Abstract Previous studies on financial development have shown that differences in the legal origin explain differences in financial development. Using historical comparisons and cross-country regressions for 40 countries observed for the period from 2005 to 2018, our research assesses how different legal origins have affected the development of Islamic finance worldwide. More particularly, our research assesses empirically why and how the adoption of Shari’a, wholly or partially (combined with common or civil law), could explain the level of development of Islamic finance in different jurisdictions. Our primary results show that countries adopting a Shari’a legal system have a very well-developed Islamic financial system. Moreover, countries adopting a mixed legal system based on common law and Shari’a law have sufficient flexibility within their legal systems to make changes to their laws in response to the changing socioeconomic conditions, and this has helped the development of the Islamic financial industry. However, countries adopting a mixed legal system based on both civil law and Shari’a law appear less flexible in making changes to their old laws and this thwarted the development of the Islamic financial industry in these countries. Furthermore, we have found that the concentration of a Muslim population (the percentage of Muslim population) along with the level of income have both had a positive effect on the development of Islamic banking assets and on the development of Islamic banking as a whole.

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法律渊源，机构质量和伊斯兰金融发展：伊斯兰教法很重要吗？

摘要先前对金融发展的研究表明，法律渊源的差异可以解释金融发展的差异。我们使用对2005年至2018年期间观察到的40个国家的历史比较和跨国回归，我们的研究评估了不同的法律渊源如何影响了全球伊斯兰金融的发展。更具体地说，我们的研究从经验上评估了为什么以及完全或部分（与普通法或民法结合）采用伊斯兰教法可以解释不同司法管辖区的伊斯兰金融发展水平。我们的主要结果表明，采用伊斯兰教法的国家拥有非常发达的伊斯兰金融体系。而且，采用普通法和伊斯兰教法混合法律体系的国家在其法律体系内具有足够的灵活性，可以根据不断变化的社会经济条件对法律进行修改，这有助于伊斯兰金融业的发展。但是，采用基于民法和伊斯兰教法的混合法律体系的国家在修改其旧法律时显得不太灵活，这阻碍了这些国家伊斯兰金融业的发展。此外，我们发现穆斯林人口的集中度（穆斯林人口的百分比）以及收入水平都对伊斯兰银行资产的发展以及整个伊斯兰银行的发展产生了积极影响。