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The COVID-19 pandemic has adversely affected financial and economic life around the world. In this study, the effect of the pandemic on sukuk (leasing certificates) issued by the public (T.C. Ministry of Treasury and Finance) and participation banks during the COVID-19 pandemic process was investigated. In addition, the effect of gross domestic product (GDP), interest rate, inflation, and exchange rate on sukuk was analyzed in the study. For this purpose, panel data analysis method was used by using monthly data for the periods of 2015/01-2021/12. The relevant data were obtained from the Participation Banks Association of Turkey (TKBB), the Turkish Statistical Institute (TUIK) and the Central Bank of Turkey Republic (TCMB). According to the results of the analysis, it was seen that sukuk issuances were a safe harbor during the pandemic period and were not adversely affected during this period. In addition, the GDP, interest rate and exchange rate positively affect the development of sukuk. It was concluded that inflation negatively affected the development of sukuk. |
