Relationship between risk and return in Sukuk market

This study attempts to identify the different types of risk embedded in the sukuk structure and to determine the relationship between the risks and the returns of sukuk. Data were collected from seven groups of the sukuk market from 2005 to 2013 on a periodic monthly basis and analyzed using correla...

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Main Author:	Rauf, Ahamed Lebbe Abdul
Format:	Thesis
Language:	eng eng
Published:	2015
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/4914/1/s93470.pdf https://etd.uum.edu.my/4914/2/s93470_abstract.pdf
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id	my-uum-etd.4914
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Ibrahim, Yusnidah
topic	HG Finance
spellingShingle	HG Finance Rauf, Ahamed Lebbe Abdul Relationship between risk and return in Sukuk market
description	This study attempts to identify the different types of risk embedded in the sukuk structure and to determine the relationship between the risks and the returns of sukuk. Data were collected from seven groups of the sukuk market from 2005 to 2013 on a periodic monthly basis and analyzed using correlation analysis and multi-regressions analysis. The test results confirm the significant influence of market risk, credit risk, operational risk and liquidity risk on the sukuk returns in different ways. The results of the analysis on the basis of maturity indicate that the longer the period of maturity the higher is the risk exposure. The results of the analysis on the rating indicate that the impact of risk is very high on lower- rated sukuk. The sectorial- based analysis indicate that the corporate sukuk return is highly exposed to risk compared to other sectors. Analysis on the Gulf countries’ sukuk market indicates that the corporate sector is more exposed to risk than the financial sector. The analysis of risk impact on the basis of selected country indicates that Bahrain’s sukuk market is highly exposed to risk when compared to the sukuk markets of the UAE and Malaysia. Although, there are some limitations, the findings pave ways for a number of recommendations, among others are; maintaining inflation- rate risk at an optimal level, hedging their interest- rate risk with Libor, replacing the conventional interest rate with the Libor rate, using a common currency in the Gulf region, forming a risk- steering committee to monitor and mitigate risk, formulating a common shari’ah board at the international level, and taking necessary measures to provide a conducive environment to promote secondary markets for sukuk
format	Thesis
qualification_name	Ph.D.
qualification_level	Doctorate
author	Rauf, Ahamed Lebbe Abdul
author_facet	Rauf, Ahamed Lebbe Abdul
author_sort	Rauf, Ahamed Lebbe Abdul
title	Relationship between risk and return in Sukuk market
title_short	Relationship between risk and return in Sukuk market
title_full	Relationship between risk and return in Sukuk market
title_fullStr	Relationship between risk and return in Sukuk market
title_full_unstemmed	Relationship between risk and return in Sukuk market
title_sort	relationship between risk and return in sukuk market
granting_institution	Universiti Utara Malaysia
granting_department	Othman Yeop Abdullah Graduate School of Business
publishDate	2015
url	https://etd.uum.edu.my/4914/1/s93470.pdf https://etd.uum.edu.my/4914/2/s93470_abstract.pdf
_version_	1747827827300892672
spelling	my-uum-etd.49142021-04-05T01:03:15Z Relationship between risk and return in Sukuk market 2015 Rauf, Ahamed Lebbe Abdul Ibrahim, Yusnidah Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HG Finance This study attempts to identify the different types of risk embedded in the sukuk structure and to determine the relationship between the risks and the returns of sukuk. Data were collected from seven groups of the sukuk market from 2005 to 2013 on a periodic monthly basis and analyzed using correlation analysis and multi-regressions analysis. The test results confirm the significant influence of market risk, credit risk, operational risk and liquidity risk on the sukuk returns in different ways. The results of the analysis on the basis of maturity indicate that the longer the period of maturity the higher is the risk exposure. The results of the analysis on the rating indicate that the impact of risk is very high on lower- rated sukuk. The sectorial- based analysis indicate that the corporate sukuk return is highly exposed to risk compared to other sectors. Analysis on the Gulf countries’ sukuk market indicates that the corporate sector is more exposed to risk than the financial sector. The analysis of risk impact on the basis of selected country indicates that Bahrain’s sukuk market is highly exposed to risk when compared to the sukuk markets of the UAE and Malaysia. Although, there are some limitations, the findings pave ways for a number of recommendations, among others are; maintaining inflation- rate risk at an optimal level, hedging their interest- rate risk with Libor, replacing the conventional interest rate with the Libor rate, using a common currency in the Gulf region, forming a risk- steering committee to monitor and mitigate risk, formulating a common shari’ah board at the international level, and taking necessary measures to provide a conducive environment to promote secondary markets for sukuk 2015 Thesis https://etd.uum.edu.my/4914/ https://etd.uum.edu.my/4914/1/s93470.pdf text eng public https://etd.uum.edu.my/4914/2/s93470_abstract.pdf text eng public Ph.D. doctoral Universiti Utara Malaysia Aamer, J. (1994). Board of governors of the federal reserve system, International finance discussion papers. Retrieved on October 2, 2015 from www.federalreserve.gov/pubs/. AAOIFI. (2007). 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