Abstract
The present study aimed to explore the impact of Islamic banks on the gross domestic product (GDP) in Dubai. A descriptive analytical approach was adopted. In order to meet the study’s goals, the researcher reviewed the relevant theoretical literature and previous studies. Questionnaire forms were distributed to the selected sample. The sample consists from 100 employees. They were selected from the credit facilities department of two Islamic banks located in Dubai. It was found that Islamic banks and finance can significantly raise the gross domestic product (GDP). It was found that the Islamic banks can significantly raise the gross domestic product (GDP) of the United Arab Emirates (UAE) in general and Dubai in particular. The researcher recommends developing and innovating new funding, banking and investment products in the aim of meeting the demands of customers. These products mustn’t violate the provisions of Sharia (Islamic law). In addition, the researcher recommends using the modern technologies and skills at banks. That shall participate in achieving development.
Highlights
The attention provided to Islamic financial products has been increasing recently
The problem of the present study is represented in the following question: What’s the impact of Islamic banks on the gross domestic product (GDP) in Dubai?
The present study aimed to explore the impact of Islamic banks on the gross domestic product (GDP) in Dubai
Summary
The attention provided to Islamic financial products has been increasing recently. The demand on such products has been increasing too. That applies to the financial services and instruments traded in the Islamic financial market The latter demand has been increasing because the Islamic financial products are characterized with having a high funding efficiency level when funding investment enterprises. In Malaysia and the United Arab Emirates, the Islamic finance has become as the main driving force for developing the national banking system. It has become considered so in the countries located in Central Asia and Eastern Africa. One of the achievements of the Gulf Cooperation Council in 2017 is the issuance of instruments that are pegged to USD for the first time It’s expected that the latter value will increase to become 3.8 billion USD approximately by 2023 (Abu Shamaleh, 2018)
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