jepr

İktisat Politikası Araştırmaları Dergisi

2148-3876

Istanbul University

10.26650/ISTJECON2026-1774141

Policy of Treasury

Maliye Politikası

The Relationship Between Murabaha Financing And Key Macroeconomic Indicators

https://orcid.org/0000-0002-0421-807X

Salhi

Raoua

ISTANBUL UNIVERSITY

https://orcid.org/0000-0003-2753-9834

Topak

Mehmet Sabri

ISTANBUL UNIVERSITY

https://orcid.org/0000-0002-7365-3649

Yerdelen Tatoğlu

Ferda

ISTANBUL UNIVERSITY

02 19 2026

13 1 221 235 08 29 2025 09 25 2025

2014

Journal of Economic Policy Researches

This paper aims to evaluate the effectiveness of Murabaha in financing economies and demonstrate its importance along with the extent of its relationship with GDP, Inflation, Interest rate, and Economic openness, in an attempt to understand the broader impact of Islamic banking practices on economic performance. The majority of Islamic banks adopt Murabaha product as the basis for their financing. This is due to its high returns, low risk, ease of implementation, and its pre-determined known profits. The great focus on this financing product prompted us to research its importance within the economy of Saudi Arabia, Malaysia, and Indonesia. For this purpose, quarterly panel data from Q1-2014 to Q4-2021 has been collected. After confirming the stationarity, homogeneity of the coefficients in model, GMM-PVAR model and PVAR Granger Causality test have been applied. The results of which have revealed a presence of a non-causality relationship between Murabaha and both GDP and Economic Openness, and a one-way causal relationship between Murabaha and both Interest rate and inflation. According to these findings, it can be stated that Murabaha financing exerts only a minor effect on Macroeconomic indicators. These empirical findings could have some implications in changing the financing policies of Islamic banks.

Murabaha GDP Inflation Interest rate Economic Openness Panel Data

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