Several Muslim economists have tried the development of a so-called Islamic economy. Its emergence has been the subject of several criticisms since it is regarded as a resistance and renouncement of Islam against the influence of the West. Assuming that it is hardly a discipline in its own right in which scientific analysis is paramount, but an instrument of pronging and endorsing Muslim thought. This special status, in general with the scientific vision of the economy, explains the many national debates within the discipline itself. The objective of this work is to make a flashback to the conditions of birth and development of the concept of Islamic economy, to deal with its political dimensions before questioning the religious legitimacy of its Islamic financing.

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Since the financial crisis of 2009, debates are still open on the flaws of the conventional financial system as it is developed and applied internationally. Indeed, several works have revealed the importance of developing a so-called "ethical" finance such as Islamic finance in view of its supposedly "positive" impacts on the socio-economic development of countries. It is in this context that the present work examines the causality between Islamic finance, economic growth and institutional quality in a sample of MENA countries over a time series from 2000 to 2014. It finds that even after controlling for the effects of the determinants of economic growth and mainly those of institutional quality, Islamic financial development is found to be negatively correlated with economic growth.