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This study aims to investigate the effect of total external debt stock on economic growth of the East African Community (EAC) bloc.

The study applies balanced panel data for seven of the eight EAC member states, spanning the period from 2013 to 2022, and uses panel data models, i.e. pooled ordinary least squares, random and fixed effects models.

The findings reveal a significant positive correlation between total external debt stock and economic growth, supporting the economic theory that reasonable levels of borrowing can stimulate economic growth, particularly when funds are channeled into productive activities. However, the relationship between foreign direct investment and economic growth lacks statistical significance, indicating challenges in attracting sufficient investment for substantial growth within the EAC bloc. Trade openness shows a negative and statistically insignificant correlation with economic growth. Additionally, the study finds a positive and significant correlation between the unemployment rate and economic growth, while the inflation rate demonstrates a positive but statistically insignificant relationship with economic growth.

The study recommends improvements in debt management practices, enhancements in the business environment, infrastructure investments, a reassessment of trade policies and initiatives to stimulate job creation and SME development. More importantly, governments should focus on expanding the tax base in ways that stimulate growth, thereby reducing reliance on external debt.

This study is unique as it revisits the effect of external debt stock on economic growth following Somalia’s recent membership in EAC bloc.

The purpose of this paper is to determine the framework of customers’ Islamic ethical behavior in Islamic banks in Malaysia.

This paper used a quantitative approach based on Maqasid Shariah (objectives of Islamic law) and by running exploratory factor analysis. A survey questionnaire was created. The data of 530 respondents were collected from the customers of Islamic banks located in Malaysia.

The findings revealed that the theoretical framework consists of four main constructs: Islamic ethical behavior, religious obligation, reputation and profit and investment, in which all constructs are complying with Maqasid Shariah and three (i.e. Islamic ethical behavior, religious obligation and reputation) consist of two components for each construct.

There are two limitations that require further acknowledgements. First, the study population only focused on Islamic banks’ customers. Second, this research highlighted only Malaysia and Malaysian citizens.

The paper contributes to the literature on Islamic ethical behavior in Southeast Asian economy. Unlike other Islamic ethical studies where the writing is mainly theoretical in nature, this study used an empirical method to reveal what should constitute for the framework of customers’ Islamic ethical behavior which is based on Maqasid Shariah.