Sukuk and macroeconomic variables: empirical evidence from panel data

Sukuk can be referred to a certificate with the same value that represents the ownership of tangible assets, benefits and services, asset ownership over projects or investment activities. The Islamic capital market, particularly sukuk has a prime role to the development of Islamic finance into a mai...

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Main Author:	Sumarli, Dian Faqih
Format:	Thesis
Language:	eng eng
Published:	2016
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/7557/1/s817743_01.pdf https://etd.uum.edu.my/7557/2/s817743_02.pdf
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id	my-uum-etd.7557
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Nayan, Sabri
topic	HG Finance
spellingShingle	HG Finance Sumarli, Dian Faqih Sukuk and macroeconomic variables: empirical evidence from panel data
description	Sukuk can be referred to a certificate with the same value that represents the ownership of tangible assets, benefits and services, asset ownership over projects or investment activities. The Islamic capital market, particularly sukuk has a prime role to the development of Islamic finance into a mainstream force in the global banking and finance industry. The purpose of this study was attempted to test the relationship of sukuk and macroeconomic variables namely; GDP per Capita, Population and Foreign Direct Investment. The study conducted from seven selected Islamic countries such as Malaysia, Indonesia, Saudi Arabia, United Arab Emirates, Turkey, Bahrain and Sudan for the period of 2000-2015 using the panel data approach. The fixed effect model was employed to analyze the relationship of those variables. The findings of this study showed that there is a positive and significant relationship between sukuk issuance and economic growth, which implied that the higher level of sukuk issuance, the more the contribution to the economic growth. The results are consistent with the theory Harrod-Domar, where investment is an important aspect of economic growth. Furthermore, the study found that there is a positive and significant relationship between the population and sukuk issuance. In addition, the major implication of the findings is that sukuk are becoming important financing instruments in the capital market.
format	Thesis
qualification_name	masters
qualification_level	Master's degree
author	Sumarli, Dian Faqih
author_facet	Sumarli, Dian Faqih
author_sort	Sumarli, Dian Faqih
title	Sukuk and macroeconomic variables: empirical evidence from panel data
title_short	Sukuk and macroeconomic variables: empirical evidence from panel data
title_full	Sukuk and macroeconomic variables: empirical evidence from panel data
title_fullStr	Sukuk and macroeconomic variables: empirical evidence from panel data
title_full_unstemmed	Sukuk and macroeconomic variables: empirical evidence from panel data
title_sort	sukuk and macroeconomic variables: empirical evidence from panel data
granting_institution	Universiti Utara Malaysia
granting_department	School of Economics, Finance & Banking
publishDate	2016
url	https://etd.uum.edu.my/7557/1/s817743_01.pdf https://etd.uum.edu.my/7557/2/s817743_02.pdf
_version_	1776103691962548224
spelling	my-uum-etd.75572023-03-09T03:06:24Z Sukuk and macroeconomic variables: empirical evidence from panel data 2016 Sumarli, Dian Faqih Nayan, Sabri School of Economics, Finance & Banking School of Economics, Finance & Banking HG Finance Sukuk can be referred to a certificate with the same value that represents the ownership of tangible assets, benefits and services, asset ownership over projects or investment activities. The Islamic capital market, particularly sukuk has a prime role to the development of Islamic finance into a mainstream force in the global banking and finance industry. The purpose of this study was attempted to test the relationship of sukuk and macroeconomic variables namely; GDP per Capita, Population and Foreign Direct Investment. The study conducted from seven selected Islamic countries such as Malaysia, Indonesia, Saudi Arabia, United Arab Emirates, Turkey, Bahrain and Sudan for the period of 2000-2015 using the panel data approach. The fixed effect model was employed to analyze the relationship of those variables. The findings of this study showed that there is a positive and significant relationship between sukuk issuance and economic growth, which implied that the higher level of sukuk issuance, the more the contribution to the economic growth. The results are consistent with the theory Harrod-Domar, where investment is an important aspect of economic growth. Furthermore, the study found that there is a positive and significant relationship between the population and sukuk issuance. In addition, the major implication of the findings is that sukuk are becoming important financing instruments in the capital market. 2016 Thesis https://etd.uum.edu.my/7557/ https://etd.uum.edu.my/7557/1/s817743_01.pdf text eng public https://etd.uum.edu.my/7557/2/s817743_02.pdf text eng public masters masters Universiti Utara Malaysia Abduh, M., & Azmi Omar, M. (2012). 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Sukuk and macroeconomic variables: empirical evidence from panel data

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