A synthesis of theoretical and empirical research on sukuk

Zulkhibri, Muhamed

doi:10.1016/j.bir.2015.10.001

Cited by 73 publications

(57 citation statements)

References 6 publications

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“…al., 2017). Banyak negara-negara muslim dan non-muslim tertarik pada sukuk sebagai salah satu alternatif terbaik untuk meningkatkan kebutuhan dana eksternal diluar pembiayaan konvensional (Zulkhibri, 2015). Sama seperti bank syariah yang menyediakan cara pembiayaan alternatif dibandingkan perbankan konvensional, sukuk serupa strukturnya dengan obligasi konvensional namun memungkinkan pemerintah dan perusahaan untuk mengumpulkan dana di pasar modal sesuai dengan prinsip syariah (Godlewski et.…”

Section: Abstrakunclassified

“…Terlepas dari perkembangan pasar sukuk di beberapa negara, dibandingkan dengan penelitian tentang perbankan syariah dan saham yang sesuai dengan syariah, penelitian ilmiah tentang sukuk relatif terbatas dan jarang pada berbagai isu tentang sukuk (Ibrahim, 2015). Penelitian sukuk yang ada pada umumnya jarang dilakukan dan sebagian besar menggunakan berkonsentrasi pada analisis berbasis deskriptif atau kualitatif (Zulkhibri, 2015). Oleh karena itu penelitian ini diharapkan dapat berkontribusi pada bidang kajian tentang perkembangan sukuk korporasi, khususnya di negara Indonesia, yang merupakan salah satu negara yang menerbitkan sukuk dalam jumlah besar.…”

Section: Kajian Teoritik Dan Hipotesisunclassified

“…Terdapat beberapa penelitian mengenai pengembangan sektor ekonomi dan sukuk namun tidak terlalu banyak penelitian tersedia mengenai hubungan antara sukuk dan pertumbuhan ekonomi (Zulkhibri, 2015). Menurut Said dan Grassa (2013) menjelaskan bahwa faktor makroekonomi seperti PDB per kapita, economic size, perdagangan terbuka, dan persentase umat Islam memiliki pengaruh positif terhadap pertumbuhan pasar sukuk, sedangkan krisis keuangan memiliki dampak negatif yang signifikan terhadap perkembangan pasar sukuk di negara-negara penerbit sukuk yaitu Arab Saudi, Kuwait, UEA, Bahrain, Qatar, Indonesia, Malaysia, Brunei, Pakistan, dan Gambia.…”

Section: Kajian Teoritik Dan Hipotesisunclassified

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Pengaruh Sistem Perbankan, Makroekonomi, Dinamika Pasar Keuangan terhadap Perkembangan Sukuk Korporasi

Zusryn¹,

Hashfi²,

Nasution³

2020

j.econom.buss.asea

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The purpose of this study is to determine the factors that influence the development of corporate sukuk in Indonesia. The data used are monthly data for 2013-2016 macroeconomic variables, crude oil price, conventional banking loans, interest rate spread, sharia banking assets, outstanding Indonesian corporate bonds, market value of sharia stock market capitalization, and standard deviation the Jakarta Interbank Offered Rate (JIBOR). In this study using time series data analysis, namely Autoregressive Distributed Lag (ARDL) which is a development and complements the weaknesses of the Vector Autoregressive (VAR) analysis. The results of this study indicate that there is a positive influence on world crude oil prices, the development of corporate bonds, and Islamic banking assets on the development of corporate sukuk. In addition, sharia stock market capitalization, interest rate spread, and market interest rate volatility negatively impact the development of corporate sukuk. These results indicate an increase in demand and supply in corporate sukuk in Indonesia. This study found a complementary relationship between corporate bonds and Islamic banking on the development of corporate sukuk so that synergy and coordination of stakeholders is expected, namely the government, industry players, companies and related parties.

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Section: Abstrakunclassified

Section: Kajian Teoritik Dan Hipotesisunclassified

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Pengaruh Sistem Perbankan, Makroekonomi, Dinamika Pasar Keuangan terhadap Perkembangan Sukuk Korporasi

Zusryn¹,

Hashfi²,

Nasution³

2020

j.econom.buss.asea

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“…(Zulkhibri, 2015) notes that, "the literature on sukuk is largely qualitative rather than quantitative research, with the bulk of academic research in the form of conference and seminar papers." For example, Cakir and Raei (2007) discusses some legal challenges in adaptation of sukuk for international placement and the impact of the Global Financial Crisis.…”

Section: Theoretical Issues and Literature Reviewmentioning

confidence: 99%

Co-integration of Sukuk and Bond Yields - Evidence from Globally Placed Sukuk

Uppal¹,

Mangla²

2017

jms.2014

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The study addresses the question "How do the financial markets perceive and price internationally issued Islamic bonds?" It is examined by empirically testing for the evidence of co-integration of sukuk yields with the US Treasury yields using Vector Error Correction (VEC) models. Our results indicate that the sukuk yields are highly co-integrated with the US Treasury yields in long-term relationships. The short-term dynamics of the sukuk yields with the interest rate series is, however, complex showing bi-directional influences. We infer that the international financial markets are viewing and pricing sukuk in a manner similar to that for the conventional bonds.

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“…Nevertheless, we believe that it is important to bring all of the previous analyses together to make informed and empirically sound qualitative projections for HQL sukūk, and thereby a megabank MDB's LAB portfolio, in the context of a rising global interest-rate environment. This is especially important given the relative absence of empirical research on sukūk (Zulkhibri, 2015).…”

Section: Introductionmentioning

confidence: 99%

High Quality Liquid Sukūk: Relevance, Practice, and Empirical Research in the Context of Rising Global Interest Rates

Karataş

2017

AEF

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Liquidity management has always been a major issue in Islamic banking. In the early years of the industry, a major problem was a general tendency toward excess liquidity. In the future, the main issue in the context of depressed oil prices, a rising global interest-rate environment, and a tightened regulatory landscape under Basel III is likely to be a relative scarcity of high quality liquid assets (HQLA), or high quality liquid sukūk (Note 1). The incoming U.S. Treasury secretary Steven Mnuchin has already indicated that the Trump administration's plans could rapidly turbocharge the U.S. economy, thereby altering the prevailing low-interest rate dynamic at the U.S. Federal Reserve ("U.S. Fed"), leading many to anticipate higher interest rates (Wigglesworth & Moore, 2016).Among the available liquidity management instruments in Islamic banking, only sukūk of a particular type meet the requirements of HQLA (in principle) as defined by the Basel Committee and adapted for Islamic finance by the IFSB (Islamic Financial Services Board). Candidates for HQLA are only international sukūk, i.e. sukūk that are issued in an international currency, listed, and traded not only locally but also internationally. Sovereigns and international institutions such as the IDB have issued almost all sukūk of this caliber. In this paper, we will make empirically informed qualitative projections on the outlook for HQL (high quality liquid) sukūk in the context of a rising global interest-rate environment.

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A synthesis of theoretical and empirical research on sukuk

Cited by 73 publications

References 6 publications

Pengaruh Sistem Perbankan, Makroekonomi, Dinamika Pasar Keuangan terhadap Perkembangan Sukuk Korporasi

Pengaruh Sistem Perbankan, Makroekonomi, Dinamika Pasar Keuangan terhadap Perkembangan Sukuk Korporasi

Co-integration of Sukuk and Bond Yields - Evidence from Globally Placed Sukuk

High Quality Liquid Sukūk: Relevance, Practice, and Empirical Research in the Context of Rising Global Interest Rates

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