واقع وتحديات إصدارات الصكوك في المملكة العربية السعودية وأثرها على نمو الاستثمار المحلي الإجمالي

Abstract

Saudi Arabia seeks to develop Sukuk market within its vision to develop the financial sector to achieve vision 2030 objectives. However, many previous studies indicate that there are five challenges that must be dealt with for Sukuk market development. The study aims to firstly discover the status of these challenges, secondly analyse the impact of these challenges on the development and growth of the Sukuk issuances market in the Saudi Kingdom. Thirdly, the study aims to analyse the impact of Sukuk issuances on the growth of total domestic investment in the Kingdom of Saudi Arabia (K.S.A). The study adopted the comparative descriptive approach to achieve the first study objective. For the second objective the study adopted the quantitative method by distributing a questionnaire to a sample of experts consisting of 115 experts who are related to Sukuk issuances in the Kingdom. The results have been analysed by Smart PLS 3 software where it is appropriate for small data analysis. The results showed a statistically significant impact of the relationship between these challenges and the development and growth of Sukuk issuances in the Kingdom of Saudi Arabia. At the level of sub-challenges, the results showed that there was no statistically significant impact between the legal framework regulating Sukuk issuance in the Kingdom of Saudi Arabia and Sukuk market development. While the results showed 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 for Sukuk issuance, (4) yield curve for Sukuk. For achieving the third objective, the study adopted the quantitative method through time series data analysis for the study variables by EViews software and adopting Auto Regressive Distributed Lag (ARDL) model. The model test has resulted that there is no statistically significant impact for the total issued Sukuk (whether in short and long-terms) on the total domestic investment series in the kingdom. Which means there is no impact and causal relationship between the total issued sukuk and the total domestic investment in the Kingdom of Saudi Arabia. That is mainly due to the small volume of sukuk financing market compared to the other sources of fund in the Kingdom, as well as other different reasons. The results of this study are very important to those responsible for developing the sukuk market in the Kingdom, as well as investors, experts, and stakeholders.