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Economic Forces and the Sukuk Market

Nursilah AhmadFaculty of Economics and Muamalat, Universiti Sains Islam Malaysia, Bandar Baru Nilai 71800, Nilai, Negeri Sembilan, MalaysiaSiti Nurazira Mohd DaudFaculty of Economics and Muamalat, Universiti Sains Islam Malaysia, Bandar Baru Nilai 71800, Nilai, Negeri Sembilan, MalaysiaZurina KefeliFaculty of Economics and Muamalat, Universiti Sains Islam Malaysia, Bandar Baru Nilai 71800, Nilai, Negeri Sembilan, Malaysia

2012en

ABI

Annotatsiya

The aim of this study is to investigate macroeconomic influences on sukuk issuance in Malaysia for the period 1996-2011 at the aggregate level. Based on vector autoregressive models (VARs), variance decomposition (VDC) and impulse response functions (IRF), the results indicate that sukuk Granger- cause GDP while GDP Granger-causes both PPI and CPI. Sukuk are also driven by their own dynamics in the short horizon. The results have important policy implications to the decision-makers. Since sukuk issuance Granger-causes GDP, policy makers should design new policies to modernize the functional aspects of Islamic capital market. A further implication for international institutional investors is that sukuk have the competitive advantage since it targets a segment of the global markets that has not been penetrated by other rivals.

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Identifikatorlar

DOI: 10.1016/j.sbspro.2012.11.101

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