Investigating the impact of Islamic financial instruments (sukuk) on investment in Iran

Subject Areas : Economic and financial markets

Ashkan Rahimzadeh ¹ , Bahman Khanalizadeh ²

1 - Economic; Humanities and arts; Azad Islami Zanjan; Zanjan; Iran
2 - Economic; Humanities and arts; Azad Islamic Zanjan; Zanjan; Iran

Received: 2023-05-13 Accepted : 2023-09-05 Published : 2024-09-22

Keywords: GDP, investment, Sukuk, Islamic Financial Instruments, FMOLS,

Abstract :

Purpose:The purpose of this research is to determine the impact of some economic factors on investment in the country with an emphasis on Islamic financial instruments.Methodology: The research method is a posteriori event type. The statistical data used in this research were from the Central Bank of the Islamic Republic of Iran and the Central Asset Management Company of Bazaz Capital for the years 1389-1400 and were extracted annually and Eviews 11 software was used to estimate the proposed equation.Findings: After examining the validity of the data, the results obtained from the Fully Modified Ordinary Least Squares (FMOLS) test show that real GDP per capita and real interest rate have a significant positive and negative effect on investment, respectively. Despite the positive coefficient, this effect for the growth of sukuk was not statistically significant, which indicates that despite appropriate measures in the field of sukuk in the country, providing more diversity and deepening of the sukuk market is of particular importance, so that in this way the witness is facing To be a growth in the country's investment process.Conclusion: Providing more diversification and deepening of the sukuk market is of particular importance in order to increase investment. In this context, we can mention things like activating the secondary market of securities, diversification of securities, education and culture regarding the purchase of securities, special facilities, etc.