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Impact of Islamic financial markets on economic growth: evidence from the Middle East and Asia / Nur Hazimah Amran, Wahida Ahmad and Catherine S F Ho

Globalization and integration of the global financial markets have yielded much volatility in economic activities and it is essential that emerging countries avoid contagious crises to ensure robust development. With the rapid progression in both conventional and Islamic financial markets, countries...

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Main Authors: Amran, Nur Hazimah, Ahmad, Wahida, S F Ho, Catherine
Format: Article
Language:English
Published: Accounting Research Institute (ARI), Universiti Teknologi MARA, Shah Alam 2023
Subjects:
Indexes (General)
Online Access:https://ir.uitm.edu.my/id/eprint/88828/1/88828.pdf
https://ir.uitm.edu.my/id/eprint/88828/
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spelling my.uitm.ir.888282023-12-27T03:09:12Z https://ir.uitm.edu.my/id/eprint/88828/ Impact of Islamic financial markets on economic growth: evidence from the Middle East and Asia / Nur Hazimah Amran, Wahida Ahmad and Catherine S F Ho mar Amran, Nur Hazimah Ahmad, Wahida S F Ho, Catherine Indexes (General) Globalization and integration of the global financial markets have yielded much volatility in economic activities and it is essential that emerging countries avoid contagious crises to ensure robust development. With the rapid progression in both conventional and Islamic financial markets, countries with dual financial systems have to uphold a stable and resilient financial market that could contribute to sustainable economic growth. This study aimed to investigate the contribution of Islamic financial markets towards economic development in selected Middle Eastern and Asian countries from 2008 to 2017. The study employed panel data analysis methodology on a balanced panel of seven countries and the finding reveals consistent results where both Islamic stock markets and the Islamic banking sector significantly and positively contributed to economic growth. Meanwhile, region significantly interacted in the relationship between Takaful and economic growth positively for Middle Eastern countries but not for Asia. Empirical evidence highlights the importance of the Islamic financial markets in stimulating a nation’s economic growth, which is especially vital for the stock and banking sectors. Further, Asian nations should also further expand and empower the Takaful industry to achieve a positive economic impact. Accounting Research Institute (ARI), Universiti Teknologi MARA, Shah Alam 2023-12 Article PeerReviewed text en https://ir.uitm.edu.my/id/eprint/88828/1/88828.pdf Impact of Islamic financial markets on economic growth: evidence from the Middle East and Asia / Nur Hazimah Amran, Wahida Ahmad and Catherine S F Ho. (2023) Management & Accounting Review (MAR) <https://ir.uitm.edu.my/view/publication/Management_=26_Accounting_Review_=28MAR=29/>, 22 (3): 11. pp. 272-295. ISSN 2550-1895
institution Universiti Teknologi Mara
building Tun Abdul Razak Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Mara
content_source UiTM Institutional Repository
url_provider http://ir.uitm.edu.my/
language English
topic Indexes (General)
spellingShingle Indexes (General)
Amran, Nur Hazimah
Ahmad, Wahida
S F Ho, Catherine
Impact of Islamic financial markets on economic growth: evidence from the Middle East and Asia / Nur Hazimah Amran, Wahida Ahmad and Catherine S F Ho
description Globalization and integration of the global financial markets have yielded much volatility in economic activities and it is essential that emerging countries avoid contagious crises to ensure robust development. With the rapid progression in both conventional and Islamic financial markets, countries with dual financial systems have to uphold a stable and resilient financial market that could contribute to sustainable economic growth. This study aimed to investigate the contribution of Islamic financial markets towards economic development in selected Middle Eastern and Asian countries from 2008 to 2017. The study employed panel data analysis methodology on a balanced panel of seven countries and the finding reveals consistent results where both Islamic stock markets and the Islamic banking sector significantly and positively contributed to economic growth. Meanwhile, region significantly interacted in the relationship between Takaful and economic growth positively for Middle Eastern countries but not for Asia. Empirical evidence highlights the importance of the Islamic financial markets in stimulating a nation’s economic growth, which is especially vital for the stock and banking sectors. Further, Asian nations should also further expand and empower the Takaful industry to achieve a positive economic impact.
format Article
author Amran, Nur Hazimah
Ahmad, Wahida
S F Ho, Catherine
author_facet Amran, Nur Hazimah
Ahmad, Wahida
S F Ho, Catherine
author_sort Amran, Nur Hazimah
title Impact of Islamic financial markets on economic growth: evidence from the Middle East and Asia / Nur Hazimah Amran, Wahida Ahmad and Catherine S F Ho
title_short Impact of Islamic financial markets on economic growth: evidence from the Middle East and Asia / Nur Hazimah Amran, Wahida Ahmad and Catherine S F Ho
title_full Impact of Islamic financial markets on economic growth: evidence from the Middle East and Asia / Nur Hazimah Amran, Wahida Ahmad and Catherine S F Ho
title_fullStr Impact of Islamic financial markets on economic growth: evidence from the Middle East and Asia / Nur Hazimah Amran, Wahida Ahmad and Catherine S F Ho
title_full_unstemmed Impact of Islamic financial markets on economic growth: evidence from the Middle East and Asia / Nur Hazimah Amran, Wahida Ahmad and Catherine S F Ho
title_sort impact of islamic financial markets on economic growth: evidence from the middle east and asia / nur hazimah amran, wahida ahmad and catherine s f ho
publisher Accounting Research Institute (ARI), Universiti Teknologi MARA, Shah Alam
publishDate 2023
url https://ir.uitm.edu.my/id/eprint/88828/1/88828.pdf
https://ir.uitm.edu.my/id/eprint/88828/
_version_ 1787139644193767424
score 13.211869

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