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This study examines the global expansion of Takaful insurance and evaluates its impact on economic development in 22 Muslim-majority countries. Utilizing the difference GMM technique, we find strong evidence of a positive and significant effect from the Takaful sector on economic growth. We report a robust positive and significant link between trade and a positive but insignificant relationship between CPI and economic growth with government consumption being negative. Our results provide support for the supply-leading hypothesis in the finance growth literature. We conclude that this alternative form of insurance is an important catalyst for economic development.

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The Rise of Islamic Insurance (Takaful) and Impact on Economic Growth: A Multi-country Study

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  • 发表日期：

    2025年

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  • Ibrahim Muhammad Muye,
  • Ahmad Fahmi S. Hasan,
  • Yusuf Karbhari

摘要

This study examines the global expansion of Takaful insurance and evaluates its impact on economic development in 22 Muslim-majority countries. Utilizing the difference GMM technique, we find strong evidence of a positive and significant effect from the Takaful sector on economic growth. We report a robust positive and significant link between trade and a positive but insignificant relationship between CPI and economic growth with government consumption being negative. Our results provide support for the supply-leading hypothesis in the finance growth literature. We conclude that this alternative form of insurance is an important catalyst for economic development.