Using a sample of Islamic banks in Indonesia, our empirical findings demonstrate a positive relationship between economic growth and financing growth in Islamic banks, indicating procyclical behavior. However, the degree of procyclicality varies depending on bank size, with small banks exhibiting a more pronounced procyclical behavior compared to large banks, which display a countercyclical pattern. Our deeper analysis reveals that consumption financing contracts through Murabahah and Istisna contribute to the countercyclical behavior observed in large Islamic banks. Moreover, Musharakah as a productive financing contract does not exhibit procyclical behavior regardless of bank size. In contrast, another productive financing contract, Mudharabah, can lead large Islamic banks to behave countercyclically. Additionally, Ijarah, a leasing contract used for either consumption or productive purposes, exhibits a procyclical pattern in large Islamic banks, indicating that it cannot serve as a hedge during economic downturns for these banks. Overall, these results underscore the importance of Islamic bank consolidation, as large Islamic banks tend to effectively overcome procyclicality throughout the business cycle by utilizing the majority of financing contracts.

使用印度尼西亚伊斯兰银行的样本，我们的实证研究结果表明伊斯兰银行的经济增长与融资增长之间存在正相关关系，表明其顺周期行为。然而，顺周期的程度取决于银行规模，与表现出反周期模式的大型银行相比，小型银行表现出更明显的顺周期行为。我们更深入的分析表明，通过Murabahah和Istisna 的消费融资合同有助于大型伊斯兰银行观察到的反周期行为。此外，无论银行规模如何， Musharakah作为一种生产性融资合约，都不会表现出顺周期行为。相比之下，另一个生产性融资合同Mudharabah，可能导致大型伊斯兰银行采取反周期行为。此外，Ijarah是一种用于消费或生产目的的租赁合同，在大型伊斯兰银行中表现出顺周期模式，表明它无法在这些银行经济低迷时期充当对冲工具。总体而言，这些结果强调了伊斯兰银行整合的重要性，因为大型伊斯兰银行往往通过利用大部分融资合同来有效克服整个商业周期的顺周期性。