References
[1]. Abduh, M., & Chowdhury, N.T. (2012). Does Islamic banking matter for economic growth in
Bangladesh? Journal of Islamic Economics, Banking and Finance, 8(3), 104-113.
[2]. Abduh, M., & Omar, M. (2012). Islamic banking and economic growth: the Indonesian
experience. International Journal of Islamic and Middle Eastern Finance and Management,
5(1), 35-47.
[3]. Abdul Rahman, A. R., & Rosman, R. (2013). Efficiency of Islamic Banks: A Comparative
Analysis of MENA and Asian Countries. Journal of Economic Cooperation &
Development, 34(1), 63-92.
[4]. Afiatun, P. and Wiryono, S.K. (2010). Efficiency and productivity of Indonesian Islamic
banking. Journal Manajemen Teknologi, 9 (3), 264-278.
[5]. Alamer, A.R.A., Salamon, H.B., Qureshi, M.I., & Rasli, A.M. (2015). CSR's measuring
corporate social responsibility practice in Islamic banking. A review. International Journal
of Economics and Financial Issues, 5(1S), 198-206.
[6]. Ali M., Azmi W. (2017). Impact of Islamic Banking on Economic Growth and Volatility:
Evidence from the OIC Member Countries. In: Alam N., Rizvi S. (eds) Islamic Banking.
[7]. Palgrave CIBFR Studies in Islamic Finance. Palgrave Macmillan, Cham
[8]. Ali, M., Egbetokun, A., and Memon, M. H. (2017). Human Capital, Social Capabilities and
Economic Growth, economies, MDBI This paper is an extended version of our paper
published in 30th Annual General Meeting, Pakistan Institute of Development Economics,
Islamabad, Pakistan and Working paper no. 2016-013 in Jena Economic Research Papers,
University of Jena, Jena, Germany
[9]. Altheide, D. L., & Johnson, J. M. (1994). Criteria for Assessing Interpretive Validity in
Qualitative Research. In N. K. Denzin & Y. S. Lincoln (Eds.). Handbook of Qualitative
Research, pp. 485-499. Thousand Oaks, CA: SAGE.
[10]. Amemiya, T. (1973). Regression analysyis when the dependent variable is truncated normal.
Econometrica, 41, 997 - 1016.
[11]. Amry, A. B. (2014). The impact ofwhatsapp mobile social learning on the achievement and
attitudes of female students compared with face to face learning in the
classroom. European Scientific Journal, ESJ, 10(22), 116-136.Retrieved from:
http://eujournal.org/index.php/esj/article/view/3909
[12]. Ayadi, R., Arbak, E., Naceur, S. B., & De Groen, W. P. (2015). Financial development, bank
efficiency, and economic growth across the Mediterranean. In Economic and Social
Development of the Southern and Eastern Mediterranean Countries (pp. 219-233).
Springer, Cham.
[13]. Barajas, A., Chami, R. and Yousefi, S.R. (2010), "The finance-growth nexus re-examine: are
there cross - region differences?", IMF working paper, Austin, TX.
[14]. Batir, T.E., ,Volkman, D. A., & Gungor, B. (2017). Determinants of bank efficiency in Turkey:
Participation banks versus conventional banks. Borsa Istanbul Review, 17(2), 86-96
[15]. Berger, A.N., & D.B. Humphrey. (1997). Efficiency of Financial Institutions: International
Survey and Directions for Future Research. European Journal of Operational Research,
175-212.
[16]. Bukhari M. S. S., & Harrathi N. (2015). Bank Efficiency Analysis: Islamic Banks versus
Conventional Banks in the Gulf Cooperation Council Countries 2006 - 2012. International
Journal of Financial Research, 6(4), 143-150.
[17]. Carroll, R. & Ruppert, D. (1988), Transformation and Weighting in Regression, Chapter 4,
Taylor & Francis.
[18]. Casu, B., Girardone, C. (2009). Testing the Relationship between Competition and Efficiency in
Banking: A Panel Data Analysis, Economics Letters, 105, 134-137.
[19]. Chen Y, Cook WD, Li N, Zhu J. (2009). Additive efficiency decomposition in two-stage DEA.
Eur J Oper Res, 196: 1170-1176.
[20]. Choudhury, M. A. (2011). Islamic Economics and Finance: An Epistemological Inquiry, 1st ed.
Emerlad Group Publishing.
[21]. Cihak, M., & Hesse, H. (2008). Islamic Banks and Financial Stability:An Empirical Analysis.
IMF Working Paper No. 08/16. Washington: International Monetary Fund.
[22]. Claessens, Stijn, and Neeltje Van Horen. (2014) "Foreign Banks: Trends and Impact," Journal of
Money, Credit and Banking 46(S1), 295-326.
