Factors Influence Sukuk and Conventional Bonds in Malaysia
The study attempts to investigate the impact influence of macroeconomic variables on Sukuk and conventional bonds issuance during periods that include the Malaysian period of economic crisis. This study examines three variables in relation to Sukuk and conventional bonds issuance for the period of 1...
Saved in:
Main Author: | |
---|---|
Format: | Thesis |
Language: | eng eng |
Published: |
2012
|
Subjects: | |
Online Access: | https://etd.uum.edu.my/3557/1/s808948.pdf https://etd.uum.edu.my/3557/8/s808948.pdf |
Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
id |
my-uum-etd.3557 |
---|---|
record_format |
uketd_dc |
institution |
Universiti Utara Malaysia |
collection |
UUM ETD |
language |
eng eng |
advisor |
Dahalan, Jauhari |
topic |
HG Finance |
spellingShingle |
HG Finance Elkarim, Ghemari Abd Factors Influence Sukuk and Conventional Bonds in Malaysia |
description |
The study attempts to investigate the impact influence of macroeconomic variables on Sukuk and conventional bonds issuance during periods that include the Malaysian period of economic crisis. This study examines three variables in relation to Sukuk and conventional bonds issuance for the period of 1990-2011: (i) gross domestic product (GDP), (ii) inflation rate, and (iii) interest rate. The results of the regression analysis for Sukuk indicate that, there is a negative effect and significant relationships between GDP, inflation rate and interest rate with Sukuk issuance. However, for conventional bonds, only GDP shows a significant negative effect on the relationship. |
format |
Thesis |
qualification_name |
masters |
qualification_level |
Master's degree |
author |
Elkarim, Ghemari Abd |
author_facet |
Elkarim, Ghemari Abd |
author_sort |
Elkarim, Ghemari Abd |
title |
Factors Influence Sukuk and Conventional Bonds in Malaysia |
title_short |
Factors Influence Sukuk and Conventional Bonds in Malaysia |
title_full |
Factors Influence Sukuk and Conventional Bonds in Malaysia |
title_fullStr |
Factors Influence Sukuk and Conventional Bonds in Malaysia |
title_full_unstemmed |
Factors Influence Sukuk and Conventional Bonds in Malaysia |
title_sort |
factors influence sukuk and conventional bonds in malaysia |
granting_institution |
Universiti Utara Malaysia |
granting_department |
Othman Yeop Abdullah Graduate School of Business |
publishDate |
2012 |
url |
https://etd.uum.edu.my/3557/1/s808948.pdf https://etd.uum.edu.my/3557/8/s808948.pdf |
_version_ |
1747827601304453120 |
spelling |
my-uum-etd.35572016-04-19T02:56:05Z Factors Influence Sukuk and Conventional Bonds in Malaysia 2012 Elkarim, Ghemari Abd Dahalan, Jauhari Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HG Finance The study attempts to investigate the impact influence of macroeconomic variables on Sukuk and conventional bonds issuance during periods that include the Malaysian period of economic crisis. This study examines three variables in relation to Sukuk and conventional bonds issuance for the period of 1990-2011: (i) gross domestic product (GDP), (ii) inflation rate, and (iii) interest rate. The results of the regression analysis for Sukuk indicate that, there is a negative effect and significant relationships between GDP, inflation rate and interest rate with Sukuk issuance. However, for conventional bonds, only GDP shows a significant negative effect on the relationship. 