“…In the existing literature, there are studies which only discuss the determinants of the bond market using worldwide time series analysis (Park and Shenoy, 2002;Korajczyk and Levy, 2003;Bondt, 2005;Braun and Briones, 2006;Ameer, 2007;Adelegan and Radzewicz-Bak, 2009; Sukuk market development Rusydiana, Sanrego and Rahayu, 2021). Similarly, most of the studies on sukuk market are heavily focused on firm specific characteristics or they just discuss structural differences and potential of sukuk (Adam and Thomas, 2004;Eichengreen, 2006;Wilson, 2008;Jaffer, 2011;Godlewski et al, 2013;Van Wijnbergen and Zaheer, 2013;Azmat et al, 2014;Borhan and Ahmad, 2018).…”