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International Finance and Accounting

Abstract

As we know, in the last years, Islamic finance has been increasing rapidly. Despite a very small share in the global financial system, it attracts all specialists in the field with an average annual growth rate of 20%. It is noteworthy that Islamic finance can be used not only in Muslim countries but also in non-Muslim countries. In this article has been investigated the impact of sukuk development on the economy which is the second largest sector of Islamic finance and used data from Malaysian indicators for 2006-2018 years. There are provided some ideas for the future researches at the end of the paper based on obtained positive results of the study.

References

1. Islamic Finance Development Report 2019: Shifting Dynamics. The Islamic Corporation for the Development of the Private Sector and Refinitiv, 102 p.; 2. Smaoui H., & Nechi S. (2017). Does sukuk market development spur economic growth? Research in International Business and Finance, 41, pp. 136-147; 3. Sukuk report: A comprehensive study of the global sukuk market. International Islamic Financial Market, July 2019, 8th edition. 184 p.; 4. Sukuk. Shariatskiy standart №17 / Per. s angl.; [Red. sovet: P.P. Vaxitov i dr.]; Org.bux. ucheta i audita islamskix fin. uchrejdeniy (AAOIFI). - M.: Islamskaya kniga, 2010. 40 s.; 5. Echchabi A., Abd.aziz H., Idriss U., 2016. Does sukuk financing promote economic growth? An emphasis on the major issuing countries. Turk. J. Islam. Econ. 3, pp. 63-73; 6. https://www.sciencedirect.com/search/advanced?tak=sukuk&articleTypes=FLA 7. Zaher T.S., and Hassan M.K. (2001). A Comparative Literature Survey of Islamic Finance and Banking. Financial Markets, Institutions and Instruments, 10, 155-199 va Hassan M., Aliyu S., Paltrinieri A. & Khan A. (2018). A Review of Islamic Investment Literature. Economic Papers: A journal of applied economics and policy. In Press. https://doi.org/10.1111/1759-3441.12230 8. Zulkhibri M. (2015). A synthesis of theoretical and empirical research on sukuk. Borsa Istanbul Review, 15, pp. 237-248; 9. Ibrahim, Y., & Minai, M. S. (2009). Islamic bonds and the wealth effects: evidence from Malaysia. Investment Management and Financial Innovations, 6(1), pp. 184–191; 10. Ahmad N., Daud S.N., & Kefelia Z. (2012). Economic forces and the sukuk market. Procedia: Social and Behavioral Sciences, 65, pp. 127–133; 11. Said A., & Grassa R. (2013). The determinants of sukuk market development: does macroeconomic factors influence the construction of certain structure of sukuk? Journal of Applied Finance and Banking, 3(5), pp. 251–267; 12. Mohammed Imad Ali, Ikramur Rahman Falahi. Islamic banking and finance: principles and practices // Marifa Academy Private Limited, 2014. 242 p.; 13. Paltrinieri A., Hassan M.K., Bahoo S. & Khan A., A bibliometric review of sukuk literature, International Review of Economics and Finance (2019), In Press https://doi.org/10.1016/j.iref.2019.04.004 14. Malaysian ICM bulletin va Jahon banki ma’lumotlari asosida muallif tomonidan tayyorlangan; 15. Eviews dasturi yordamida muallif tomonidan tayyorlangan.

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