H. Ji, M. Mustafa, H. Khawaja, B. Ewan and M. Moatamedi
This paper presents design considerations for a shock tube experimental rig used to investigate the dynamic failure mechanisms of shell geometries subjected to water shock impact…
Abstract
This paper presents design considerations for a shock tube experimental rig used to investigate the dynamic failure mechanisms of shell geometries subjected to water shock impact loading. In such setup, it is desirable that the drive pressure used within the tube can provide a wide range of impulsive loads on the test structures and some flexibility can be achieved on the applied pulse durations. With this aim a review of various existing shock tube experimental setup is presented and choices are made based on scientific merits. Finally design parameters are drawn for right set of conditions required for the experiments.
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Siti Nurhidayah Mohd Roslen, Mei-Shan Chua and Rafiatul Adlin Hj Mohd Ruslan
The purpose of this study is to empirically investigate the asymmetric effects of financial risk on Sukuk market development for a sample of Malaysian countries over the period of…
Abstract
Purpose
The purpose of this study is to empirically investigate the asymmetric effects of financial risk on Sukuk market development for a sample of Malaysian countries over the period of 2010–2021.
Design/methodology/approach
This study refers to the International Country Risk Guide (ICRG) in determining the financial risk factors to be studied in addition to the Malaysia financial stress index (FSI) to capture changes in financial risk level. The authors use the nonlinear autoregressive distributed lag (NARDL) model to tackle the nonlinear relationships between identified financial risk variables and Sukuk market development.
Findings
The results suggest the existence of a long-run relationship between foreign debt service stability, international liquidity stability (ILS), exchange rate stability (ERS) and financial stress level with the Sukuk market development in Malaysia. Indeed, higher ILS and ERS will boost Sukuk market size, whereas higher foreign debt services and financial stress are negatively related to Sukuk market development. Findings also indicate that the long-run positive and negative impacts of identified financial risk components on Sukuk market development are statistically different. Taking into account the role of the Sukuk market in facilitating Malaysia’s economic growth, the country should aim to keep the foreign debt-to-GDP ratio at a sustainable level.
Research limitations/implications
This study points to three possible directions for future research. The first is the differential impact of financial risk components on Sukuk issuance for different Sukuk structures. As more data becomes available in the future, this area could be further explored by conducting the above analysis for different combinations of Sukuk structures and currency denominations. In addition, future researchers could also consider exploring the variability of financial risk impacts through comparative studies of the leading Sukuk-issuing countries to account for differences in regulatory frameworks and supporting infrastructure.
Practical implications
This study provides valuable practical and policy implications for strengthening the growth of the Sukuk market. While benefiting from the diversification benefits of funding sources to finance private or government projects and developments, Malaysia should remain vigilant to global economic conditions, foreign exchange markets and financial stress levels, as all of these factors may significantly influence investor sentiment and the rate of return offered by Sukuk issuance.
Originality/value
The use of the NARDL approach, which investigates the long-run effects of financial risk factors on Sukuk market development in Malaysia, makes this study a valuable addition to the literature, as there has been little research into the asymmetric effects of those variables on Sukuk market development using samples from emerging Asian markets.
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Ameenullah Aman, Asmadi Mohamed Naim, Mohamad Yazid Isa and Syed Emad Azhar Ali
Both developed and developing countries, Muslim and non-Muslim, have been showing keen interest in sukuk financing. This interest was because of the lesson learned by both Asian…
Abstract
Purpose
Both developed and developing countries, Muslim and non-Muslim, have been showing keen interest in sukuk financing. This interest was because of the lesson learned by both Asian and non-Asian economies that having a developed capital market is very essential to enable an economy resilient to the financial crisis. Therefore, this study aims to produce theoretical relationships and identify empirical support for the determinants of sukuk market development.
Design/methodology/approach
By using panel data analysis, the study covers the period from 1993 until 2017, and includes 13 sukuk issuing economies as per the availability of data.
Findings
The findings of the study revealed that the stage of economic development, banking system, money supply and current account balance are positively associated with sukuk market. Interestingly, economic size and exports appear to be negatively associated with sukuk.
Practical implications
To flourish the domestic sukuk market, authorities need to strengthen the existing financial system and economic development.
Originality/value
The study contributes in a limited body of knowledge on determinants of sukuk market development by exploring novel determining factors of foreign capital inflows as well as macroeconomic and financial factors.
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This research is designed to investigate the status of tourism in the parks of Wade Al‐Badan, which is located near the city of Nablus, in the West Bank, during the period of…
Abstract
This research is designed to investigate the status of tourism in the parks of Wade Al‐Badan, which is located near the city of Nablus, in the West Bank, during the period of political transition. Socio‐economic, behavioral and spatial variables of visitors are examined and compared. The on‐site survey was conducted on the last Friday of July 2000, starting at 1.00 p.m. and ending at 7.00 p.m. The results indicate that the majority of the visitors came from the West Bank. The findings suggest that tourism will be a major economic sector in Palestine, which lacks tourism facilities. Better spatial management of attractive tourism sites is also needed, but the Israeli security policies create barriers against the execution of Palestinian development plans. This study also reveals that it has managerial and policy implications in terms of preparation for growth and tourism promotion.
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Abubakar Jamilu Baita, Hussaini Usman Malami and Mamdouh Abdulaziz Saleh Al-Faryan
This study aims to examine the fiscal policy drivers of sovereign sukuk market development in selected Organization of Islamic Cooperation (OIC) countries. Specifically, the…
Abstract
Purpose
This study aims to examine the fiscal policy drivers of sovereign sukuk market development in selected Organization of Islamic Cooperation (OIC) countries. Specifically, the research aims to analyze the effects of fiscal deficit, public debt and government expenditure on sovereign sukuk market development, while controlling for macroeconomic and financial factors.
