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Analysis of the effects of world uncertainty shocks on the development of sukuk market in Iran
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Mohammadhossein Sotoodeh1   , Bahareh Maleki2 , Hossein Sharifi Renani3 |
1- Ph.D. Student in Islamic Economics, Khomeinishahr Branch, Islamic Azad University, Isfahan, Iran.
2- Assistant Professor of Economics, Khomeinishahr Branch, Islamic Azad University, Isfahan, Iran. , bahare.maleki@iaukhsh.ac.ir
3- Associate Professor of Economics, Isfahan (Khorasgan) Branch, Islamic Azad University, Isfahan, Iran. |
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Abstract: (24 Views) |
The development of the Sukuk market as a new tool in Islamic financing, for reasons such as providing a stable source of finance for projects such as construction and infrastructure, reducing the dependence of governments on banking sources, diversifying sources of financing, and also providing the basis for the participation of the general public, is important in contemporary economies to finance projects and benefit from the returns of this partnership. Uncertainty in various economic aspects is one of the factors that affect financial development, including the development of the sukuk market. The emergence of uncertainty in various aspects of the economy is one of the factors that affects financial development, including the development of the Sukuk market. The results of foreign studies indicate the different effects of world uncertainty on the development of financial markets. Despite the importance of determining this relationship in order to determine appropriate financing policies for Iran as an Islamic country, no research has been conducted in this regard so far. So, the purpose of this article is to analyze the effects of world uncertainty shocks on the development of the Sukuk market in Iran during the period of 2010: 2021. For this purpose, the non-linear distributed lags method (NARDL) was used. The results indicate that the positive shock of world uncertainty in the short and long term had a negative effect on the development of the sukuk market in Iran. The negative shock of global uncertainty has not affected the development of the sukuk market in Iran in the short term and has a positive effect in the long term. The results of the Wald test in the short and long term indicate the asymmetric impact of the positive and negative shocks of world uncertainty on the development of the sukuk market. Another result is the positive effect of good governance in both short and long term periods. Also, saving has a negative effect on the development of the sukuk market in the short term and a positive effect in the long term. The error correction coefficient also shows that in each period 12% of short-term imbalances are adjusted and converge to their long-term trend. |
Article number: 23 |
| Keywords: World uncertainty, good governance, sukuk market, Nonlinear Autoregressive Distributed Lag (NARDL). |
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Full-Text [PDF 762 kb]
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Article type: Research |
Subject:
Special
Received: 2025/03/9 | Accepted: 2025/06/8 | Published: 2026/05/31
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