Sukuk, the modern investment instrument in Islamic finance: A cointegration analysis

The aim of this study is to examine the relationship between the sukuk asset amount of the World Islamic countries and the Dow Jones Islamic Markets World index, dollar index, S&P 500 bond index and Dow Jones sukuk index on a global basis. An attempt was made to investigate whether there is a relationship between these factors using Rals Cointegration analysis. Quarterly data for the 2012Q4-2021Q3 period was used in the analysis of the research. Sukuk asset quantity data from the United Arab Emirates, Brunei, Indonesia, Kuwait, Malaysia, Nigeria, Pakistan, Sudan, Saudi Arabia, Oman, Jordan and Turkey were included in the study. Rals ADF and Rals Cointegration tests, which are time series analyses, were used as methods. According to the findings obtained from the analysis, it was concluded that there is no relationship between the dollar index and the amount of sukuk assets of the World Islamic countries, but there is a relationship between the Dow Jones sukuk index and S&P 500 bond index and the amount of sukuk assets of the World Islamic countries.