Sa’adah, Silky Roudhotus
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PENENTU PERKEMBANGAN PASAR SUKUK: MAKROEKONOMI DAN INSTITUTIONAL QUALITY Najib, M Thoha Ainun; Sa’adah, Silky Roudhotus; Putro, Rizki Listyono
Jurnal Manajemen, Akuntansi, Ekonomi Vol. 2 No. 1 (2023): Jurnal Manajemen, Akuntansi, Ekonomi
Publisher : CV. Era Digital Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59066/jmae.v2i1.238

Abstract

Tujuan penelitian ini adalah menganalisis pengaruh makroekonomi dan kualitas kelembagaan terhadap perkembangan pasar sukuk. Pendekatan penelitian ini adalah studi literatur. Terdapat 18 artikel yang relevan mulai tahun 2012-2022 dari Google Scholar dan Scopus. Hasil penelitian menunjukkan bahwa variabel makroekonomi dan kualitas kelembagaan berpengaruh terhadap perkembangan pasar sukuk di berbagai negara. Pendekatan yang dominan digunakan adalah kuantitatif (Panel Regression Fixed Effect Model). Negara yang dominan dijadikan objek penelitian yaitu Malaysia, Saudi Arabia dan Bahrain. Meski demikian, ketersediaan kajian empiris terkait kualitas kelembagaan terhadap perkembangan pasar sukuk masih sedikit.
Determinant Sukuk Market Development Najib, M. Thoha Ainun; Sa’adah, Silky Roudhotus
Jurnal Simki Economic Vol 8 No 1 (2025): Volume 8 Nomor 1 Tahun 2025
Publisher : Universitas Nusantara PGRI Kediri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29407/jse.v8i1.1005

Abstract

The research covers the significant phenomenon of sukuk in the global economy post-crisis. It has proven index growth against conventional securities. There is still a literature gap regarding the effect of institutional quality on Islamic financial markets, bringing sukuk into the picture despite enjoying progressive growth in Sukuk. Therefore, the research aims to empirically investigate the influence of macroeconomics and institutional quality on the sukuk market development based on secondary data from WDI, ICRG, and IIFM. The study objects thus include the top five sukuk-issuing countries from 2008 to 2023: Malaysia, U.A.E., Saudi Arabia, Indonesia, and Bahrain-but analyzed with the aid of dynamic panel data regression. Results indicate that GDP per capita, exchange rate, and indicators of institutional quality significantly and positively influence the sukuk market, while inflation and corruption control have significant negative impacts; hence, this research underscores the requirement of macroeconomic stability and better institutional quality for better development of the Islamic capital market.