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Does Islamic insurance development promote economic growth? a panel data analysis

This paper examines the impact of Islamic insurance development on economic growth. The Islamic insurance market has been experiencing tremendous growth in its activities since inception, particularly in the ASEAN and GCC markets. Using the difference GMM estimation technique for dynamic panel data...

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Main Authors: Muye, Ibrahim Muhammad, Sheikh Hassan, Ahmad Fahmi
Format: Article
Language:English
Published: Elsevier 2016
Online Access:http://psasir.upm.edu.my/id/eprint/55561/1/Does%20Islamic%20insurance%20development%20promote%20economic%20growth.pdf
http://psasir.upm.edu.my/id/eprint/55561/
http://www.sciencedirect.com/science/article/pii/S2212567116000459
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spelling my.upm.eprints.555612018-05-15T01:32:58Z http://psasir.upm.edu.my/id/eprint/55561/ Does Islamic insurance development promote economic growth? a panel data analysis Muye, Ibrahim Muhammad Sheikh Hassan, Ahmad Fahmi This paper examines the impact of Islamic insurance development on economic growth. The Islamic insurance market has been experiencing tremendous growth in its activities since inception, particularly in the ASEAN and GCC markets. Using the difference GMM estimation technique for dynamic panel data model for a set of 22 countries for the period 2004 to 2012, we find a strong evidence of a positive and significant effect from the Islamic insurance activities on economic growth. We further find a robust positive and significant link between trade and economic growth, a positive but insignificant relationship between CPI and economic growth while government consumption show a negative relation. Our result provides further support for the supply-leading hypothesis in the finance growth literature. Elsevier 2016 Article PeerReviewed application/pdf en http://psasir.upm.edu.my/id/eprint/55561/1/Does%20Islamic%20insurance%20development%20promote%20economic%20growth.pdf Muye, Ibrahim Muhammad and Sheikh Hassan, Ahmad Fahmi (2016) Does Islamic insurance development promote economic growth? a panel data analysis. Procedia Economics and Finance, 35. pp. 368-373. ISSN 2212-5671 http://www.sciencedirect.com/science/article/pii/S2212567116000459 10.1016/S2212-5671(16)00045-9
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
language English
description This paper examines the impact of Islamic insurance development on economic growth. The Islamic insurance market has been experiencing tremendous growth in its activities since inception, particularly in the ASEAN and GCC markets. Using the difference GMM estimation technique for dynamic panel data model for a set of 22 countries for the period 2004 to 2012, we find a strong evidence of a positive and significant effect from the Islamic insurance activities on economic growth. We further find a robust positive and significant link between trade and economic growth, a positive but insignificant relationship between CPI and economic growth while government consumption show a negative relation. Our result provides further support for the supply-leading hypothesis in the finance growth literature.
format Article
author Muye, Ibrahim Muhammad
Sheikh Hassan, Ahmad Fahmi
spellingShingle Muye, Ibrahim Muhammad
Sheikh Hassan, Ahmad Fahmi
Does Islamic insurance development promote economic growth? a panel data analysis
author_facet Muye, Ibrahim Muhammad
Sheikh Hassan, Ahmad Fahmi
author_sort Muye, Ibrahim Muhammad
title Does Islamic insurance development promote economic growth? a panel data analysis
title_short Does Islamic insurance development promote economic growth? a panel data analysis
title_full Does Islamic insurance development promote economic growth? a panel data analysis
title_fullStr Does Islamic insurance development promote economic growth? a panel data analysis
title_full_unstemmed Does Islamic insurance development promote economic growth? a panel data analysis
title_sort does islamic insurance development promote economic growth? a panel data analysis
publisher Elsevier
publishDate 2016
url http://psasir.upm.edu.my/id/eprint/55561/1/Does%20Islamic%20insurance%20development%20promote%20economic%20growth.pdf
http://psasir.upm.edu.my/id/eprint/55561/
http://www.sciencedirect.com/science/article/pii/S2212567116000459
_version_ 1643835931702067200
score 13.211869

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