“…This varies from roughly 20% in the UAE, a quarter in Qatar and over 50% in Saudi Arabia (Islamic Financial Services Board, 2015, 2020). On the political side, in several economies, banks operate in risky environments, including geopolitical risks (World Bank, 2018; IMF, 2018) as well as economic uprisings and other violent protests (Ghosh, 2016, 2023).…”