International issuance of Sukuk and companies' systematic risk: An empirical study

Mseddi, Slim

doi:10.1016/j.bir.2022.12.007

Cited by 7 publications

(3 citation statements)

References 54 publications

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“…With a note, these intermediary assets have economic value making it easier to issue sukuk. The existence of green sukuk issued by private and state parties is used for production, operational, and other activities (Mseddi, 2023).…”

Section: Table 1 Multiple Linear Regression Testsmentioning

confidence: 99%

The Effect of Dividends and Capital Gains on Underlying Assets in Green Sukuk

Purnomo,

Zahra Maulida

2023

JIEFeS

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Underlying assets are one of the required instruments for issuing sukuk to attract investors to invest in the Sharia capital market. Green sukuk is one of the sharia investment instruments issued by companies for retail sukuk products and has the aim of obtaining funding through debt securities or securities to encourage the company's growth and development performance through underlying assets. This research aims to determine the effect of dividends and capital gains on the underlying assets in retail sukuk. This research method uses a quantitative method with a descriptive approach. In collecting data, the random sampling method was used, where the research determined the number of samples using the Slovin method to know the number of samples and determine the sample categories for distributing questionnaires. The results of dividend research do have a significant influence on underlying assets. Based on the graph, dividend distribution has increased every year, thereby influencing the growth performance of underlying assets. A company will be said to be good if the income it earns is greater than its expenses, so it affects the company's assets. While capital gains also have a significant effect on the underlying assets in retail sukuk, it does not rule out the possibility that they will be influenced by other factors that are related to capital gains. Underlying aset merupakan salah satu instrumen yang diperlukan dalam penerbitan sukuk untuk menarik minat investor berinvestasi di pasar modal syariah. Green sukuk merupakan salah satu instrumen investasi syariah yang diterbitkan perusahaan untuk produk sukuk ritel dan bertujuan untuk memperoleh pendanaan melalui surat utang atau surat berharga untuk mendorong pertumbuhan dan perkembangan kinerja perusahaan melalui aset yang mendasarinya. Penelitian ini bertujuan untuk mengetahui pengaruh dividen dan capital gain terhadap underlying asset pada sukuk ritel. Metode penelitian ini menggunakan metode kuantitatif dengan pendekatan deskriptif. Dalam pengumpulan data digunakan metode random sampling, dimana penelitian menentukan jumlah sampel dengan menggunakan metode Slovin untuk mengetahui jumlah sampel dan menentukan kategori sampel untuk penyebaran kuesioner. Hasil penelitian dividen memang mempunyai pengaruh yang signifikan terhadap aset dasar. Berdasarkan grafik, pembagian dividen mengalami peningkatan setiap tahunnya sehingga mempengaruhi kinerja pertumbuhan aset dasar. Suatu perusahaan akan dikatakan baik apabila pendapatan yang diperoleh lebih besar dibandingkan dengan pengeluarannya, sehingga mempengaruhi kekayaan perusahaan. Meskipun capital gain juga berpengaruh signifikan terhadap aset dasar sukuk ritel, namun tidak menutup kemungkinan hal tersebut akan dipengaruhi oleh faktor lain yang terkait dengan capital gain.

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Section: Table 1 Multiple Linear Regression Testsmentioning

confidence: 99%

The Effect of Dividends and Capital Gains on Underlying Assets in Green Sukuk

Purnomo,

Zahra Maulida

2023

JIEFeS

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“…In these studies, studies have been carried out on Islamic stocks and Islamic indexes, Sukuk and other Islamic stock market instruments. Some of these studies are Hearn et al (2011), Zakaria et al (2012), Kamarudin et al (2014), Elhaj et al (2015), Alzahrani (2019), Alandejani (2022) and Mseddi (2022).…”

Section: Evaluation and Conclusionmentioning

confidence: 99%

Is Islamic financial management getting enough attention? A bibliometric analysis