2012 Thesis https://etd.uum.edu.my/3557/ https://etd.uum.edu.my/3557/1/s808948.pdf text eng validuser https://etd.uum.edu.my/3557/8/s808948.pdf text eng public masters masters Universiti Utara Malaysia AAOIFI, (2011).Sukuk Definition. Malaysia . Retrieved from http://www.nortonrose.com/knowledge/publications/16852/ aaoifi-statement-on-sukuk-and-its-implications Alasrag, H. (2010). Global Financial crisis and Islamic finance. Egypt. Working Paper WP/4/10. Retrieved from http://mpra.ub.uni-muenchen.de/22167/1/global_crisis.pdf Alasrag, H. (2010). Global Financial crisis and Islamic finance. http://ssrn.com/abstract=1591563. Ahmad, W., & Radzi, R. M. (2011). Sustainability of Sukuk and Conventional Bonds during Financial Crisis: Malaysian Capital Market: Global Economy and Finance Journal, 4(2), 33-45. Alias, Z, N., & Hussein, N. (2012). Sukuk issuance in Malaysia Capital Market. Retrieved from http://www.marc.com.my/home/userfiles/file/ 230312_BNM%20 Annual%20Report%202011_FINAL_web.pdf Abidin, Z, M & Rasiah, R. (2009). The Global Financial Crisis and the Malaysian Economy: Impact and Responses. Retrieved from http://www.undp.org.my/uploads/undp%20report% 20the%20global%20financial%20crisis%20and%20the%20malaysian%20economy.pdf Aziz, Z. A. (2007). Malaysia’s experience in strengthening its market for global sukuk activities.retrived from www.kantakji.com/fiqh/Files/Markets/m132.pdf Bank Negara Malaysia & SCM. (2009). Malaysian Debt Securities and Sukuk Market. Retrieved from http://www.sc.com.my/eng/html/bondmkt/MalaysianDebtSecuritie sSukuk_2009.pdf Benamraoui, A. (2008). Islamic banking: the case of Algeria. International Journal of Islamic and Middle Eastern Finance and Management, pp. 113-131. Bernanke & lown. (1991). The Credit Crunch. New yourk. Working paper WP/2/91. Retrived fromhttp://www.brookings.edu/~/media/Projects/BPEA/1991%202/ 1991b_bpea_bernanke_lown_ friedman.PDF Benamraoui, A. (2008). Islamic banking: the case of Algeria. International Journal of Islamic and Middle Eastern Finance and Management, (2), pp. 113-131 Black, l. (2012). Head of Global Public Fixed Income Markets. Retrieved from http://www1.tiaa-cref.org/public/ advice-planning/market commentary/market_commentary_articles/articles/mc_025.html CIMP, I. (2010). Growth of Islamic Debt Capital Market. Malaysia. Retrieved from www.cimb.com/index.php?ch=g2_ir_rnp&pg=g2...annual Fink, G. & Hrisoforova,S. (2006). Credit, Bonds, Stocks and Growth in Seven Large Economies. Working Papers WP/ Nr: 49. Retrived from http://fgr.wu-wien.ac.at/institut/ef/publicat. html Favara, G. ( 2003, June). An Empirical Reassessment of the Relationship between Finance and Growth. Working paper wp/03/123. Reteved from http://www.imf.org/external/pubs/ft/ wp/2003/wp03123.pdf Global Islamic Finance Report, (2011). islamic financial products under US Law. Malaysia. Retrieved from http://gifr.net/pdf/gifr_2011.pdf Irwanto, W. (2009). Influence of Macroeconomic Variables and Yield of Designation Fee obligations of Sukuk. Jakarta. Retrived from http://www.academia.edu/297363/Review_on_Sukuk _Researches_Where_Are_We_Now Kurgman, P. (2010) (Applied Economics Journal 17(2): 78-87) . The Return of Depression Economics and the Crisis of 2008. Retrieved from: http://www.journal.eco.ku.ac.th/upload/document/thai/20110951052251.pdf Malaysian Bond Market Guid. (2011). ASEAN+3 Bond Market Guide. volume 1 part 2. Malaysia.Retrieve from https://wpqr1.adb.org/.../ABMF%20Vol1 %20Sec%207_MAL.pdf Malaysian Bond Market Guid. (2011). ASEAN+3 Bond Market Guide. volume 