Akademik Veri Yönetim Sistemi
Diğer, ss.1-36, 2025
Interest-bearing and
non-interest financial systems continue to dominate the theoretical and
practical frameworks of economic structures amidst the
sluggish performance of the global economy. The significance of economic
equality, particularly in the Islamic context, has been considerably
undervalued as an essential contributor and a feasible remedy for this
performance. This study analyzes the relative impact of Islamic economic
equality versus non-interest and interest-bearing finance in inhibiting or
enhancing economic performance, focusing on the dual financial system of
the Malaysian economy. The study yields three major conclusions. First,
the absence of Islamic economic inequality in the country adversely
impacts economic performance by 0.88 and 0.81 more than non-interest and
interest-bearing financial systems, respectively. The former system reduces
the adverse effects of economic inequality on economic performance through
its mediating effect by 0.07 more than the latter system. Second, the
non-interest financial system exerts a 0.12 greater positive impact on
economic performance compared to the interest-bearing financial system. Third, the
absence of Islamic economic inequality adversely impacts non-financial economic
performance by 0.66 and 0.68 more than it impacts the financial profitability
of the former and latter systems, respectively. The study recommends that, in
order to achieve a more successful and innovative economic performance, the
country should first and foremost establish a genuine Islamic economic
equality. Secondly, the country should increase the share of non-interest
finance in total only if it provides a greater quantity of funds that are
more readily and less costly accessible to lower-income groups for the
purpose of education, research and development, entrepreneurship, and private
final consumption.