Syed Mabruk Billah

Doctor of Philosophy, (Finance)
Study Completed: 2020
Massey Business School


Thesis Title
Determinants of Integration of Islamic and Conventional Financial Markets

Islamic finance is a new type of financial system distinct from the current system. It appears to be a viable strategic option that can be used to safeguard against economic downturns and promote reliance on socially responsible values in everyday financial and economic transactions. Previous literature indicated that research on the co-movement between Sukuk (Islamic bonds), conventional bonds, and Islamic equity markets has increased in recent years. Nevertheless, in the literature on Islamic finance, relatively little attention has focused on examining the determinants of these markets and the linkages between Shariah equities, Sukuk, and conventional bonds between varying markets. Mr Mabruk investigated spillover magnitude and directions between Sukuk, conventional bonds, and Islamic equity markets and identified the primary factors that connected these markets. He found that liquidity and financial positions in the Islamic financial markets strongly influenced spillover magnitude.

Professor Faruk Balli
Professor Hatice Ozer Balli
Professor Anne De Bruin