:الاستثمار المتو افق مع أحكام الشريعة الإسلامية: دراسة محددات سوق صكوك الإجارة في باكستان
; Sharī'ah-Compliant Investing: Examining Ijārah-Ṣukūk Market Determinants in Pakistan ; Kashif U., Ahmed S., Nawaz F.; 2024; Journal article;
Journal of King Abdulaziz University, Islamic Economics ; ISSN: 1018-7383 ; eISSN: 1658-4244
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This study explores the influence of Ijārah-Ṣukūk market determinants on Sharī'ah-compliant investments in Pakistan during a significant financial crisis that the country witnessed over the past two years (2022–2023). Utilizing a modified questionnaire, the research gathered data from three hundred (300) ṣukūk investors, analyzed using SmartPLS software. The study identifies Sharī'ah Compliance as the most influential factor in the restructured Islamic Market of Pakistan, followed by secondary market impact and credit ratings. The introduction of Sharī'ah-compliant securities is expected to attract investors to the benefits of structured markets, including yield, market liquidity, and balance in both long and short-term ṣukūk instruments. The application of this research in Pakistan's emerging Islamic Market highlights the role of ṣukūk market determinants in Sharī'ah-compliant investment. The findings are valuable for countries developing Islamic banking systems and policymakers. The study also highlights the role of ṣukūk market determinants in Sharī'ah-compliant investment. The findings are valuable for countries developing Islamic banking systems and policymakers endeavoring to expand Islamic financial instruments. The research emphasizes the market's pivotal factor, Sharī'ah Compliance, and its influence over secondary market dynamics and credit ratings. The study, examining the impact during a financial crisis, reveals that the introduction of Sharī'ah-compliant securities is likely to draw investors to the advantages of well-structured markets, such as yields, liquidity, and balance in ṣukūk instruments. The results offer insights for enhancing market environments and regulatory measures to create an attractive investment landscape.
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credit ratings, Ijārah, institutional Support, investor confidence, secondary markets, Sharī'ah compliance, Sharī'ah compliant Investment, Ṣukūk
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