We document the contribution of Islamic finance development to economic growth by studying a global sample of countries engaged in providing Islamic financial services. Fifteen countries are included in the sample based on significant Islamic banking share in total domestic banking assets. Results are documented through the application of the Panel regression (EGLS) method for the period 2001–2020. Findings suggest a positive contribution of the Islamic Financial Services Industry (IFSI) to economic growth in sample countries in multiple regression settings. Additionally, a range of control variables, including domestic credit to the private sector, inflation, and trade openness, contribute significantly to economic growth. We recommend the creation of a conducive environment for the promotion of IFSI on account of the built-in stability feature and positive contribution to economic growth. We also recommend overall development in the financial sector of selected economies, including credit availability to the private sector and trade openness. Our study helps in understanding the dynamics of economic growth in economies with a dual banking system (conventional & Islamic). This article contributes to the literature by studying a larger sample of countries engaged in the practice of Islamic finance and considering the significance of the market share of assets under IFSI.

中文翻译：

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伊斯兰金融和经济增长：全球证据

我们通过研究全球提供伊斯兰金融服务的国家样本，记录伊斯兰金融发展对经济增长的贡献。根据伊斯兰银行在国内银行资产总额中所占的重要份额，样本中纳入了 15 个国家。通过应用 2001-2020 年期间面板回归 (EGLS) 方法记录结果。研究结果表明，在多元回归背景下，伊斯兰金融服务业 (IFSI) 对样本国家的经济增长做出了积极贡献。此外，一系列控制变量，包括私营部门的国内信贷、通货膨胀和贸易开放度，对经济增长做出了重大贡献。鉴于IFSI固有的稳定性特征和对经济增长的积极贡献，我们建议为促进IFSI创造有利的环境。我们还建议选定经济体金融部门的整体发展，包括向私营部门提供信贷和贸易开放。我们的研究有助于了解具有双重银行体系（传统银行体系和伊斯兰银行体系）的经济体的经济增长动态。本文通过研究从事伊斯兰金融实践的更大样本国家并考虑 IFSI 下资产市场份额的重要性，为文献做出了贡献。