أثر إصدارات الصكوك الإسلامية السيادية على أسعار الصرف

الملخص EN

This study aims to investigate the influence of sovereign Sukuk issuance, dividends distribution, and Sukuk settlement on the currency exchange rate in both, the local and the foreign currencies.

The researchers used in this research the descriptive method.

The researcher discussed the determinants and the factors affect the currency exchange rate, and the Sukuk issuance on these determinants through the Shariah determinants of Sukuk to introduce a theoretical basis to the role of sovereign Sukuk in stabilizing the currencies exchange rate.

The study results indicate that currency exchange rate affected by the issuance of the sovereign Sukuk, dividend’s distribution, and Sukuk settlement in both, the local and the foreign currencies.

Furthermore, it’s found that the foreign investors affect the currency exchange rate if it’s in the local currency, while the local investors affect the currency exchange rate if the issuance is in the foreign currency.

The study also found that the type of the contract of the sovereign Sukuk affects the currency exchange rate.

The study recommends to diversify the Sukuk issuance, since that the debt Sukuk considered as a way to protect the national liquidity from the flow to the international market, and it’s also a way to protect the currency saves from the flow outside the country, and to keep the currency exchange rate stable