Purpose

This study aims to develop and estimate the Musharaka demand and supply model for full-fledged Islamic banks to explore patterns and stability of Musharaka equilibrium in the market.

Design/methodology/approach

This quantitative study uses a deductive approach to explore financial statement-level data of 30 Islamic banks of six countries between 2012 and 2017.

Findings

The results show that the Musharaka market is stable when Musharaka demand is purchase price elastic and supply is sale price inelastic. It indicates that the current banking industry is unable to increase supply when there is an increase in Musharaka returns. In comparison, industry demand for Musharaka is increasing at a higher rate, corresponding to a decrease in Musharaka price.

Practical Implications

This study is fundamental in estimating the market stable market returns and market quantity of Musharaka financing. If market returns and quantity deviate, market forces will push it to equilibrium.

Originality/value

The theoretical and empirical studies worked on the application and suitability of Musharaka financing. However, they failed to explain demand and supply forces in determining the level of Musharaka financing in the economy using empirical data. Without an equilibrium model, policymakers would be unable to predict the movement of the Islamic stock market index (the price of Musharaka financing) and the incidence of Musharaka financing. Further, it is not possible to apply expansionary intervention by policymakers if the stability of the market is unknown.

中文翻译：

---

成熟的伊斯兰银行穆沙拉卡融资均衡水平的探索

目的

本研究旨在为成熟的伊斯兰银行开发和估计穆沙拉卡供需模型，以探索市场上穆沙拉卡均衡的模式和稳定性。

设计/方法/方法

本定量研究采用演绎法，对 6 个国家 30 家伊斯兰银行 2012 年至 2017 年的财务报表级数据进行了探索。

发现

结果表明，当Musharaka 需求是购买价格弹性且供给是销售价格无弹性时，Musharaka 市场是稳定的。这表明当前银行业无法在穆沙拉卡回报增加的情况下增加供应。相比之下，Musharaka 的行业需求正在以更高的速度增长，这与 Musharaka 价格的下降相对应。

实际影响

本研究对于估算Musharaka融资的市场稳定市场回报和市场数量具有重要意义。如果市场回报和数量偏离，市场力量将推动它达到平衡。

原创性/价值

理论和实证研究对 Musharaka 融资的应用和适用性进行了研究。然而，他们未能使用经验数据解释在确定经济中穆沙拉卡融资水平时的供需力量。如果没有均衡模型，决策者将无法预测伊斯兰股票市场指数（穆沙拉卡融资的价格）的走势以及穆沙拉卡融资的发生率。此外，如果市场的稳定性未知，政策制定者就不可能实施扩张性干预。