The Effect of Islamic Financing on the Growth of Iran's Economic Sectors

نویسندگان

1 Department of Economics, Islamic Azad University, Qazvin Branch, Iran

2 Department of Economics, Islamic Azad University, Qazvin Branch, Iran

3 Department of Economics, Islamic Azad University, Qazvin Branch, Iran

4 Department of Economics, Islamic Azad University, Qazvin Branch, Iran

doi
10.22097/eeer.2022.328170.1242
چکیده

Islamic financing is an alternative to conventional financing to meet the specific requirements of Muslims to provide financial services in accordance with Islamic religious law. The main purpose of this study is to investigate the impact of Islamic financing on the growth of Iran's economic sectors. For this purpose, the effect of the volume of issued sukuk and the volume of issued Islamic debt securities has been studied separately in three economic sectors, industry, agriculture and services. Therefore, the quarterly data for the years 2012 to 2019 were analyzed with two recordings of time series and data panel. The results of this study showed that Islamic financing, ie the sum of sukuk and debt securities, has a significant effect on the economic growth of the three sectors. The estimated probability for the total issued sukuk is less than 0.05 (0.00). However, in the analysis of different sectors separately, it was found that Islamic sukuk and debt securities have a significant impact on the economic growth of the agricultural sector and the industrial sector. While it has no significant effect on the service sector.