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The Effects of Islamic Finance on Economic Development
Baqays, Lujain
Baqays, Lujain
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Abstract
This research explores how Islamic finance influences the development of the economy. Utilizing a qualitative method, the research delves into the various aspects of Islamic finance and how it impacts economic growth. Based on an extensive analysis of scholarly articles and real-life data, we assess how Islamic finance affects economic development, highlighting its encouragement of moral financial practices, investments in tangible assets, inclusion in financial services, and overall stability. Moreover, the article examines the fundamental concepts of Islamic finance, explaining its basic principles and evolution over time, with a specific emphasis on Sukuk, a significant Islamic financial tool, and how it aids in boosting economic development by offering different funding choices for governments, businesses, and construction projects. By combining current research and creating research questions and hypotheses, the paper seeks to provide new perspectives on the complex connection between Islamic finance and economic development. This research enhances comprehension of how Islamic finance supports sustainable economic progress and provides guidance to policymakers, practitioners, and researchers on using Islamic finance to enhance economic well-being.