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Investigating the role of sukuk on selected macro indicators of a selected Islamic case study
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Reza Akbarian1   , Mohammad Nasra Esfahani2 , Aref Karamatinezhad3 |
1- Associate Professor, Khwarazmi University , rakbarian@khu.ac.ir
2- lecturer, Khwarazmi University
3- PhD student, University of Science and Research |
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Abstract: (257 Views) |
In recent years, sukuk has been proposed as an Islamic financing and an alternative to conventional bonds. The main purpose of this article is to investigate the role of sukuk on the selected macro indicators of a case study of selected Islamic countries.
The current research method is practical and the time frame of the current research is 2010-2020. In this research, the data of 12 selected Islamic countries (Maldives, Turkey, Kuwait, Qatar, Bahrain, Indonesia, Saudi Arabia, UAE, Malaysia, Singapore, Pakistan and Iran) were used to estimate the model using the panel data approach in a static state.
According to the research results, Sukuk has a positive and significant effect on economic growth. With every one percent increase in the issuance of sukuk bonds, the economic growth increases by 0.043 units; Also, based on the results of the economic growth equation; consumption (0.326 and significant); government expenditures (0.156 and meaningless); human resources (0.287 and significant); capital (0.209 and significant); liquidity (0.065 and insignificant) and openness of the economy (0.178 and significant); They affect economic growth. Sukuk has a negative and significant effect on inflation at the 95% confidence level; With the increase of each unit in the issuance of sukuk bonds, inflation decreases by 0.015 units; Also, based on the results of the inflation equation; exchange rate (0.361 and significant) and the gap between GDP and potential production (0.427 and significant); They affect inflation. Finally, sukuk has no significant effect on unemployment; Also, based on the results of the unemployment equation; Liquidity (0.279); The gap between GDP and potential production (0.265) and inflation (-0.289) have a significant effect on unemployment.
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Article number: 13 |
| Keywords: Sukuk, data panel, economic growth, inflation, unemployment |
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Full-Text [PDF 1526 kb]
(78 Downloads)
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Article type: Research |
Subject:
Special
Received: 2023/09/14 | Accepted: 2024/09/22 | Published: 2025/02/28
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