The rise of Islamic insurance (Takaful) and impact on economic growth: A multi-country study

Muye, I. M., Hasan, A. F. and Karbhari, Y. ORCID: https://orcid.org/0000-0003-4513-0928 2025. The rise of Islamic insurance (Takaful) and impact on economic growth: A multi-country study. Taghizadeh-Hesary, F., Mohd Thas Thaker, H., Bhatti, M. I. and Allah Pitchay, A., eds. Islamic Financial Markets and Institutions: Challenges, Financial Stability, and Inclusivity, Singapore: Springer, pp. 301-315. (10.1007/978-981-96-8650-6_14)

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Abstract

This study examines the global expansion of Takaful insurance and evaluates its impact on economic development in 22 Muslim-majority countries. Utilizing the difference GMM technique, we find strong evidence of a positive and significant effect from the Takaful sector on economic growth. We report a robust positive and significant link between trade and a positive but insignificant relationship between CPI and economic growth with government consumption being negative. Our results provide support for the supply-leading hypothesis in the finance growth literature. We conclude that this alternative form of insurance is an important catalyst for economic development.

Item Type:	Book Section
Date Type:	Publication
Status:	Published
Schools:	Schools > Business (Including Economics)
Publisher:	Springer
ISBN:	978-981-96-8649-0
Last Modified:	04 Sep 2025 13:30
URI:	https://orca.cardiff.ac.uk/id/eprint/180861

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