The challenges of developing the Saudi Sukuk market in line with objectives of Vision 2030

The paper aim to explore the impact of five challenges on the development of sukuk issuances market in the Kingdom in line with the financial sector development plans within vision 2030 objectives. The study adopted quantitative method by distributing a questionnaire to 115 experts involved in the S...

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Main Authors:	Alnagar, Ahmed Mohamed Hassan, Othman, Anwar Hasan Abdullah, Mohd Noor, Azman, Zakariyah, Habeebullah
Other Authors:	Alareeni, Bahaaeddin
Format:	Book Chapter
Language:	English English
Published:	Springer International Publishing 2021
Subjects:	BPH437 Sukuk - Islamic Bond
Online Access:	http://irep.iium.edu.my/89803/1/89803_The%20challenges%20of%20developing%20the%20Saudi%20Sukuk.pdf http://irep.iium.edu.my/89803/7/89803_The%20challenges%20of%20developing%20the%20Saudi%20Sukuk_SCOPUS.pdf http://irep.iium.edu.my/89803/ https://doi.org/10.1007/978-3-030-69221-6_76 https://doi-org.ezlib.iium.edu.my/10.1007/978-3-030-69221-6
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Institution:	Universiti Islam Antarabangsa Malaysia
Language:	English English

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spelling	my.iium.irep.898032021-05-24T03:17:42Z http://irep.iium.edu.my/89803/ The challenges of developing the Saudi Sukuk market in line with objectives of Vision 2030 Alnagar, Ahmed Mohamed Hassan Othman, Anwar Hasan Abdullah Mohd Noor, Azman Zakariyah, Habeebullah BPH437 Sukuk - Islamic Bond The paper aim to explore the impact of five challenges on the development of sukuk issuances market in the Kingdom in line with the financial sector development plans within vision 2030 objectives. The study adopted quantitative method by distributing a questionnaire to 115 experts involved in the Saudi sukuk market. The results have been analyzed by Smart PLS 3, and it showed a statistically significant effect on the relationship between the five challenges and the sukuk market development in the Kingdom. At the level of sub-challenges, the results have showed that there was no statistically significant impact between the legal framework regulating sukuk issuance in the Kingdom and sukuk market development. While there was a statistically significant impact of the other four challenges on sukuk market development, namely: (1) Shari’ah governance, (2) secondary market activation, (3) the credit rating (4) yield curve. The research has recommended setting a mandatory framework of Shari’ah governance for sukuk issuance, allowance to retail investors for trading in sukuk, requiring sukuk issuers to credit rating the local sukuk issuance, and finally announcement of the yield curve on Saudi government sukuk and considering it as a benchmark pricing index. Springer International Publishing Alareeni, Bahaaeddin Hamdan, Allam Elgedawy, Islam 2021 Book Chapter PeerReviewed application/pdf en http://irep.iium.edu.my/89803/1/89803_The%20challenges%20of%20developing%20the%20Saudi%20Sukuk.pdf application/pdf en http://irep.iium.edu.my/89803/7/89803_The%20challenges%20of%20developing%20the%20Saudi%20Sukuk_SCOPUS.pdf Alnagar, Ahmed Mohamed Hassan and Othman, Anwar Hasan Abdullah and Mohd Noor, Azman and Zakariyah, Habeebullah (2021) The challenges of developing the Saudi Sukuk market in line with objectives of Vision 2030. In: The Importance of New Technologies and Entrepreneurship in Business Development: In The Context of Economic Diversity in Developing Countries. Lecture Notes in Networks and Systems (1). Springer International Publishing, Switzerland, pp. 987-1010. ISBN 978-3-030-69220-9 https://doi.org/10.1007/978-3-030-69221-6_76 https://doi-org.ezlib.iium.edu.my/10.1007/978-3-030-69221-6
institution	Universiti Islam Antarabangsa Malaysia
building	IIUM Library
collection	Institutional Repository
continent	Asia
country	Malaysia
content_provider	International Islamic University Malaysia
content_source	IIUM Repository (IREP)
url_provider	http://irep.iium.edu.my/
language	English English
topic	BPH437 Sukuk - Islamic Bond
spellingShingle	BPH437 Sukuk - Islamic Bond Alnagar, Ahmed Mohamed Hassan Othman, Anwar Hasan Abdullah Mohd Noor, Azman Zakariyah, Habeebullah The challenges of developing the Saudi Sukuk market in line with objectives of Vision 2030
description	The paper aim to explore the impact of five challenges on the development of sukuk issuances market in the Kingdom in line with the financial sector development plans within vision 2030 objectives. The study adopted quantitative method by distributing a questionnaire to 115 experts involved in the Saudi sukuk market. The results have been analyzed by Smart PLS 3, and it showed a statistically significant effect on the relationship between the five challenges and the sukuk market development in the Kingdom. At the level of sub-challenges, the results have showed that there was no statistically significant impact between the legal framework regulating sukuk issuance in the Kingdom and sukuk market development. While there was a statistically significant impact of the other four challenges on sukuk market development, namely: (1) Shari’ah governance, (2) secondary market activation, (3) the credit rating (4) yield curve. The research has recommended setting a mandatory framework of Shari’ah governance for sukuk issuance, allowance to retail investors for trading in sukuk, requiring sukuk issuers to credit rating the local sukuk issuance, and finally announcement of the yield curve on Saudi government sukuk and considering it as a benchmark pricing index.
author2	Alareeni, Bahaaeddin
author_facet	Alareeni, Bahaaeddin Alnagar, Ahmed Mohamed Hassan Othman, Anwar Hasan Abdullah Mohd Noor, Azman Zakariyah, Habeebullah
format	Book Chapter
author	Alnagar, Ahmed Mohamed Hassan Othman, Anwar Hasan Abdullah Mohd Noor, Azman Zakariyah, Habeebullah
author_sort	Alnagar, Ahmed Mohamed Hassan
title	The challenges of developing the Saudi Sukuk market in line with objectives of Vision 2030
title_short	The challenges of developing the Saudi Sukuk market in line with objectives of Vision 2030
title_full	The challenges of developing the Saudi Sukuk market in line with objectives of Vision 2030
title_fullStr	The challenges of developing the Saudi Sukuk market in line with objectives of Vision 2030
title_full_unstemmed	The challenges of developing the Saudi Sukuk market in line with objectives of Vision 2030
title_sort	challenges of developing the saudi sukuk market in line with objectives of vision 2030
publisher	Springer International Publishing
publishDate	2021
url	http://irep.iium.edu.my/89803/1/89803_The%20challenges%20of%20developing%20the%20Saudi%20Sukuk.pdf http://irep.iium.edu.my/89803/7/89803_The%20challenges%20of%20developing%20the%20Saudi%20Sukuk_SCOPUS.pdf http://irep.iium.edu.my/89803/ https://doi.org/10.1007/978-3-030-69221-6_76 https://doi-org.ezlib.iium.edu.my/10.1007/978-3-030-69221-6
_version_	1701162793007316992

The challenges of developing the Saudi Sukuk market in line with objectives of Vision 2030

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