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All Journal IIJSE Jurnal Magister Ekonomi Syariah
Zein, Nurafifah
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Economics, Econometrics & Finance

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Unlocking Economic Growth: Insights from Macroeconomic Indicators and Stock Markets Development in Key OIC Countries Zein, Nurafifah
Jurnal Magister Ekonomi Syariah Vol. 3 No. 2 Desember (2024): J-MES: Jurnal Magister Ekonomi Syariah
Publisher : Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jmes.2024.032-05

Abstract

Indonesia, Malaysia, Bangladesh, Qatar, Turkey and Kuwait show obvious differences in economic structure, level of development and implemented economic policies. The aim of this study is to analyze the impact of macroeconomic indicators and stock market developments on economic growth in OIC member countries in the period 2018-2022. Panel data is used to determine the impact of market capitalization and turnover ratio as indicators of stock market development, along with inflation and foreign direct investment (FDI) as indicators of macroeconomics, on economic growth.The results show that market capitalization has a negative effect on economic growth, while the turnover rate has a positive effect. On the other hand, inflation contributes positively to economic growth, while FDI has no effect on economic growth. Based on these findings, this study suggests that the governments of OIC countries should focus more on proper management of stock markets and macroeconomic variables to support economic growth.
Islamic Banking Development, Monetary Policy, and Economic Growth: A Panel Moderated Regression Approach for Selected Islamic Countries Zein, Nurafifah; Elina, Riskiana
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9229

Abstract

This study aims to analyze the influence of Islamic banking developments and monetary indicators on economic growth in nine Muslim-majority countries, with inflation as a variable This study uses a quantitative method with Moderated Regression Analysis (MRA) estimation panel data using secondary data sourced from SESRIC and the World Bank for the 2013–2023 period. Total Assets (TA) has a significant positive effect on economic growth, while Total Funding and Equity (TFE) and Broad Money (BM) have a significant negative effect. The variables of Sukuk Holdings (SUK), Exchange Rate (ER), and inflation do not show a direct influence on GDP. The moderation results show that inflation acts as a quasi-moderator in the TA and TFE variables, but does not become a moderator in BM, SUK, and ER. These findings confirm that price stability is an important prerequisite for the transmission of monetary policy and the intermediation function of Islamic banking to contribute optimally to the real economy. This research contributes novelty by including inflation as a moderation variable in the context of cross-border Islamic finance, as well as providing practical implications for monetary authorities to strengthen macro stability in the development of the Islamic finance industry.
Co-Authors Elina, Riskiana