The recent wave of liberalization in Gulf Cooperation Council (GCC) countries has opened up a debate on the role of Islamic finance in the financial development of an economy. Using a comprehensive dataset of 43 Islamic and 49 conventional banks for the period 2007–2015, in this paper, we investigate the impact of trade and financial openness on financial development in the GCC region. We find that trade and financial openness have a positive effect on the profitability of both banking systems, while the interaction term of openness is negative for the profitability of Islamic banks. Moreover, trade and financial openness affect Islamic banks differently than conventional banks. Notably, we unveil that trade and financial openness decrease the loan volume of Islamic banks but increase their stability.

最近海湾合作委员会 (GCC) 国家的自由化浪潮引发了一场关于伊斯兰金融在经济金融发展中的作用的辩论。在本文中，我们使用 2007 年至 2015 年期间 43 家伊斯兰银行和 49 家传统银行的综合数据集，研究了贸易和金融开放对海湾合作委员会地区金​​融发展的影响。我们发现贸易和金融开放对两个银行系统的盈利能力都有积极的影响，而开放的交互项对伊斯兰银行的盈利能力是负面的。此外，贸易和金融开放对伊斯兰银行的影响不同于传统银行。值得注意的是，我们发现贸易和金融开放减少了伊斯兰银行的贷款量，但增加了它们的稳定性。