چکیده:
The Sukuk market has become the fastest growing segment of the Islamic financial services industry. Governments and other corporate entities have started tapping the local and international Sukuk markets in order to raise the required funds. The investor base is also expanding and Sukuk has now become a popular and obvious choice for retail investors in a number of jurisdictions. However, because of lack of suitable market conditions and some cross-border restrictions, the international Sukuk market is not developed enough in Iran. Using international Sukuk issuance data for 2001–2015, this study investigates the determinants of international Sukuk issuance and the capacity of issuing such securities in Iranian financial market. We use ANOVA analysis and PCA to explore main factors. Using the data of 34 indicators for 21 countries that have issued international Sukuk, we found that the main determinants of international Sukuk issuance are the ratios of bank deposits to GDP (%), Stock market capitalization to GDP (%), International debt issues to GDP (%) and outstanding international public debt securities to GDP (%). After determination of the basic factors for the countries, using the discriminant model, we estimated the Iranian financial market’s capacity for issuing international Sukuk.
خلاصه ماشینی:
"Using the data of 34 indicators for 21 countries that have issued international Sukuk, we found that the main determinants of international Sukuk issuance are the ratios of bank deposits to GDP (%), Stock market capitalization to GDP (%), International debt issues to GDP (%) and outstanding international public debt securities to GDP (%).
After determination of the basic factors for the countries, using the discriminant model, we estimated the Iranian financial market’s capacity for issuing international Sukuk.
The present study adds to the scarce literature on the empirical determinants of international Sukuk issuance and Iranian financial market capacity for issuing such securities.
Empirical finding on determinants of the international Sukuk market development are also presented for 21 countries namely: Bahrain, China, France, Germany, Hong Kong, Indonesia, Japan, Kazakhstan, Kuwait, Luxembourg, Malaysia, Pakistan, Qatar, Saudi Arabia, Singapore, South Africa, Sudan, Turkey, United Arab Emirates, United Kingdom & United States.
Hence, the first 4 factors [bank deposits to GDP (%), stock market capitalization to GDP (%), international debt issues to GDP (%) & outstanding international public debt securities to GDP (%)] were included in the model.
This paper investigated the determinants of the development of the international Sukuk market in different countries and estimated the capacity of issuing such securities in Iranian financial market.
We find that four factors including bank deposits to GDP (%), stock market capitalization to GDP (%), international debt issues to GDP (%) and outstanding international public debt securities to GDP (%) have had the greatest impact on international Sukuk issuances by different countries."