[23]. Coelli, T. (1996). A Guide to FRONTIER Version 4.1: A Computer Program for Stochastic
Frontier Production and Cost Function Estimation. CEPA Working Paper 96/08,
http://www.uq.edu.au/economics/cepa/frontier.php , University of New England
[24]. Coelli, T.J., Rao, D.S.P., O'Donnell, C.J., Battese, G.E. (2005). An Introduction to Efficiency
and Productivity Analysis. Spring (2nd ed), 349.
[25]. Cooper, W.W., Seiford, L.M., & Tone, K. (2007). Data Envelopment Analysis: A
Comprehensive Text with Models, Applications, References and DEA-Solver Software.
Second Edition, Springer, New York.
[26]. Dornbusch, R., Reynoso, A. (1989), Financial Factors in Economic Development. American
Economic Review, 79, 2, pp. 204-209
[27]. Errico, L. & Sundararajan, V. (2002). Islamic Financial Institutions and Products in the Global
Financial System: Key Issues in Risk Management and Challenges Ahead. IMF Working
Papers, 1-27. Available at SSRN: https://ssrn.com/abstract=1930788
[28]. Escribano, M. G., and Han, F. (2015). Credit Expansion in Emerging Markets: Propeller of
Growth?. International Monetary Fund, WP/15/212.
[29]. Fahlenbrach, R., Prilmeier, R., and Stulz, R. (2017). Why does fast loan growth predict poor
performance for banks?, The Review of Financial Studies, 31(3),1014-1063,
https://doi.org/10.1093/rfs/hhx109
[30]. Farahani, G. Y., and Hossein, S. S. M. (2012). Analysis of Islamic Bank's Financing and
Economic Growth: A case study of Iran and Indonesia. Journal of Economic Cooperation
and Development, 33, 4 (2012), 1-24
[31]. Farahani, Y.G., & Dastan, M. (2013). Analysis of Islamic banks' financing and economic
growth: Apanel cointegration approach. International Journal of Islamic and Middle
Eastern Finance and Management, 6(2), 156-172.
[32]. Frank, D. H., & Obloj, T. (2014). Firm?specific human capital, organizational incentives, and
agency costs: Evidence from retail banking. Strategic Management Journal, 35(9), 1279-
1301.
[33]. Furqani, H., & Mulyany, R. (2009). Islamic banking and economic growth: Empirical evidence
from Malaysia. Journal of Economic Cooperation and Development, 30(2), 59-74.
[34]. Garcia-Escribano, M. and Han, F. (2015). Credit Expansion in Emerging Markets: Propeller of
Growth?, IMF Working Paper WP/15/212. Available at:
https://www.imf.org/external/pubs/ft/wp/2015/wp15212.pdf
[35]. Goaied, M., & Sassi S. (2011). Financial development and economic growth in the MENA
Region: What about Islamic banking development. Int. J. Bus. Manage. Sci., 4, 1-23.
[36]. Gorton, G. and Winton, A. (1998). Banking in transition economies: Does efficiency require
instability? Journal of Money, Credit and Banking, 30(3), 621-650
[37]. Gorton, G. B. and Winton, A. (2016). Liquidity Provision, Bank Capital, and the
Macroeconomy. Available at SSRN: https://ssrn.com/abstract=253849. or
http://dx.doi.org/10.2139/ssrn.253849
[38]. Hadriche, M. (2015). Banks performance determinants: Comparative analysis between
conventional and Islamic banks from GCC Countries. International Journal of Economics
and Finance, 7(9), 169.
[39]. Hakim B., & Md Akther U. (2016). Does Islamic bank financing lead to economic growth: An
empirical analysis for Malaysia. MPRA Paper No. 69075. Available at:
https://mpra.ub.uni-muenchen.de/69075/
[40]. Hall, M. (2018). How does the stock market affect gross domestic product (GDP)?, available at:
https://www.investopedia.com/ask/answers/033015/how-does-stock-market-affect-grossdomestic-product-gdp.asp
, accessed on 01.07.2018
[41]. Hassanudin, T., Yousof, H., Hanafi, H., & Ebrahim. (2013). Do islamic banks contribute to the
economic growth than conventional banks? The empirical investigations of bahrain dual
banking. International Journal of Science Commerce and Humanities,1(3), 86-116.
[42]. Hoff, A. (2007). Second stage DEA: Comparison of approaches for modelling the DEA score.
European Journal of Operational Research. 181(1), 425-435.
