Islamic Economics

Islamic Economics

The Impact of International Sukuk on the Economic Growth of GCC Countries; Lessons for Iran's economy

Document Type : Original Article

Authors
Javad Mohammadi 1
Ahmad Ghasemzadeh Khosroshahi 2
Maryam Khaliliaraghi 3
1 Department of Management, Economics and Accounting, Tabriz Branch, Islamic Azad University, Tabriz, Iran
2 Department of Management, Economics and Accounting, Tabriz Branch, Islamic Azad University, Tabriz, Iran (Corresponding Author)
3 Department of Economic and Management, Science and Research Branch, Islamic Azad University, Tehran, Iran
Abstract
One of the main challenges of productive economic activities in the country is the limitation of access to financial resources despite the high level of total liquidity of the country as well as international capacities in the field of financing. This situation indicates incomplete and ineffective liquidity and credit management. One of the effective means of directing internal and external liquidity to productive economic activities are sukuk, which have been used by Islamic countries. This study deals with the issue of whether financing through international sukuk has had a significant impact on the growth of Islamic countries that this experience can be used in order to finance productive activities of the country. In this regard, the Gulf cooperation council countries have been investigated during the period of 2001-2020 using the combined data regression approach. The results show that the issuance of sukuk has a significant effect on the economic growth of the studied countries, and if properly planned and politicized, this instrument can be a breakthrough in Iran.
Keywords
Economic growth
foreign currency securities
International sukuk securities
Iranian financial system
Liquidity
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