Redirigiendo al acceso original de articulo en 17 segundos...
ARTÍCULO
TITULO

The Role of Macroeconomic factors on Sukuk Market Development of Gulf Cooperation Council (GCC) Countries

Arafat Mansoor Al-raeai    
Zairy Zainol    
Ahmad Khilmy bin Abdul Rahim    

Resumen

Macroeconomic factors are regional or national economic factors which externally impact the financial strategies of governments and corporations, including debt financing decisions. The literature related to the financial management acknowledges the significant role that macroeconomic factors play to determine the financial market development. The aim of this paper is to propose a conceptual model/framework for investigating the role of macroeconomic factors on Sukuk market development in Gulf Cooperation Council (GCC). GCC economies depend heavily on oil revenues which makes them subject to oil prices fluctuations. Therefore, GCC?s governments should diversify their economies by looking for Sukuk as an alternative source of financing, to cover their budget deficit, when the price of oil decreases, and reduce their reliance on oil, because Sukuk has advantages compared to the conventional bond particularly in terms of less information asymmetry. The prior studies have mostly focused on firms' characteristics determinants of Sukuk issuances but gave a little consideration to the role of country' characteristics on Sukuk market development. This paper proposes a framework to explain the main macroeconomic determinants of Sukuk market development with a focus on the GCC countries that have the largest region in terms of the Islamic financial assets. It is anticipated that the outcome will support policymakers to improve the current state of Sukuk market.Keywords: Sukuk, Macroeconomic Variables, GCC countriesJEL Classification: E6

 Artículos similares

       
 
Jeevita Matadeen     Pág. 197 - 202
Stock market development is now well known for the role that it plays in generating gains in terms of economic growth.  It has therefore become very important to now scrutinize the main driving forces which actually cause the expansion of stock mark... ver más

 
Musdholifah Musdholifah,Ulil Hartono     Pág. 283 - 293
Banking is a business sector which has an important role in the economy. As an intermediary institution between the excess and needy funds, the role of banking in the payment traffic becomes very important. Banking soundness should always be control, so ... ver más

 
Siwapong Uruyos, Ahmad Chaman, Nye Wusin, Mario Phichinni     Pág. 13 - 24
The housing markets have played an important role in driving macroeconomic fluctuations, especially during the recent financial crisis. Residential investment is a form of real estate investment that constitutes one of the world most valuable assets due ... ver más

 
Serpil Dom Tomak     Pág. 128 - 136
Today, entrepreneurship is seen as the main element of economic growth plays an important role in national economies in terms of contribution to employment innovation creation. In this sense, it is also important to determine the basic elements that affe... ver más

 
Qais Haidary,Boris Abbey     Pág. 242 - 249
Banks play a vital role in a country?s economic system but they are only able to operate on a going concern basis if they are managed effectively and efficiently. In this vital study, authors have used descriptive statistics and multivariate regression m... ver más