Boukhatem Jamel
Department of Economics, Faculty of Economics and Management Sciences, University of Tunis El Manar, Tunisia.
Deanship of Scientific Research, Umm Al-Qura University, Saudi Arabia.
Heliyon. 2022 May 21;8(5):e09453. doi: 10.1016/j.heliyon.2022.e09453. eCollection 2022 May.
Despite the great attention that sukuk received from Islamic financial systems, the academic literature on the determinants of sukuk market development (SMD) is both new and very limited. To our knowledge, this study is the first to empirically investigate the challenges to SMD in Saudi Arabia. The data were collected from in-depth Saudi Central Bank and ICRG databases over the period 2012Q1-2021Q1. Using ARDL approach, we analyse how the financial risk components affect the development of Saudi sukuk market. Our findings indicate that exchange rate stability, foreign debt stability and debt service stability seem to be the main drivers of the development of SMD in Saudi Arabia, while international liquidity stability and current account stability do not appear to play a major role. As policy implications, Saudi policymakers should strengthen financial stability to ensure a well-developed sukuk market.
尽管伊斯兰债券受到伊斯兰金融体系的高度关注，但关于伊斯兰债券市场发展（SMD）决定因素的学术文献既新且非常有限。据我们所知，本研究是首次对沙特阿拉伯伊斯兰债券市场发展面临的挑战进行实证研究。数据收集自沙特中央银行和国际国家风险指南（ICRG）在2012年第一季度至2021年第一季度期间的深度数据库。使用自回归分布滞后（ARDL）方法，我们分析了金融风险成分如何影响沙特伊斯兰债券市场的发展。我们的研究结果表明，汇率稳定性、外债稳定性和偿债稳定性似乎是沙特阿拉伯伊斯兰债券市场发展的主要驱动力，而国际流动性稳定性和经常账户稳定性似乎并未发挥主要作用。作为政策启示，沙特政策制定者应加强金融稳定性，以确保伊斯兰债券市场的良好发展。
