The effect of macroeconomic variables on Sukuk Issuance in Malaysia

The Islamic capital market, particularly sukuk has a prime role to the development of Islamic finance into a mainstream force for global financial industry. This study aims to investigate the effect of macroeconomic variables on Sukuk issuance in Malaysia from the period of first quarter of 2005 til...

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Main Author:	Fazlin Hana, Husain
Format:	Thesis
Language:	eng eng
Published:	2021
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/9948/1/s821267_01.pdf https://etd.uum.edu.my/9948/2/s821267_02.pdf
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id	my-uum-etd.9948
record_format	uketd_dc
spelling	my-uum-etd.99482024-03-19T00:57:45Z The effect of macroeconomic variables on Sukuk Issuance in Malaysia 2021 Fazlin Hana, Husain Islamic Business School Islamic Business School HG Finance The Islamic capital market, particularly sukuk has a prime role to the development of Islamic finance into a mainstream force for global financial industry. This study aims to investigate the effect of macroeconomic variables on Sukuk issuance in Malaysia from the period of first quarter of 2005 till the fourth quarter of 2019. The main objective of this study is to analyze the relationship of Sukuk issuance in Malaysia with selected macroeconomic variables; Bursa Malaysia composite index (BMCI), exchange rate (EXR), GDP, Inflation (INF) and interest rate (INT). This study employs time series analysis techniques such as Vector Error Correction Model (VECM), Johansen Co-Integration Analysis and Forecast Error Variance Decomposition (FEVD) Analysis to identify the relationship among variables in the short run and the long run. Based on our analysis, BMCI is the significant determinant factor of sukuk issuance in Malaysia in the long run while for the short run, the BMCI, EXR, and GDP, are significant. EXR is the most important contributor in short-term for sukuk issuance, followed by GDP and Bursa Malaysia (BMCI). Investors, regulators, and market participants may find this finding beneficial to recognise the crucial roles played by macroeconomic variables used in this study in determining the effect of macroeconomic variables on Sukuk issuance in Malaysia. 2021 Thesis https://etd.uum.edu.my/9948/ https://etd.uum.edu.my/9948/1/s821267_01.pdf text eng public https://etd.uum.edu.my/9948/2/s821267_02.pdf text eng public other masters Universiti Utara Malaysia
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
topic	HG Finance
spellingShingle	HG Finance Fazlin Hana, Husain The effect of macroeconomic variables on Sukuk Issuance in Malaysia
description	The Islamic capital market, particularly sukuk has a prime role to the development of Islamic finance into a mainstream force for global financial industry. This study aims to investigate the effect of macroeconomic variables on Sukuk issuance in Malaysia from the period of first quarter of 2005 till the fourth quarter of 2019. The main objective of this study is to analyze the relationship of Sukuk issuance in Malaysia with selected macroeconomic variables; Bursa Malaysia composite index (BMCI), exchange rate (EXR), GDP, Inflation (INF) and interest rate (INT). This study employs time series analysis techniques such as Vector Error Correction Model (VECM), Johansen Co-Integration Analysis and Forecast Error Variance Decomposition (FEVD) Analysis to identify the relationship among variables in the short run and the long run. Based on our analysis, BMCI is the significant determinant factor of sukuk issuance in Malaysia in the long run while for the short run, the BMCI, EXR, and GDP, are significant. EXR is the most important contributor in short-term for sukuk issuance, followed by GDP and Bursa Malaysia (BMCI). Investors, regulators, and market participants may find this finding beneficial to recognise the crucial roles played by macroeconomic variables used in this study in determining the effect of macroeconomic variables on Sukuk issuance in Malaysia.
format	Thesis
qualification_name	other
qualification_level	Master's degree
author	Fazlin Hana, Husain
author_facet	Fazlin Hana, Husain
author_sort	Fazlin Hana, Husain
title	The effect of macroeconomic variables on Sukuk Issuance in Malaysia
title_short	The effect of macroeconomic variables on Sukuk Issuance in Malaysia
title_full	The effect of macroeconomic variables on Sukuk Issuance in Malaysia
title_fullStr	The effect of macroeconomic variables on Sukuk Issuance in Malaysia
title_full_unstemmed	The effect of macroeconomic variables on Sukuk Issuance in Malaysia
title_sort	effect of macroeconomic variables on sukuk issuance in malaysia
granting_institution	Universiti Utara Malaysia
granting_department	Islamic Business School
publishDate	2021
url	https://etd.uum.edu.my/9948/1/s821267_01.pdf https://etd.uum.edu.my/9948/2/s821267_02.pdf
_version_	1794023770731577344

The effect of macroeconomic variables on Sukuk Issuance in Malaysia

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