In recent years, the emerging economies of the world, particularly those of the BRICS countries, have attracted increasing attention for their contribution to the growth of the global economy. These countries have initiated significant reforms within financial institutions and financial markets that are vital to the expansion of the financial sector and thus to the countries’ economic growth. In this context, this study aims to determine whether the development of the financial system in these economies is the cause for their growth. To measure the financial system development, the study constructs three broad-based indices—the financial institution development index, financial market development index, and financial system development index—for each economy using principal component analysis, with the factors of depth, efficiency, and stability of financial institutions and financial markets as variables. In addition, we use the Toda–Yamamoto causality test to conduct this exercise for the period 1996–2016. The results of the study reveal that there is no uniformity in finance and growth causality among the BRICS countries.