About the Journal :
The Journal of Sharia Fundamentals for Specialized Researches is published quarterly, it is designed for whoever researcher seeking welfare that is based on knowledge. It seeks to provide a platform for the excellent researchers to present and consider the values and themes of various religious and social sciences acquired by learning and practice. It aimed at becoming a meeting point and channel for researchers to publish their innovative works, with regard to the interpretation of Islamic Sharia sciences and its regulations and the enhancing of social sciences to become adequate programs that serve the human and society in a significant and neutral way.
Our mission is to maintain the efforts of researchers and their innovative works in Islamic Sharia sciences known for its human civilizational value, through which we can spread awareness among people and ensure respect and strength of Islamic identity in different scientific, cultural, and social environments.
Therefore, this journal is designed to serve as a platform to identify the various religious and social dimensions of knowledge, such as considering the Holy Quran as the foremost and fundamental source of Islamic rules followed by the Sunah (biography of the Prophet Mohammed Peace and Blessings be Upon Him) that explains and clarifies the Holy Quran, along with its affiliated Sharia studies on the individual and society, such as studies concerned with Ijtihad which focuses on the studying of modern issues and finding solutions to them.
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.
Keywords: Sovereign Sukuk, Sovereign Sukuk and exchange rate, Sukuk, Islamic money markets.