The Impact of Islamic Banks on the Gross Domestic Product (GDP): An Empirical Study in Dubai

Abstract

The present study aimed to explore the impact of Islamic banks on the gross domestic product (GDP) in Dubai. A descriptive analytical approach was adopted. In order to meet the study’s goals, the researcher reviewed the relevant theoretical literature and previous studies. Questionnaire forms were distributed to the selected sample. The sample consists from 100 employees. They were selected from the credit facilities department of two Islamic banks located in Dubai. It was found that Islamic banks and finance can significantly raise the gross domestic product (GDP). It was found that the Islamic banks can significantly raise the gross domestic product (GDP) of the United Arab Emirates (UAE) in general and Dubai in particular. The researcher recommends developing and innovating new funding, banking and investment products in the aim of meeting the demands of customers. These products mustn’t violate the provisions of Sharia (Islamic law). In addition, the researcher recommends using the modern technologies and skills at banks. That shall participate in achieving development.