[43]. Huang, T. & Wang, M. (2002). Comparison of Economic Efficiency Estimation Methods:
Parametric and Non-Parametric Techniques. The Manchester School 70 (5), 682-709
[45]. Iqbal M., Molyneux P. (2005). Efficiency in Islamic banking. Thirty years of Islamic banking.
Palgrave Macmillan, UK, 88-104
[46]. Isik, I and Hassan, k. (2002). Governance, corporate control and efficiency of the Turkish
banking industry, paper presented at ERF eight annual conferences, Cairo, Egypt.
[47]. Iwedi, M., & Igbanibo, D.S. (2015). The Nexus between Money Market Operations and
Economic Growth in Nigeria: An Empirical Investigation. IIARD International Journal of
Banking and Finance Research, 1(2), 1-17.
[48]. Jan, A., and Marimuthu, M. (2015). Sustainability Profile of Islamic Banking Industry: Evidence
from World Top Five Islamic Banking Countries. International Journal of Economics and
Finance, 7(5), 125-139.
[49]. Jobst, A. (2007). The economics of Islamic finance and securitization. Journal of Structured
Finance, 13(1), 6-27.
[50]. Johnes, J., Izzeldin, M. & Pappas, V. (2014). A comparison of performance of Islamic and
conventional banks 2004-2009. Journal of Economic Behavior & Organization, 103, 93-
107.
[51]. Joseph Kwadwo Tuffour, Patience Asante Owusu and Kenneth Ofori-Boateng, 2018.
Profitability of Listed Ghanaian Banks Determined by the Stylized Facts. The International
Journal of Applied Economics and Finance, 12: 1-8.
[52]. Kader, J.M., & Asarpota A.K. (2007). Comparative Financial Performance of Islamic vis a vis
Conventional Banks in the UAE. Paper presented at 2006-2007 Annual Student Research
Symposium & First Chancellor's Undergraduate Research Award at UAE University
[53]. Kassim, S. (2016). Islamic Finance and Economic Growth: The Malaysian Experience,
[54]. Khan, A., & Shah, A. Q. (2015). A Comparative Analysis of Regulatory and Supervisory Islamic
Banking: Evidence from Pakistan, Malaysia, Bahrain, and the UK. The Lahore Journal of
Business, 4(1), 37-60
[55]. Khan, I. Khan, M., Tahir, M. (2017). Performance comparison of Islamic and conventional
banks: empirical evidence from Pakistan. International Journal of Islamic and Middle
Eastern Finance and Management, 10(3), 419-433
[56]. Khediri, K. B., Charfeddine, L., & Youssef, S. B. (2015). Islamic versus conventional banks in
the GCC countries: A comparative study using classification techniques. Research in
International Business and Finance, 33, 75-98.
[57]. Lucas, R. E. (1988). On the Mechanics of Economic Development. Journal of Monetary
Economics, 22, 3-42.
[58]. Meslier, C., Risfandy, T., & Tarazi, A. (2017). Dual market competition and deposit rate setting
in Islamic and conventional banks. Economic Modelling, 63, 318-333.
[59]. Metwally, M. (1997). Differences between the financial characteristics of interest-free banks and
conventional banks. European Business Review, 97(2), 92-98.
[60]. Miah, M. D., & Uddin, H. (2017). Efficiency and stability: A comparative study between Islamic
and conventional banks in GCC countries. Future Business Journal, 3(2), 172-185.
[61]. Moin, M. S. (2013). Financial Performance of Islamic and Conventional Banking in Pakistan: A
Comparative Study. International Journal of Innovative and Applied Sciences, 1(1), 1-22.
[62]. Naceur, S.B. and Ghazouani, S. (2007): Stock markets, banks and economic growth:
empirical evidence from the MENA region, Research in International Business and
Finance, 21(2), 297-315
[63]. Patrick, H. T. (1966). Financial development and economic growth in underdeveloped countries.
Economic Development and Cultural Change, 14(2), 174-189.
[64]. Petkovski, M. & Kjosevski, J. (2014). Does banking sector development promote economic
growth? An empirical analysis for selected countries in Central and South Eastern Europe.
Economic Research-Ekonomska Istrazivanja, 27(1), 55-66
[65]. Pradiknas, T. Y., & Fathurohman, T. (2015).Efficiency of Islamic banking compared to
conventional banking: Evidence from Indonesia banking sector. Journal of Business and
Management, 4(5), 540-551. Retrieved
fromhttp://journal.sbm.itb.ac.id/index.php/jbm/article/view/1763
[66]. Rabaa, B., Younes, B. (2016). The impact of the Islamic banks performance on economic
growth.: using panel data. International Journal of Economics and Finance Studies, 8 (1),
101-111.
