The impact of Financial Development Indicators On Sukuk Issuances In Indonesia Over The Period Of (2005-2021) Using The Autoregressive Distributed lag ARDL


Faculty of Economics, University-Relizane, Algeria


The recent financial development has witnessed the interest of many researchers and specialists in the field of Islamic finance due to the financial services and tools it provides that support the economy.Sukuk are one of the most important products of the Islamic financial industry because of their use in generating savings and raising funds to finance infrastructure projects and meet the requirements of economic development ,The study aims to clarify the impact of indicators of financial development on the issuances of instruments in Indonesia during the period 2005-2021. In order to study the statistical relationship between the study variables, the issuances of instruments were relied upon as a dependent variable and the indicators of financial development asseparate variables. (Real interset rate,private sector loans,money supply,investments) based on daddy growth of distruted time gaps,the resultats have demonstrated a morally positive impact for both private sector loans (DCPS) and Money Supply (M2) on SIs in the short term, and there is a moral positive impact for both investment (INV) and loans to the private sector (DCPS) on long-term issuances of instruments (SI). Finally, There is also stability in long and short-term milestones and therefore structural stability in the study model and the data used in the study do not have any structural changes, the study recommended the need to broaden the scope of instruments to ensure their dissemination and to look for factors promoting their development, to follow up on changes in the financial system and to study their impact on the issuances of Islamic instruments in Indonesia.