أثر مخاطر التضخم على عوائد الصكوك الحكومية : دراسة حالة شهادات المشاركة الحكومية (شهامة)‎

Abstract EN

This study aims to measure the real value of the government participation certificates (Shahama) during the period 1999-2104 by eliminating inflation rate.

Shahama was selected to resemble the other Sudanese sukuk because it is the most famous and the highest in returns.

Analytical descriptive and historical methods were used and various secondary data were employed.

Real values were calculated using Fisher equation.

The results showed that the real values of 10 years out 18 years were less than 50% of their nominal values.

The minimum real value recorded was in the year 2014, which was minus 110.8 indicating that the risks of shahama were very high.

The research recommended that real values of sukuk returns should be calculated especially when they are vulnerable to inflation rate risk so as to enhance comparison between the different global sukuk