- مبلغ: ۸۶,۰۰۰ تومان
- مبلغ: ۹۱,۰۰۰ تومان
Although the Sukuk market is rapidly growing, it still faces many challenges. The “Buy and hold” effect slows down this growth as it freezes the exchange of these assets in the secondary market. In this perspective, this paper introduces an approach aiming at improving Sukuk exchange by using the diversity of the investors' risk profiles. Through this study that applies several investment strategies based on rebalancing, we demonstrate that these strategies have the potential to boost the Sukuk market's growth. This is actually due to the fact that the investor can choose among these strategies according to his investment profile and his market anticipation. However, this approach's effectiveness is conditioned to the adherence of a large number of investors. In terms of contribution, this paper fills the gap in the literature by introducing a pragmatic approach to reduce the impact of the “Buy and Hold” effect on the Sukuk market.
The development of Sukuk depends on the dynamic of their secondary market. Unfortunately, the “Buy and Hold” effect limits their potential. Through this study, we described the different strategies applicable in the Sukuk market, while remaining compatible with the Sharia. The purpose of these strategies is to boost Sukuk secondary market through the rebalancing process and to show up the diversity of investors' risk profiles. By applying these strategies to a Sukuk universe, we demonstrated that passive investment is not always beneficial for investors. We also showed, through our empirical application, that depending on the market trend, an investor is invited to readjust his investment strategy. Therefore, if all investors follow this principle, the effect under study will decrease mechanically. In order to achieve this objective, financial institutions should deploy additional efforts in marketing, quantitative analysis and information technology. In fact, we believe that the change of investor's behavior depends on the attractiveness of investment strategies based on rebalancing.