1 part 2. Malaysia.Retrieve from https://wpqr1.adb.org/.../ABMF%20 Vol1%20Sec%207_MAL.pdf Maimunah, R. T. (2011). Sukuk issuance in Malaysia. Zawya report United Emarat Arab. Retrived from http://www.zawya.com/newsletter_bulletin/sukuk_qb _issue_09_ 1Q11-3.pdf Muhammad Al-Amine. (2008). Sukuk Market:Innovations And Challenges. Islamic Economic Studies jurnal , 15 (2). Retreved from http://www.irti.org/irj/go/km/docs/documents/ IDBDevelopments/Internet/English/IRTI/CM/downloads/IES_Artic les/Vol%2015-2..M%20Bashir%20Alamin--Sukuk%20Market%20.Innov ation.pdf Namara, P. (2010). The market for bonds and Sukuk in 2009. Zawya Report. United EmaratArab. Retrived from http://www.kantakji.com/fiqh/Files/Markets/587.pdf Papazian, V.A. (2010). Central Islamic Trustee: Meeting Sukuk Market Challenges. Retreved from http://centralislamictrustee.com/sitebuildercontent/site builderfiles/centralislamictrusteesukukmarketchallengeskeipr 082010.pdf Rodney, W. (2006). Innovation in the structuring of Islamic Sukuk securities Islamic Banking and Finance. 2nd Banking and Finance International Conference. Beirut: Lebanese American University Saudi Arabian Monetary Agency, (2007). Sukuk issuance and interest rate. Retrieved from:http://www.sama.gov.sa/sites/ samaen/ReportsStatistics/ReportsStatisticsLib/5600_R_Annual_ En_44_2008_09_23.pdf Saad, M,B,N. & Mohamad, B,A,E,N. (2012).Sukuk In Malaysian Capital Market. 3rd International Conference On Business And Economic. Golden Flower Hotel, Bandung, Indonesia: Isbn: 978-967-5705-05-2. Retrived from http://www.internationalconference.com.my Sulaiman, K,A. (2012). (Sukuk Issuance in Saudi Arabia: Recent Trends and Positive Expectations) Retrieved from Durham theses, Durham University. Available at Durham E-Theses Online: http://etheses.dur.ac.uk/3502/ Syafirdi, R.H. (2006).Effect of Interest Rates, Inflation, Exchange Rate on bonds market and sukuk. Indonesia. Retrived from http://fis.uii.ac.id/images/la-riba-vol4-no2- 2010-03-wafa.pdf Tariq, A.A. (2004). Managing Financial Risks of Sukuk Structures. Unitd Kingdom. Dissertation submitted in partial fulfillment of the requirements for the degree of Masters. Retrived from Loughborough University,. http://kantakji.com/ fiqh/Files/Markets/c86.pdf UNCTAD. (2009). Global Economic Crisis: Implications For Trade and Development. Trade and Development Board. Retrived from http://unctad.org/ en/Docs/wir2004_en.pdf Wafa, M. (2010). Analysis of Factors Influencing Sukuk. Journal Economi Islam, (2), 161-178. Weill, l. & Godlewski, C,J.(2011). Do markets perceive sukuk and conventional bonds as different financing instruments? BOFIT Discussion Papers 6. 2011. Retrieved from http://www.suomenpankki.fi/bofit/tutkimus/tutkimusj ulkaisut/dp/Documents/DP0611.pdf World, B. (2012).GDP growth (annual %). http://data.world bank.org/indicator/NY.GDP.MKTP.KD.ZG/countries/HT-xj?display =graph. World Bank, (2011). Inflation, consumer prices (annual percent). Retrieved from http://data.worldbank.org/indicator/FP.CPI.TOTL.ZG Zubair, h. (2002).The 1997-98 Financial Crisis in Malaysia: Causes, Response, and Results. Islamic Economic Studies journal. (9), 2. Retrieved from http://www.irti.org/irj/go/km/docs/documents/IDBDevelopments/Internet/English/IRTI/CM/ downloads/IES_Articles/Vol%209-2..Zuabir%20Hasan.The%201997 -98%20Financial%20Crisis%20in%20Malaysia.pdf Zawya, (2011). The Concept Of Sukuk. United Emarat Arab. Retrieved from http://www.kantakji.com/fiqh/Files/Markets/ 587.pdf. |