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Abstract
Gross Domestic Product (GDP) is one of the main determinants of a country’s economic growth. This paper investigates the impact of Islamic finance on the economic growth of six Arab countries over the 14-year period from 2009 to 2022. A dynamic panel data analysis is applied to six countries (United Arab Emirates, Saudi Arabia, Oman, Iran Islamic Republic, Lebanon, and Jordan), using 84 observations. Data were collected from World Development Indicators (WDI) provided by the World Bank (2020) and PSIFIs Data (2020). The GDP growth rate is used as a proxy for economic growth, while the annual growth rate of Islamic finance, inflation, exports, gross capital formation, FDI, and gross domestic savings are used as proxies for Islamic finance. Econometric regression analysis was conducted using Pooled OLS, Fixed Effects, and Random Effects models. Multiple diagnostic tests were used to address multicollinearity, heteroscedasticity, autocorrelation, and cross-sectional dependence. After detecting heteroscedasticity and cross-sectional dependence, robust standard errors were applied in the random-effects model estimation. The empirical results indicate that the Islamic financial system has no significant impact on the economic growth of the six Arab countries studied.