Stock markets have been recognized in literature as a source of financial development and
economic growth. Notwithstanding the recent trend of the stock market development in
emerging countries, some argue that Islamic countries' stock exchanges are still infantile.
The central aim of this research, therefore, is to investigate factors impeding stock market
development (SMD) in Islamic countries. We explore a panel annual data of 11 main Islamic
countries vis-à-vis the developed countries for the period of 1996–2011. The findings show …