alternative systems focuses on their effects on savings, capital accumulation, labour supply, economic growth and inequality and … on the savings rate, capital accumulation, productivity and the labour supply. These effects must be taken into account …

Jappelli and Pagano (1994) argues that tightening the borrowing constraints in the mortgage markets promotes savings … savings and growth rates to fall. Therefore, for countries with scarce mortgage availability like those in the Middle East …, expanding the mortgage markets to some extent is conducive to savings and growth …