The Role Of Governance And Culture On The Sukuk Market In The Islamic Finance Practising Countries

Despite being greatly progressive for more than 45 years, covering even Muslim minority countries, the development of Islamic finance and sukuk in some countries is not supported by well-established governance. Through this study, culture has been proposed as the next possible means to improve sukuk...

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Main Author:	Hersh, Nafez Fayez Ahmad
Format:	Thesis
Language:	English
Published:	2023
Subjects:	HG4001-4285 Finance management Business finance.Corporation finance
Online Access:	http://eprints.usm.my/60319/1/NAFEZ%20FAYEZ%20AHMAD%20HERSH%20-%20TESIS%20cut.pdf
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id	my-usm-ep.60319
record_format	uketd_dc
spelling	my-usm-ep.603192024-04-01T04:26:25Z The Role Of Governance And Culture On The Sukuk Market In The Islamic Finance Practising Countries 2023-07 Hersh, Nafez Fayez Ahmad HG4001-4285 Finance management. Business finance.Corporation finance Despite being greatly progressive for more than 45 years, covering even Muslim minority countries, the development of Islamic finance and sukuk in some countries is not supported by well-established governance. Through this study, culture has been proposed as the next possible means to improve sukuk industry. Utilizing data from 2012 to 2019 and covering 45 Islamic finance permitting countries, the effect of governance on Islamic finance, culture on Islamic finance, and both governance and culture on the sukuk industry are examined by using generalized method of moments (GMM) estimators. Firstly, the results provide supportive evidence that the governance dimensions have a significant and positive impact on the development of the Islamic finance industry. Secondly, the dynamic GMM results indicate the existence of a significant and positive effect of cultural dimensions such as education, awareness, and time orientation on Islamic finance. Finally, while governance has no significant impact on the sukuk industry, culture has a statistically significant and positive impact on sukuk. In this study, it is suggested to adopt modern financial regulations based on corporate and Shariah governance to enhance the regulatory framework of the Sukuk industry across the globe. Aside from that, the cultural role of education and financial awareness will help countries succeed. 2023-07 Thesis http://eprints.usm.my/60319/ http://eprints.usm.my/60319/1/NAFEZ%20FAYEZ%20AHMAD%20HERSH%20-%20TESIS%20cut.pdf application/pdf en public phd doctoral Universiti Sains Malaysia Pusat Pengajian Pengurusan
institution	Universiti Sains Malaysia
collection	USM Institutional Repository
language	English
topic	HG4001-4285 Finance management Business finance.Corporation finance
spellingShingle	HG4001-4285 Finance management Business finance.Corporation finance Hersh, Nafez Fayez Ahmad The Role Of Governance And Culture On The Sukuk Market In The Islamic Finance Practising Countries
description	Despite being greatly progressive for more than 45 years, covering even Muslim minority countries, the development of Islamic finance and sukuk in some countries is not supported by well-established governance. Through this study, culture has been proposed as the next possible means to improve sukuk industry. Utilizing data from 2012 to 2019 and covering 45 Islamic finance permitting countries, the effect of governance on Islamic finance, culture on Islamic finance, and both governance and culture on the sukuk industry are examined by using generalized method of moments (GMM) estimators. Firstly, the results provide supportive evidence that the governance dimensions have a significant and positive impact on the development of the Islamic finance industry. Secondly, the dynamic GMM results indicate the existence of a significant and positive effect of cultural dimensions such as education, awareness, and time orientation on Islamic finance. Finally, while governance has no significant impact on the sukuk industry, culture has a statistically significant and positive impact on sukuk. In this study, it is suggested to adopt modern financial regulations based on corporate and Shariah governance to enhance the regulatory framework of the Sukuk industry across the globe. Aside from that, the cultural role of education and financial awareness will help countries succeed.
format	Thesis
qualification_name	Doctor of Philosophy (PhD.)
qualification_level	Doctorate
author	Hersh, Nafez Fayez Ahmad
author_facet	Hersh, Nafez Fayez Ahmad
author_sort	Hersh, Nafez Fayez Ahmad
title	The Role Of Governance And Culture On The Sukuk Market In The Islamic Finance Practising Countries
title_short	The Role Of Governance And Culture On The Sukuk Market In The Islamic Finance Practising Countries
title_full	The Role Of Governance And Culture On The Sukuk Market In The Islamic Finance Practising Countries
title_fullStr	The Role Of Governance And Culture On The Sukuk Market In The Islamic Finance Practising Countries
title_full_unstemmed	The Role Of Governance And Culture On The Sukuk Market In The Islamic Finance Practising Countries
title_sort	role of governance and culture on the sukuk market in the islamic finance practising countries
granting_institution	Universiti Sains Malaysia
granting_department	Pusat Pengajian Pengurusan
publishDate	2023
url	http://eprints.usm.my/60319/1/NAFEZ%20FAYEZ%20AHMAD%20HERSH%20-%20TESIS%20cut.pdf
_version_	1804888911427665920

The Role Of Governance And Culture On The Sukuk Market In The Islamic Finance Practising Countries

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