Design/methodology/approach
The sample consists of eight OIC member countries that play active role in the global sukuk market which include Saudi Arabia, United Arab Emirates, Malaysia, Indonesia, Qatar, Pakistan, Turkey and Sudan. In addition, the study covers a period of 10 years spanning between 2011 and 2020. Similarly, the study uses three models, namely, random effect, generalized least square and system generalized method of moments panel models. To check for the robustness of the results, the study replaces current values of fiscal policy variables with one-year lagged values.
Findings
The findings establish that fiscal policy variables significantly influence the development of sovereign sukuk markets. Specifically, public debt is a significant fiscal variable that promotes sovereign sukuk market development, while fiscal deficit has a negative effect on the development of sovereign sukuk market. However, the findings suggest that government expenditure does not influence sovereign sukuk issuance in the OIC member countries.
Practical implications
The study is significant to both investors and regulators in the sukuk market because it attempts to spotlight the importance of sound fiscal climate in developing sovereign sukuk market. Public debt is a facilitator, whereas fiscal deficit appears to be a constraint. Therefore, policymakers should determine the optimal mix of public debt and fiscal deficit in designing policies that promote sukuk market development.
Originality/value
The novelty of the study is its focus on the role of fiscal policy variables in facilitating sovereign sukuk market development. The study systematically establishes the link between fiscal policy and sovereign sukuk market in the OIC countries. Previous empirical studies focus extensively on the effects of macroeconomic, financial and institutional factors on sukuk market development.
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Awais Ur Rehman, Saqib Farid and Muhammad Abubakr Naeem
Motivated by lack of empirical research on sukuk (Islamic bonds) defaults and factors influencing the credit risk in sukuk industry, the study investigates the impact of corporate…
Abstract
Purpose
Motivated by lack of empirical research on sukuk (Islamic bonds) defaults and factors influencing the credit risk in sukuk industry, the study investigates the impact of corporate governance (CG) practices and corporate social sustainability (CS) disclosures on default risk of Islamic bonds in an emerging market.
Design/methodology/approach
In the Malaysian context the authors use generalized method of moments (GMM) to examine the mitigating effect of CG structure and CS disclosures on distance to default (DD) of sukuk issuers.
Findings
The results show that although both CG and CS have a significant and positive relationship with distance to default, the contribution of CS to augment DD is higher. Moreover, different CG variables have a varied relationship with distance to default, while the association is positive for all three pillars of CS, videlicet economic, social and environmental sustainability.
Practical implications
The findings of the study hold important implications for issuers, subscribers and regulators in the sukuk industry.
Originality/value
Limited research investigates the relationship between CG, CS and default risk of Islamic bonds. In light of this, the study attempts to fill the theoretical void in literature by examining the relationship among the underlying variables.
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Seda Yıldırım, Durmus Cagrı Yıldırım and Pelin Diboglu
This paper aims to explain the relationship between sukuk market and economic growth. In this context, the study investigates the impact of sukuk market development on economic…
Abstract
Purpose
This paper aims to explain the relationship between sukuk market and economic growth. In this context, the study investigates the impact of sukuk market development on economic growth for nine countries (Brunei, Indonesia, Jordan, Kuwait, Malaysia, Nigeria, Saudi Arabia, Pakistan and Turkey) which have Islamic finance and banking system.
Design/methodology/approach
The study analyzed the data of nine countries as Brunei, Indonesia, Jordan, Kuwait, Malaysia, Nigeria, Saudi Arabia, Pakistan and Turkey for periods between 2014Q1 and 2017Q4. As a part of gross domestic product, total sukuk export measured by the sukuk market and the sukuk density which was considered as annual sukuk export per country were used to determine sukuk market development. Inflation, trade deficit and financial stress series were used as control variables.
Findings
It was determined that there was a long-term cointegrated relationship between sukuk market development and economic growth. Sukuk volume and sukuk density had a positive effect on growth in the long run. One unit increase in sukuk volume increased growth by 0.5%, while increase in sukuk density increased growth by 1.7%. According to short-term relationships, it was seen that sukuk variables did not have an effect on growth. However, sukuk exports contributed positively to growth rates in the long run.
Research limitations/implications
The findings of this study are limited with nine countries (Brunei, Indonesia, Jordan, Kuwait, Malaysia, Nigeria, Saudi Arabia, Pakistan and Turkey). Also, the accessible data of sukuk market was used and the periods of 2014Q1–2017Q4 was analyzed in a study. Accordingly, future studies can find different results for different countries which has Islamic finance and banking system for different periods in the global market.
Originality/value
This study provides empirical findings to the related literature, and it proves that sukuk market development contributes positively to the economic growth of countries including Islamic finance and banking system in the long run.
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Talat Islam, Ghulam Ali and Ishfaq Ahmed
Nursing profession is facing the problem of turnover across the globe. The purpose of this paper is to identify the mechanism through which organizational support helps nurses to…
Abstract
Purpose
Nursing profession is facing the problem of turnover across the globe. The purpose of this paper is to identify the mechanism through which organizational support helps nurses to reduce their turnover intention (TI).
Design/methodology/approach
Data from 324 nurses were collected using a questionnaire-based survey on the basis of a convenience sampling technique.
Findings
The results generated using structural equation modeling have confirmed the mediating role of organizational commitment and citizenship behavior between perceived organizational support (POS) and TI. In addition, psychological contract (PC) breach was found to weaken the positive association between POS and citizenship behavior.
Originality/value
This study adds to the previous studies by incorporating organizational citizenship behavior as a mediator between POS and TI and PC breach as a moderator between POS and citizenship behavior using social exchange and job-demand-resource theories.