Kazak

2023

JIABR

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Purpose The purpose of this study is to provide quantitative information about the development of Islamic financial management literature. For this purpose, it is aimed to draw attention to the development of this field by revealing the literature gap in the field of Islamic financial management. Design/methodology/approach In this study, the document analysis method is used and the Web of Science (WOS) site is used to obtain the desired data. The time range of the study covers the years 1980–2023/January. The results obtained from the scans were analyzed by the bibliometric analysis method. The data obtained within the scope of the study are classified and analyzed using the VOSviewer program, which is one of the many software developed for scientific mapping analysis. The obtained data are presented in a certain order with the visual mapping method. Findings In the analyses made, bibliometric analysis based on document review and including the subject of “Islamic financial management” in the WOS database between the relevant years has not been used in any study, which points to an important gap in the literature. However, 3,022 studies on “Financial management” and 1,830 studies on “Islamic finance” have been identified. Although there is no data on “Financial Management”, the subjects of “Islamic finance” and “Financial management” related to the subject have been evaluated in terms of countries, the most publishing organizations, authors, publications and word–word groups, using the bibliometric analysis method, as well as making numerical and visual evaluations. These studies show that an infrastructure to include the subject of “Islamic financial management” has not been formed in the literature. Practical implications This study points to an important gap in the literature. The subjects of “Islamic finance” and “Financial management” have been sufficiently covered in the literature separately. By combining this knowledge with new studies there appears an environment where original studies on the subject of “Islamic financial management” can be made and this study is aimed to shed light on this virgin area. Originality/value In the literature bibliometric analysis based on document review including the subject of “Islamic financial management” has not been used in any study. To the best of the author’s knowledge this study is the first in the literature to address the related issue and with it an important gap in the literature has been identified and an important case that will be a source for future studies has been revealed.

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“…In terms of credit Islamic banking, there is an empirical investigation that studied the Islamic systematic risk: Mseddi (2022) showed that sukuk securitization has a positive impact on the systematic risk of originator companies of sukuk. In addition, after the announcement of sukuk selling, the risk is immediately transferred from originators to holders, because the holder in Islamic finance is a real investor in a good market and service.…”

Section: Introductionmentioning

confidence: 99%

Investigation and Modelling of Economic Systematic Risk and Capital Requirement: A Monte Carlo Simulation

Benhamed

Gassouma

2023

JRFM

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This paper tests the ability of the regulatory capital requirement to cover credit losses at default, as carried out by the economic (optimal) capital requirement in Tunisian banks. The common factor in borrowers that leads to a credit default is systematic risk. However, the sensitivity to these factors differs between borrowers. To this end, we derived two kinds of sensitivity to systematic risk: the first is recognised by the Basel Committee; the second is derived from an economic approach. Hence, we can observe the impact of sensitivity to systematic risk on capital requirements. Empirically, we studied a sample of 100 individual borrowers from a Tunisian deposit bank that had credit in January 2020. We estimated the default probability for each borrower and then simulated their systematic risk sensitivity using the Monte Carlo approach, and compared them with the regulatory risk sensitivity. Then, we tested their effects on the economic and regulatory capital requirements. The results indicate that regulatory capital overestimates economic capital. This is due to the overestimation of borrowers’ contagion in terms of default risk, as shown by the superiority of their regulatory sensitivity systematic risk compared to the simulated risk. This leads banks to devote more capital than is really necessary to reach the regulatory standard. Hence, there was an increase in capital costs and the possibility of an arbitrage opportunity.

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International issuance of Sukuk and companies' systematic risk: An empirical study

Cited by 7 publications

References 54 publications

The Effect of Dividends and Capital Gains on Underlying Assets in Green Sukuk

The Effect of Dividends and Capital Gains on Underlying Assets in Green Sukuk

Is Islamic financial management getting enough attention? A bibliometric analysis

Investigation and Modelling of Economic Systematic Risk and Capital Requirement: A Monte Carlo Simulation

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