Table 6b.

Coefficients and t Stats of Oil Dependence Dummy.

Fund Type	Oil Rent to GDP%	Pre Covid		Covid Outbreak		Stage 1		Stage 2		Stage 3		Stage 4		Stage 5		Stage 6
Islamic		Coefficient	t stats	Coefficient	t stats	Coefficient	t stats	Coefficient	t stats	Coefficient	t stats	Coefficient	t stats	Coefficient	t stats	Coefficient	t stats
Malaysia	4.58%	0.6480	1.4010	0.9213	1.0259	0.4188	0.7784	0.4604	0.0147	0.2723	0.7819	0.3099	0.0260	0.8518	0.8024	0.6630	0.9966
Pakistan	0.70%	0.8842	0.5988	0.9319	0.9170	0.0214	0.8186	0.2106	0.8563	0.8138	0.8875	0.5338	0.4731	0.8462	0.5987	0.0678	0.5718
Saudi Arabia	39.06%	0.6924	0.8387	0.3874	1.1727	0.5125	0.0340	0.9997	0.9290	0.3775	0.9263	0.2960	0.0507	0.3895	0.4753	0.8712	0.9076
Qatar	27.30%	0.6962	1.3718	0.4455	0.0946	0.6100	0.7275	0.3771	0.3015	0.7420	0.3349	0.9266	1.1329	0.8943	0.8522	0.6690	0.6511
Kuwait	47.33%	0.2638	1.3866	0.6389	0.0313	0.5979	0.8828	0.4371	0.2341	0.1050	0.0925	0.6006	0.3364	0.2704	0.3965	0.8694	0.7882
UAE	20.47%	0.7472	0.1572	0.3483	0.0382	0.6966	0.9221	0.6889	0.5779	0.6458	1.2032	0.1148	0.8563	0.0477	0.0068	0.1516	0.1194
Conventional
Malaysia	4.58%	0.3168	0.6561	0.0878	0.9443	0.2563	0.5045	0.8056	0.6321	0.4774	0.0550	0.6642	0.0753	0.9406	0.1241	0.9097	0.2838
Pakistan	0.70%	0.5006	0.5097	0.9037	1.2241	0.4129	0.0530	0.2117	0.0882	0.9048	0.0842	0.4800	0.6574	0.5576	0.6399	0.6143	0.6151
Saudi Arabia	39.06%	0.7508	1.0898	0.1328	0.0571	0.6947	0.0764	0.7683	0.2343	0.6289	0.7025	0.3842	0.8886	0.1264	0.0080	0.7211	0.5127
Qatar	27.30%	0.3754	1.2001	0.1635	0.9665	0.7421	0.9033	0.9886	1.0184	0.3992	0.9191	0.4015	1.2589	0.8011	0.9529	0.0956	0.2849
Kuwait	47.33%	0.4373	0.8678	0.2129	0.1362	0.6082	1.0273	0.9111	0.3195	0.6054	0.9478	0.6760	0.7539	0.2642	0.0849	0.4924	0.4710
UAE	20.47%	0.9388	0.4933	0.8829	0.8333	0.0785	0.4689	0.1251	0.0315	0.5444	0.0816	0.1206	0.0300	0.0702	0.3060	0.0370	0.5838