Islamic Economics

Islamic Economics

Interaction Relationship Between Development of Islamic Financial Instruments (Sukuk) and Economic Growth

Document Type : Original Article

Authors
Mina Naemi 1
kiomars sohaili 2
Mohammad Sharif Karimi 1
1 Department of Economics, Faculty of Social Sciences, Razi University, Kermanshah, Iran
2 Member of Scientific Board / Razi University
Abstract
Achieving economic development is the goal of all nations. Achieving economic growth requires the creation of special mechanisms. Powerful financial markets are among these mechanisms. The development of a variety of economic activities depends on their access to financial services. There are many financing tools in the world right now. Some of these tools can not be used in Islamic societies because of being kidnapped. In the last decade, in the field of Islamic monetary and financial discussions, efforts have been made to design and implement financing instruments in accordance with Islamic teachings. One of these tools is the issuance of Islamic securities called sukuk. These bonds are issued for government financing, financing of enterprises for production and exports, and government affiliated organizations, which are based on Islamic contracts.
 In this study, with the aim of investigating the relationship and effect of development of Islamic financial instruments (sukuk) on economic growth in Iran, an ARDL model error correction form has been used. In this case, the coefficients of short and long term models and error correction for the period of the fourth quarter of the year The 2010-2010 season is estimated until the fourth quarter of 1394. In the ARDL model error correction form, short-term fluctuations of the variables are related to their long-term equilibrium values. These models are in fact a kind of partial adjustment models that measure the long-term equilibrium with a long-term relationship, effective forces in the short run, and the speed of approaching the long-term equilibrium. The results show that Sukuk publishing has a positive and significant effect on GDP and it can increase economic growth.

Highlights

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Keywords
Sukuk
Islamic Financial Instruments
Economic Growth
Error Correction form of ARDL Model