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INSTITUTIONAL QUALITY, ISLAMIC FINANCE AND ECONOMIC GROWTH OF SELECTED GLOBAL SOUTH ECONOMIES Ali, Jude Igyo
I-Finance Journal Vol 11 No 2 (2025): I-FINANCE: a Research Journal on Islamic Finance
Publisher : Fakultas Ekonomi dan Bisnis Islam Universitas Islam Negeri Raden Fatah Palembang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19109/ifinance.v11i2.31032

Abstract

The study examines how institutional quality moderates the relationship between Islamic finance and economic growth across emerging economies of Bangladesh, Malaysia, Indonesia, Saudi Arabia, the UAE and Pakistan from 2014 to 2023. Using panel quantile regression, it explores how Islamic finance influences growth at different levels and how institutional factors shape this relationship. Unlike earlier single-country analyses, this research adopts a comparative approach, focusing on nations that collectively account for larger percentage of global Islamic banking assets. Findings show that Islamic finance contributes positively to economic growth, with banking assets consistently beneficial across all growth quantiles. The broader Islamic finance sector exerts its strongest impact around the median growth level. Institutional quality emerges as crucial, with its positive effects more evident at higher growth quantiles. At the 75th percentile, corruption control and governance effectiveness display the greatest influence. Moreover, the interaction between Islamic finance and institutional quality strengthens at higher growth levels, suggesting that strong institutions amplify developmental benefits. Countries with robust frameworks such as Malaysia and the UAE, gain more growth dividends than weaker institutional settings like Bangladesh and Pakistan concluding that Islamic finance drive sustainable growth with strong institutions
Climate Variability, Catastrophic Health Expenditure, and Non-Communicable Disease Outcomes in Nigeria Ali, Jude Igyo; Makoni, Patricia Lindelwa
GHMJ (Global Health Management Journal) Vol. 9 No. 2 (2026)
Publisher : Yayasan Aliansi Cendekiawan Indonesia Thailand (Indonesian Scholars' Alliance)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35898/ghmj-921328

Abstract

Background: The challenges posed by climate change and non-communicable diseases (NCDs) are among the most pressing but least explored areas in health economics. Aims: This study examines the impact of climate shocks, non-communicable diseases (NCDs), and catastrophic health expenditure (CHE) in a single micro-econometric model. Methods: The study estimates probit, logit, IV-probit, fixed-effects logit, and IV-2SLS models with temperature anomalies instrumented using the values of the ENSO Oceanic Niño Index to overcome the endogeneity problem, using a harmonized panel of 22,110 households in three waves of the Nigeria General Household Survey-Panel (2010/11, 2012/13 and 2015/16). Results: A 1 °C rise in temperature increases the likelihood of CHE by 4.3-6.1 percentage points and flood vulnerability by 7.1-8.3% points. Across the population affected by non-communicable diseases (NCDs), climate stressors increase the Propensity to experience catastrophic health expenditure (CHE) by approximately 9.4%. Climate variables account for 31.3% of the CHE inequality, with temperature alone explaining 13.6% of the index, and they have a disproportionate impact on poorer households. Instrumental variable projections suggest that an additional 1.9-2.7 million households could experience catastrophic health expenditure (CHE) by 2030 under continued warming trends. Conclusion: Health financing vulnerability in Nigeria is also a function of uneven climate variability, which requires increased health insurance, an enhanced NCD response, and climate-sensitive social protection policies. These results indicate the need for much-needed policy coordination among health, climate, and fiscal governance systems.