[67]. Robinson, J. (1952).The Generalization of the General Theory. In The Rate of Interest and Other
Essays, London: Macmillan, pp. 69-142
[68]. Romdhane, M. & Alhakimi, S. S. (2018). Productivity and Technical Efficiency in Islamic
Banks: Cross - Country Analysis. Asian Journal of Economic Modelling. Asian Economic
and Social Society, 6(1), 1-7.
[69]. Rosly, S.A., & Abu Bakar, M.A. (2003). Performance of Islamic and Mainstream Banks in
Malaysia. International Journal of Social Economics, 30 (12), 1249-1265.
[70]. Said, R., Daud, M. M., Radjeman, L. A. & Ismail, N. (2013). Probing Corporate Ethical Identity
of Shari'ah Compliant Companies. Procedia Economics and Finance, 7, 230-235.
[71]. Samad, A. (2004). Performance of Interest-Free Islamic Banks vis-a-vis Interest-Based
Conventional Banks of Bahrain. IIUM Journal of Economics and Management, 12 (2), 1-
15.
[72]. Samad, A., & Hassan M (1999). The performance of Malaysian Islamic bank during 1984-1997:
an exploratory study. International Journal of Islamic Financial Services, 1(3), 1-14.
[73]. Samargandi N.Fidrmuc, J. Sugata Ghosh S. (2014). Financial development and economic growth
in an oil-rich economy: The case of Saudi Arabia. Economic Modelling, 43, 267-278
[74]. Samargandi, N., Fidrmuc, J., & Ghosh, S. (2015). Is the relationship between financial
development and economic growth monotonic? Evidence from a sample of middleincome
countries. World Development, 68, 66-81.
[75]. Schmitt, J. (2013). 12 Ways To Alienate A New Hire. Forbes. Available on line at:
https://www.forbes.com/sites/jeffschmitt/2013/08/08/12-ways-to-alienate-a-new-hire/ ,
Accessed on 30.06.2018.
[76]. Schumpeter, J. A. (1912). The Theory of Economic Development. Leipzig: Dunker & Humblot,
translated by R. Opie. Cambridge, MA: Harvard University Press, 1934.
[77]. Sorwar, G., Pappas, V., Pereira, J., & Nurullah, M. (2016). To debt or not to debt: Are Islamic
banks less risky than conventional banks?. Journal of Economic Behavior &
Organization, 132, 113-126.
[78]. Stefko R, Gavurova B, Kocisova K (2018). Healthcare efficiency assessment using DEA
analysis in the Slovak Republic. Online: www.ncbi.nlm.nih.gov/pubmed/29523981
[79]. Stefko R, Gavurova B, Kocisova K (2018). Healthcare efficiency assessment using DEA
analysis in the Slovak Republic. Health Econ Rev., 9;8(1):6. doi: 10.1186/s13561-018-
0191-9.
[80]. Sufian, F. (2007). Malmquist indices of productivity change in Malaysian Islamic banking
industry: foreign versus domestic banks. Journal of Economic Corporation, 28 (1), 115-
150.
[81]. Svitalkova, Z. (2014). Comparison and evaluation of bank efficiency in selected countries in EU.
Procedia Economics and Finance, 12, 644 - 653
[82]. Tabash M. I., and Dhankar , R. S. (2014). Islamic banking and economic growth: An empirical
evidence from Qatar. Journal of Applied Economics and Business, 2(1), 51-67
[83]. Tobin, J. (1958). Estimation of relationships for limited dependent variables. Econometrica, 26
(1), 24-36. doi:10.2307/1907382. JSTOR 1907382.
[84]. Tonzer, Lena & Buch, Claudia M. & Buchholz, Manuel, 2015. "Uncertainty and International
Banking," Annual Conference 2015 (Muenster): Economic Development - Theory and
Policy 113072, Verein fur Socialpolitik / German Economic Association.
[85]. Violeta C. & Gordana S. (2017). Efficiency of bank branches: empirical evidence from a twophase
research approach, Economic Research-Ekonomska Istrazivanja, 30 (1), 318-333
[86]. Waemustafa, W., & Sukri, S. (2016). Systematic and unsystematic risk determinants of liquidity
risk between Islamic and conventional banks, International Journal of Economics and
Financial Issues, 6(4), 1321-1327.
[87]. Yong Tan & Christos Floros (2012) Bank profitability and GDP growth in China: a note, Journal
of Chinese Economic and Business Studies, 10:3, 267-273, DOI:
10.1080/14765284.2012.703541
[88]. Yudistira D. (2004). Efficiency in Islamic Banking: An Empirical Analysis of Eighteen Banks.
Islamic Economic Studies, 12(1), 1 - 19
International Journal of Social Science & Economic Research
