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All Journal Journal of Islamic Monetary Economics and Finance
Noureen A. Khan
Iqra University Islamabad, Pakistan
Economics, Econometrics & Finance

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THE ADJUSTED MARKET POWER, COMPETITION, AND PERFORMANCE: ISLAMIC VS CONVENTIONAL BANKS Mudeer Ahmed Khattak; Mohsin Ali; Noureen A. Khan; Fawad Ahmad
Journal of Islamic Monetary Economics and Finance Vol 8 No 4 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i4.1532

Abstract

This study explores the relationship between competition and performance in a dual-banking setting. More specifically, we compare whether using the Traditional Lerner index (TLI) the efficiency-adjusted Lerner index (EALI) would yield different conclusions. We take data from 2008 to 2020 and take Malaysia as a case study. Considering the nature of the dataset and the variables within, we employ the system Generalized Method of Moments. Our findings reveal contradictory results when market power is measured differently. Based on the overall sample, the models using the adjusted market power is supportive of the ‘competition-stability view’ while the models with TLI report evidence in favor of the ‘competition-fragility view.’ The Islamic banks' results support the ‘competition-fragility view’ when competition is measured with the efficiency-adjusted Lerner index (EALI) and the ‘competition-stability view’ when measured with the TLI. These findings are robust to different econometric estimators and carry important policy implications.
ISLAMIC FINANCE, GROWTH, AND VOLATILITY: A FRESH EVIDENCE FROM 82 COUNTRIES Mudeer A Khattak; Noureen A. Khan
Journal of Islamic Monetary Economics and Finance Vol 9 No 1 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i1.1625

Abstract

Islamic finance has gained significant attention during the past decades. Many countries are striving to become Islamic financial hubs. The asset-backed nature of Islamic financial instruments and products adds more reliability to financial transactions. Yet, the impact of Islamic finance penetration on economic growth is unclear. While the existing studies have focused mainly on Islamic banking penetration, which is mostly centered around Muslim economies, we study the relationship considering a global sample of 82 countries, including Muslim and non-Muslim countries, from 2012-2020. We employ the System Generalized Method of Moments estimator for potential issues of endogeneity, heterogeneity, and serial correlation. Employing the novel Islamic finance development indicator by Thomson routers, we find that Islamic finance stimulates the overall economy and lessens volatility. Digging deep into the study, we find that this impact is more prominent in Muslim majority countries. These findings are robust to different econometric estimators and sample specifications. Since integrating Islamic financial principles into the country's overall financial system brings extra growth and lower economic volatility, it is recommended that the Islamic banking sector, Islamic insurance sector, Islamic money, and capital market instruments be expanded to boost overall economic growth and control volatility.
Co-Authors Fawad Ahmad Mohsin Ali Mudeer A Khattak Mudeer Ahmed Khattak