Gulf University of Science and Technology
Khaled AlMawazini: Gulf University for Science and Technology

No 9010770, Proceedings of International Academic Conferences from International Institute of Social and Economic Sciences

Abstract: The Islamic economic index developed by Rehman and Askari (2010) has many limitations. This paper proposes new Islamic economic index and overcomes the limitations of Rehman and Askari (2010). Our proposed index IFI index is constructed by using principal component analysis (PCA). The PCA allows us to reduce the correlated observed variables to a smaller set of independent composite variables. Our proposed index has three main areas, namely, economic opportunities, economic freedom and social infrastructure. Our main result surprisingly shows that the first 15 countries out of a total of 132 countries are not part of the organization of Islamic cooperation, where Finland topped up the first place in the application of indicators of the Islamic economy for 2016.

Keywords: Islamic Economic; Voice and Accountability; Government Effectiveness; Regulatory Quality; Rule of Law; Control of Corruption; Gender Equality; Human Development; Islamic Finance Country; Monopoly Index. (search for similar items in EconPapers)
Pages: 1 page
Date: 2019-06
New Economics Papers: this item is included in nep-hme and nep-isf
References: Add references at CitEc
Citations:

Published in Proceedings of the Proceedings of the 45th International Academic Conference, London, Jun 2019, pages 3-3

Downloads: (external link)
https://iises.net/proceedings/iises-international- ... 90&iid=003&rid=10770 First version, 2019

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sek:iacpro:9010770

Access Statistics for this paper

More papers in Proceedings of International Academic Conferences from International Institute of Social and Economic Sciences
Bibliographic data for series maintained by Klara Cermakova ().