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...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Elsevier
2016
|
| Online Access: | http://psasir.upm.edu.my/id/eprint/55561/ http://psasir.upm.edu.my/id/eprint/55561/1/Does%20Islamic%20insurance%20development%20promote%20economic%20growth.pdf |
| _version_ | 1848852836788469760 |
|---|---|
| author | Muye, Ibrahim Muhammad Sheikh Hassan, Ahmad Fahmi |
| author_facet | Muye, Ibrahim Muhammad Sheikh Hassan, Ahmad Fahmi |
| author_sort | Muye, Ibrahim Muhammad |
| building | UPM Institutional Repository |
| collection | Online Access |
| 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. |
| first_indexed | 2025-11-15T10:44:25Z |
| format | Article |
| id | upm-55561 |
| institution | Universiti Putra Malaysia |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-15T10:44:25Z |
| publishDate | 2016 |
| publisher | Elsevier |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | upm-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 |
| spellingShingle | Muye, Ibrahim Muhammad Sheikh Hassan, Ahmad Fahmi Does Islamic insurance development promote economic growth? a panel data analysis |
| title | 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_short | Does Islamic insurance development promote economic growth? a panel data analysis |
| title_sort | does islamic insurance development promote economic growth? a panel data analysis |
| url | http://psasir.upm.edu.my/id/eprint/55561/ http://psasir.upm.edu.my/id/eprint/55561/ http://psasir.upm.edu.my/id/eprint/55561/ http://psasir.upm.edu.my/id/eprint/55561/1/Does%20Islamic%20insurance%20development%20promote%20economic%20growth.pdf |