أثر السياسة المالية على مؤشرات الأسواق المالية الإسلامية

Abstract

This study aims to measure the impact of fiscal policy instruments, represented by government expenditure, taxes; public debt, and sovereign sukuk, on the FTSE Islamic Financial Market Index in Malaysia over the period from 1999 to 2025. The study employed the ARDL and Bootstrap ARDL models to examine the nature of the dynamic relationships among the variables in both the short and long run. The findings revealed the existence of a long-run cointegration relationship among the study variables. The results also indicated a significant negative effect of public debt in the short run and a significant positive effect of government expenditure in the long run. However, the effects of taxes and sovereign sukuk were found to be statistically insignificant. Based on these findings, the study recommends rationalizing public debt management in the short run, strengthening the role of sovereign sukuk, and adopting simulation-based models suitable for small-sample analyses.