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The Effect of Islamic Finance on the Economic Growth of a Sample of Islamic Countries during the Period 2001–2019

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  • Redouan Ainous

Abstract

This study examines the impact of Islamic finance on the economic growth of early adopters of Islamic banking: in Malaysia, Indonesia, Bahrain, Saudi Arabia, and the UAE, using data from 2001 to 2019. Unit root tests determine the stability and integration order of Islamic finance. The study finds that Islamic banks significantly contribute to economic performance, promoting Islamic economic activities and fostering economic growth. This highlights the significance of Islamic finance in driving economic development, especially in nations with Islamic banking. The research offers valuable empirical evidence to the literature on Islamic finance and its role in economic growth in these countries. Overall, it emphasises the positive practical implications of Islamic finance in enhancing economic growth and development.

Suggested Citation

  • Redouan Ainous, 2024. "The Effect of Islamic Finance on the Economic Growth of a Sample of Islamic Countries during the Period 2001–2019," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 25(2), pages 108-129, April.
    • Handle: RePEc:wej:wldecn:926
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