This article is determined to check the effects of sukuk issuance on the economic growth of the Islamic countries (Bahrain, Indonesia, Malaysia, Pakistan, Saudi Arabia and United Arab Emirates). The current research has employed a dynamic panel cointegration model pooled mean group/autoregressive distributed lag (PMG/ARDL) and panel causality test to analyse the causal relationship among the study variables. The quarter data have been collected for the period of 2005–2000. The result supports the ‘Schumpeter’s supply leading hypothesis’ that enforces sukuks, leading to economic growth in the Islamic countries in the long run. The findings of this study would facilitate the policymakers in formulating the Islamic financial reforms, which would further make the Islamic financial systems more efficient in stimulating investments/financing that ultimately would enhance economic growth in the long run.

中文翻译：

---

伊斯兰债券的发行是否促进了经济增长？来自选定伊斯兰经济体的证据

本文决心检验伊斯兰债券发行对伊斯兰国家（巴林、印度尼西亚、马来西亚、巴基斯坦、沙特阿拉伯和阿拉伯联合酋长国）经济增长的影响。目前的研究采用动态面板协整模型合并平均组/自回归分布滞后（PMG/ARDL）和面板因果关系检验来分析研究变量之间的因果关系。季度数据收集了 2005-2000 年期间的数据。结果支持了“熊彼特的供应主导假说”，该假设强制执行 sukuk，从长远来看会导致伊斯兰国家的经济增长。这项研究的结果将有助于政策制定者制定伊斯兰金融改革，