Prediction the Capacity of Sukuk’s Issuance in Iran

Document Type : Paper

Authors
Ali Hassanzadeh 1
Azam Ahmadian 2
1 PhD in Economics Associate Professor of Monetary and Financial Institute
2 PhD student in Economics, Allameh Tabatabai University
10.30497/ifr.2012.1523
Abstract
The latest instrument in Islamic financial market is Sukuk securities.   Sukuk is a flexible stock securities that can meet the financial needs of firms in the capital markets. However, Sukuk is considered as an alternative investment securities for bonds that receive usury which is forbidden in Islam. The growth of  sukuk market in recent years, mainly due to its role in monitoring and controlling the liquidity and the liquidity management at the macro and micro (firm) levels is one of the factors that can lead to the development of Islamic financial markets. Considering the importance of sukuk issuance as well as its role in liquidity management and financing investments, this paper try to estimate the potential capacity of Sukuk issuance in Iran and to forecast its issuance capability in the coming years at the country. However, at first by applying the panel data and time series 2000-2009, the suitable model for sukuk has been designed and then, the capacity of Sukuk issuance in Iran would be predicted by using vector regression method and time series 1973-2009.
Keywords
Sukuk
Panel Data
vector regression
Islamic Financing
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  • Receive Date 25 September 2012
  • Revise Date 25 November 2012
  • Accept Date 25 December 2012