Purpose - This study explores how fiscal policy influences economic growth in Iraq during the period 2004–2024, with a particular focus on the challenges faced by oil-dependent economies. Method - To achieve this objective, the study applies the ARDL model to examine both short-term adjustments and long-term relationships using annual time-series data. The analysis includes key macroeconomic variables such as GDP, government expenditure, oil revenues, tax revenues, money supply, and exchange rate. The Phillips–Perron test is used to ensure data stationarity. Result - The results indicate that economic growth in Iraq is closely tied to fluctuations in oil revenues, which largely drive fiscal activity. Government spending follows oil income patterns but shows limited independent impact in the long run. In contrast, non-oil fiscal tools, particularly taxation, play a relatively weak role, reflecting the narrow fiscal base of the economy. Implication - These findings suggest that improving fiscal policy effectiveness requires reducing reliance on oil revenues, strengthening the tax system, and enhancing the efficiency of public spending. Originality - This study presents a comprehensive assessment by combining numerous financial variables within a unified economic model, giving a clearer understanding of how fiscal policy works in a resource-based economy like Iraq. Keywords: Fiscal policy, Economic growth, Oil-dependent economy, ARDL, Iraq
Purpose - The differential factors that influence access to and usage of financial services in rural and urban South Africa were examined in this study, highlighting the distinct challenges faced by each population. Method - Drawing on data from FinScope surveys conducted across nine South African provinces from 2012 to 2017, binomial logistic regression was used to investigate how various factors affect financial inclusion. Result - The findings indicate marked differences between rural and urban areas. Rural residents are more likely to encounter barriers associated with geographic isolation, larger household sizes, lower levels of educational attainment and greater distance from financial institutions. By contrast, urban residents benefit from closer proximity to services, yet disparities in the usage of financial services persist, particularly in relation to gender, employment status and perceptions of banking costs. Implication - The results underscore that financial inclusion strategies cannot be applied uniformly across rural and urban areas. Targeted interventions are required to address the specific barriers faced by each group. Originality - The originality of this study lies in its integrated framework, which simultaneously analyses traditional factors and emerging factor. This comprehensive approach moves beyond fragmented analyses found in prior research by offering a holistic understanding of financial service usage in South Africa. Keywords: Financial inclusion, Financial literacy, Access, Usage
Purpose - This study aims to examine the influence of green banking practices, banking zakat, and Corporate Social Responsibility (CSR) disclosures on the Return on Assets (ROA) of Islamic Commercial Banks (Bank Umum Syariah/BUS) in Indonesia during the 2021–2024 period. Method - A quantitative approach is employed using secondary data collected through documentation methods, encompassing sustainability reports, annual reports, and audited financial statements published by each sampled Islamic Commercial Bank. Panel data regression analysis was performed using EViews 12, with model selection guided by the Chow test, Hausman test, and Lagrange Multiplier test. Result - Green banking and Corporate Social Responsibility (CSR) do not exert a statistically significant influence on ROA. In contrast, banking zakat demonstrates a positive and significant effect on ROA. Jointly, the three independent variables do not significantly explain variation in ROA, as indicated by the relatively low coefficient of determination (R² = 17.82%). Implication - The findings offer practical insight for Islamic banking managers and regulators regarding the limited short-term financial impact of green banking and CSR initiatives, while underscoring the strategic value of zakat management as a profitability-enhancing instrument. Originality - This study contributes to the literature by simultaneously testing green banking, banking zakat, and CSR against Islamic Commercial Bank profitability over the most recent available period (2021–2024), revealing a differentiated impact structure in which only banking zakat yields a significant positive effect on ROA. Keywords: Green Banking, Banking Zakat, Corporate Social Responsibility, Return on Assets, Islamic Commercial Banks, Triple Bottom Line; ESG, Panel Data
Purpose - The study examined the impact stokvel savings and banking sector size using ARDL bound test approach to cointegration. Method - Using quarterly time series secondary data ranging from 2009Q4 to 2020Q2. Data were subjected to unit root analysis to ensure that they were integrated of order zero (I(0)) before regressing the variables in the specified models. Result - The F-statistic value for the linear ARDL and the asymmetric ARDL, bounds test result shows evidence of cointegration among dependent variables because the computed asymmetric ARDL F-statistic values exceed the tabulated value of the upper bound at the 5% level of significance. Therefore, there is no cointegration between the dependent and the independent variables. Therefore, the study failed to reject the null hypothesis of no cointegration amongst the variables in the lower bound. The negative coefficient of the ECT(-1) shows that the relationship between stock savings and banking sector size are cointegrated. It is evident that there is an inconclusive debate on the drivers of banking sector’s size. Implication - This study contributes to this debate by introducing variable, stokvel savings. A similar study can be conducted with inclusion of all banks that make up the banking sector and their impact on South Africa’s economic growth. Originality - The objective of the study examined the impact of stokvel savings and banking sector size using ARDL bound test approach to cointegration. Keywords: Stokvel savings, Banking sector size, Gross domestic product, Money supply, ARDL, South Africa
Purpose - This study investigates the relationship between Islamic finance development and economic performance in 30 countries during the period 2014 to 2023. Method - This study employs a panel regression approach, utilizing Driscoll-Kraay standard errors to address cross-sectional dependence, heteroskedasticity, and autocorrelation. Economic performance is proxied by real GDP at constant prices, while Islamic finance development is measured using the Islamic Finance Country Index (IFCI). Additionally, FDI net inflows, unemployment rate, and the HDI serve as control variables. Result - The findings reveal a significant positive link between Islamic Finance development (IFCI) and economic performance in both models. HDI has a strong positive effect in both models, while the unemployment rate affects only model 2 negatively. FDI is not significant in either model. Implication - This study suggests stronger institutional and regulatory support for Islamic finance development. Clear policy, strong governance, and readiness help to maximize Islamic finance development's positive impact on economic performance. Originality - This study extends the literature by employing the Islamic Finance Country Index (IFCI) as a comprehensive indicator of Islamic finance development across countries. Furthermore, it provides novel cross-country evidence on the relationship between Islamic finance development and economic performance in 30 countries. Keywords: Economic Performance, Islamic Finance Development, Islamic Finance Country Index (IFCI), Panel Regression Model, Driscoll-Kraay
