الفهرس 
AbstractOnly 14 pages are availabe for public view
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Abstract
The importance of Islamic finance is increasing worldwide not only in countries which its majority are Muslims but also in countries where Muslims are minority such as Japan and the United Kingdom whereas the number of Islamic financial institutions has increased significantly in the Middle East and Southeast Asia, however, the literature that examined Islamic finance impact on the real economy is rare, thus, the objective of this study is to examine the effect of Islamic finance, specifically Islamic banking, on economic growth and investment in Egypt. The study utilizes annual time series data during the period from 2002 up to 2021 and employs Autoregressive Distributed Lag (ARDL) bounds test approach, and Error Correction Model (ECM). The study applies two models; model 1 examines the direct impact of Islamic finance on economic growth and model 2 investigates the indirect impact of Islamic finance on economic growth through investment. The results of the study demonstrate that there is a significant positive relationship between Islamic finance and economic growth and between Islamic finance and investment in Egypt. However, the effect of Islamic finance on economic growth is small thus the study recommends that Islamic banks should exert effort to market their product and Islamic banks practice shouldn’t have disparity from the theory and bias towards short-term, trade-based, and fixed-income instruments and should increase the share of equity-based and partnership-based instruments like Musharakah and Mudarabah.
Keywords: Islamic Finance, Economic Growth, Investment, ARDL Bounds Test, ECM, Egypt.