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All Journal International Journal of Islamic Economics and Finance (IJIEF) International Journal of Islamic Business and Economics (IJIBEC)
Boulila, Hadjer
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Economics, Econometrics & Finance

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Islamic Finance, Small and Medium Enterprises and Job Creation in Turkey: An Empirical Evidence (2009-2017) Benbekhti, Seyf Eddine; Boulila, Hadjer; Bouteldja, Abdelnacer
International Journal of Islamic Economics and Finance (IJIEF) Vol 4 (2021): IJIEF Vol 4 (SI), Special Issue: Islamic Banking
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (674.402 KB) | DOI: 10.18196/ijief.v4i0.10490

Abstract

The aim of this paper is to investigate if Islamic finance can solve the funding problem of SMEs and facilitate access to finance for SMEs, and how can these last participate in job creation in Turkey in order to face the problem of unemployment. The paper adopts a Vector Autoregressive model (VAR) based on monthly data (2009-2017). The results revealed that Islamic finance is a golden opportunity and a sufficient alternative financial source for SMEs. In addition, as SMEs can reduce unemployment by contributing to the labor market. This study contributes to the existing literature by presenting a promising financing tool to the prospective borrowers of SMEs (farmers, underserved groups, and small entrepreneurs) which is Islamic financing. This alternative can be an effective tool for both muslim and non-muslim countries in regard that conventional finance is more expensive and SMEs are unable to pay high interest rates. It would also help in establishing low unemployment levels.  This paper suggested that Islamic banks and Islamic financial institutions should converge more on the SMEs by providing funding to SMEs which would lead to boosting production and economic development.
Diagnostic of Innovations and Volatility Persistence in Emerging Markets Metadjer, Widad; Benbakhti, Seyf Eddine; Boulila, Hadjer
International Journal of Islamic Business and Economics (IJIBEC) Vol 4 No 2 (2020): IJIBEC VOL. 4 NO. 2 DECEMBER 2020
Publisher : Faculty of Islamic Economics and Business of Institut Agama Islam Negeri (IAIN) Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28918/ijibec.v4i2.2355

Abstract

This paper aims to analyse the shocks and volatility persistence of both Islamic and conventional financial market, and the nature of the correlation between the two markets. The study uses Bivariate BEKK-GARCH(1,1) model in the examination of the shocks and volatility based on the daily prices of Dubai Islamic Capital Market (Sukuk index) and conventional Stock Market (DFM index).As a result, it documents that both Sukuk and stock market indices are affected by their own news and shows volatility persistence over the study period. The study also finds a negative correlation between the Sukuk and Stock market prices during the Dubai debt crisis which indicates that Islamic bonds are good portfolio diversifier. Our study seeks to define the nature of the correlation between the Sukuk market and the stock market using daily prices, unlike other studies that use returns. In addition, our empirical results might be valuable for investors and market makers to ensure a good portfolio diversification strategy.
Co-Authors Benbakhti, Seyf Eddine Benbekhti, Seyf Eddine Bouteldja, Abdelnacer Metadjer, Widad