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INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016 Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI) |
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| Paper Title: | IMPACT OF ISLAMIC FINANCE ON ECONOMIC GROWTH: A STUDY OF THE SAARC NATIONS AND KEY TAKEAWAYS FOR INDIA |
| Authors Name: | Dheenabhandhan S , Rebecca Ann Saji , Sunil MP |
| Download E-Certificate: | Download |
| Author Reg. ID: |
IJNRD_223263
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| Published Paper Id: | IJNRD2406106 |
| Published In: | Volume 9 Issue 6, June-2024 |
| DOI: | http://doi.one/10.1729/Journal.40109 |
| Abstract: | Purpose: This paper is a quantitative study of the relationship between the development of Islamic Finance and economic growth in the SAARC nations wherein Islamic Finance is adopted and established. Design/Methodology: Annual time-series data of Gross Domestic Product (GDP) growth rate and Gross Fixed Capital Formation (GFCF) growth rate was taken from the World Bank whereas Islamic Finance Development indicator was taken from Zawya and IBFinancing for the period between 2005 to 2022. GDP growth rate and GFCF growth rate were variables taken as proxies for economic growth and Islamic Finance Development indicator as proxy for development in Islamic Finance. For the analysis, Johansen Co-integration test and Granger Causality test were conducted. Findings: The results from the Johansen’s Co-integration test proved that there exists a long term correlation between the Islamic Finance Development variable and economic growth variables and hence they are co-integrated with each other. The Granger tests’ results showed that the growth in Islamic Finance caused growth in the economy too. Furthermore, the results suggested that Islamic Finance also contributed to higher investments in the SAARC nations. Research Limitations: The study presents its suggestions by testing the Islamic Development indicator and economic growth variables of the countries following Islamic Finance in SAARC nations which may or may not be true for India or the rest of the world. Hence this study is only indicative and remotely conclusive for India. Originality/Value: The results of the study will be of importance to economists and policy makers striving to achieve countries’ economic growth. |
| Keywords: | Islamic Finance, economic growth, Granger Causality, Johansen Co- integration, Financial Inclusion |
| Cite Article: | "IMPACT OF ISLAMIC FINANCE ON ECONOMIC GROWTH: A STUDY OF THE SAARC NATIONS AND KEY TAKEAWAYS FOR INDIA", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.9, Issue 6, page no.b46-b54, June-2024, Available :http://www.ijnrd.org/papers/IJNRD2406106.pdf |
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2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016 An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator |
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Published Paper ID:IJNRD2406106 Registration ID: 223263 Published In: Volume 9 Issue 6, June-2024 DOI (Digital Object Identifier): http://doi.one/10.1729/Journal.40109 Page No: b46-b54 Country: Bangalore, Karnataka, India Research Area: Social Science and Humanities Publisher : IJ Publication Published Paper URL : https://www.ijnrd.org/viewpaperforall?paper=IJNRD2406106 Published Paper PDF: https://www.ijnrd.org/papers/IJNRD2406106 |
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ISSN: 2456-4184
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