DOES SUKUK FINANCING PROMOTE ECONOMIC GROWTH? AN EMPHASIS ON THE MAJOR ISSUING COUNTRIES

Year 2016, Volume: 3 Issue: 2, 63 - 73, 22.08.2016

Abdelghani Echchabı Hassanuddeen Abd.azız Umar Idrıss

Abstract

For the past few decades, Islamic finance has imposed itself as a viable alternative / complementary system to the long existing conventional financial system. Nevertheless, recent research has claimed that Islamic finance as it is currently practice, does not promote economic growth. Hence, the objective of this study is to empirically test this claim, by examining the potential effect of Islamic finance in the specific form of Sukuk issuance on the economic growth represented by three proxies, namely, Gross Domestic Product (GDP), Gross Capital Formation (GDP) and trade activities. The data covers not only GCC (Gulf Cooperation Council), but also other countries including Malaysia, Indonesia, Turkey, Pakistan, Singapore, China, Brunei, Kazakhstan, Germany, United Kingdom (UK), The Gambia and France. The data were collected from the Islamic Finance Information Services (IFIS) and the World Bank databases, and were subsequently analysed through Toda and Yamamoto Granger Non Causality test. Accordingly, the findings indicated that the Sukuk issuance had an influence on the GDP and GCF only when all the countries were pulled together, otherwise no effect was identified for Saudi Arabia and the GCC.  

Keywords: Islamic Finance, Sukuk, Economic Growth, Financial Development, Saudi Arabia.

SUKUK FİNANSMANI İKTİSADİ BÜYÜMEYİ TEŞVİK EDER Mİ? SUKUK ÇIKARAN ANA ÜLKELER ÜZERİNE BİR ÇALIŞMA

Abstract

Geçen bir kaç on yıl içinde İslami finans kendisini uzun süredir mevcut olan geleneksel finans sisteminin bir alternatifi / tamamlayıcısı olduğunu gösterdi. Ancak, son araşmalar İslami finans’ın mevcut uygulamasıyla iktisadi büyümeyi desteklemediğini iddia ediyor.  Dolayısıyla, bu çalışmanın amacı bu iddianın ampirik testini İslami finans’ın Sukuk uygulamasının potansiyel etkilerini inceleyerek test etmektir. Sukuk uygulamasının iktisadi gelişmeyi gösterdiği düşünülen üç değişken üzerindeki etkilerine bakılmıştır. Bu üç değişken Gayri Safi Yurt İçi Hasıla (GSYİH), Gayri Safi Sermaye Oluşumu ve Ticaret faaliyetleridir. Veri seti sadece Körfez Ülkeleri Birliği’ndeki ülkeleri değil aynı zamanda Malezya, Endonezya, Türkiye, Pakistan, Singapure, Çin, Brunei, Kazakistan, Almanya, İngiltere, Gambia ve Faransa gibi diğer ülkeleri de içermektedir. Veri seti İslami Finans Enformasyon Servisi (IFIS) ve Dünya Bankası’ndan alınmış ve Toda and Yamamoto Granger Non Causality testiyle analiz edilmiştir. Elde edilen bulgulara göre Sukuk uygulamasının sadece bütün ülkeler dahil edildiğinde GSYİH ve Gayri Safi Sermaye Oluşumu üzerinde etkisinin olduğu, aksi takdirde Körfez Ülkeleri Birliği ve Suudi Arabistan’da bir etkisinin olmadığı bulunmuştur.

Anahtar Kelimeler: İslami finans, sukuk, iktisadi büyüme, finansal gelişme, Suudi Arabistan     

Keywords

İslami finans, sukuk, iktisadi büyüme, finansal gelişme, Suudi Arabistan

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