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A synthesis of theoretical and empirical research on sukuk

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  • Muhamed Zulkhibri

Abstract

This paper provides a critical review of the theoretical and empirical literature on sukuk (Shari'ah-compliant bonds) from three perspectives: their underlying theory and nature, the operational issues and structures involved in sukuk, and the role of sukuk in economic development. The article suggests 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. The research on sukuk in the form of journal articles, books, conference papers, reports, and magazines has increased substantially, but it is still in relatively short supply in comparison to other research on Islamic finance. This underdeveloped state of research on sukuk is mainly due to a lack of historical, reliable, and consistent data; a limited number of academic institutions dedicated to Islamic economics and finance; the small number of high-quality refereed journals as potential outlets for Islamic finance research; the unresolved concept of sukuk among Shari'ah scholars; and the absence of a global standard and accreditation for Islamic finance courses.

Suggested Citation

  • Muhamed Zulkhibri, 2015. "A synthesis of theoretical and empirical research on sukuk," Borsa Istanbul Review, Research and Business Development Department, Borsa Istanbul, vol. 15(4), pages 237-248, December.
    • Handle: RePEc:bor:bistre:v:15:y:2015:i:4:p:237-248
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    Cited by:

    1. Surya Bintarti & Mohammad Hatta Fahamsyah, 2018. "Improving Tourism Quality by Islamic Finance," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 393-401.
    2. Brahim Roukiane & Abdenbi EL Marzouki, 2018. "Maturities and Dynamic Volatility of Sukuk Comparative Study Between a Sukuk and a Conventional Bond Index," Asian Development Policy Review, Asian Economic and Social Society, vol. 6(4), pages 226-242, December.
    3. Rida Ahroum & Boujemâa Achchab, 2021. "Harvesting Islamic risk premium with long–short strategies: A time scale decomposition using the wavelet theory," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 430-444, January.
    4. Mohammadi , Shapoor & Tehrani , Reza & Khansari , Rasool, 2015. "Determinants of International Sukuk Issuance and Capacity Estimation for Iranian Financial Market," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 10(3), pages 1-28, July.
    5. Rima Ayu Shintyawati & Caturida Meiwanto Doktoralina & Nurhasanah & Sri Anah, 2020. "The Volume of Issuance of Government Islamic Securities SR-007 Series, 2015¨C2018," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(5), pages 56-68, October.
    6. Islam Allaki & Marouane Nakhcha & Omar Kharbouch & Mamdouh Tlaty, 2024. "A Navigating Controversy and Growth: A Sukuk Study in the UK's Islamic Finance Landscape," Post-Print hal-04476409, HAL.
    7. Mesbahi Moghadam , Gholamreza & Asadi , Gholamhosein & Sajadi , Seyed Ali, 2015. "Conceptual Model of Islamic Commercial Paper for Banks and Credit Institutions on the Basis of Murabaha Sukuk," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 10(3), pages 73-85, July.
    8. Saeed, Momna & Elnahass, Marwa & Izzeldin, Marwan & Tsionas, Mike, 2021. "Yield spread determinants of sukuk and conventional bonds," Economic Modelling, Elsevier, vol. 105(C).
    9. Jamshed Y. Uppal, Inayat Ullah Mangla, 2017. "Co-integration of Sukuk and Bond Yields - Evidence from Globally Placed Sukuk," Journal of Management Sciences, Geist Science, Iqra University, Faculty of Business Administration, vol. 4(1), pages 106-115, March.
    10. Abdullah Karatas, 2017. "High Quality Liquid Suk¨±k: Relevance, Practice, and Empirical Research in the Context of Rising Global Interest Rates," Applied Economics and Finance, Redfame publishing, vol. 4(2), pages 141-154, March.
    11. Mahfuzur Rahman & Che Ruhana Isa & Teng-Tsai Tu & Moniruzzaman Sarker & Md. Abdul Kaium Masud, 2020. "A bibliometric analysis of socially responsible investment sukuk literature," Asian Journal of Sustainability and Social Responsibility, Springer, vol. 5(1), pages 1-19, December.
    12. Khan, Nida & Kchouri, Bilal & Yatoo, Nissar Ahmad & Kräussl, Zsofia & Patel, Anass & State, Radu, 2022. "Tokenization of sukuk: Ethereum case study," Global Finance Journal, Elsevier, vol. 51(C).
    13. Awais Ur Rehman & Saqib Farid & Muhammad Abubakr Naeem, 2022. "The link between corporate governance, corporate social sustainability and credit risk of Islamic bonds," International Journal of Emerging Markets, Emerald Group Publishing Limited, vol. 18(12), pages 5990-6014, May.
    14. Samia Nasreen & Syed Asif Ali Naqvi & Aviral Kumar Tiwari & Shawkat Hammoudeh & Syed Ale Raza Shah, 2020. "A Wavelet-Based Analysis of the Co-Movement between Sukuk Bonds and Shariah Stock Indices in the GCC Region: Implications for Risk Diversification," JRFM, MDPI, vol. 13(4), pages 1-21, March.
    15. repec:gei:journl:v:4:y:2017:i:1:p:126-135 is not listed on IDEAS
    16. Delle Foglie, Andrea & Panetta, Ida Claudia, 2020. "Islamic stock market versus conventional: Are islamic investing a ‘Safe Haven’ for investors? A systematic literature review," Pacific-Basin Finance Journal, Elsevier, vol. 64(C).

    More about this item

    Keywords

    Islamic finance; Sukuk structure; Sukuk research;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G01 - Financial Economics - - General - - - Financial Crises

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