IMPACT OF ISLAMIC FINANCE ON ECONOMIC GROWTH: AN EMPIRICAL ANALYSIS OF MUSLIM COUNTRIES

Syeda Arooj Naz () and Saqib Gulzar
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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

The Singapore Economic Review (SER), 2022, vol. 67, issue 01, 245-265

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.

Keywords: Islamic banking; sukuk; GDP; PMG/ARDL (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1142/S0217590819420062

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