SavedAdd your journal

Journals / Yönetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi / 2026 / Cilt: 33 Sayı: 2

Can Sukuk Complement Technology-Based Financial Assets? Evidence from Time-Varying Market Efficiency and Multifractal Connectedness

Sukuk Teknoloji Temelli Finansal Varlıkları Tamamlayabilir mi? Zamanla Değişen Piyasa Etkinliği ve Çoklu Fraktal Bağlantılılıktan Kanıtlar

Deniz Erer
Tuna Can Güleç
Özge Korkmaz
Elif Erer
Pages
335–355
Publication Date
2026-06-18
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

Key Words: Sukuk, DeFi assets, Tokenization, Financial Economics, MF-DFA, MF-DCCA JEL Classification: F65, E44, G15, C58

📌 3 Key Takeaways

🎯
Objective & Hypothesis:Rapid developments in blockchain, decentralized finance, and tokenization have raised the question of whether Sukuk can complement technology-based financial assets.
📊
Key Findings & Data:This study compares the time-varying efficiency and multifractal dynamics of Sukuk indices, DeFi tokens, lending and borrowing tokens, and a FinTech index from May 25, 2020, to November 29, 2023.
💡
Conclusion & Impact:Key Words: Sukuk, DeFi assets, Tokenization, Financial Economics, MF-DFA, MF-DCCA JEL Classification: F65, E44, G15, C58
🔬Design:Araştırma Makalesi
📍Scope:2020 Verileri
⚙️Variables:Sukuk · DeFi Varlıkları · Token

Abstract

Rapid developments in blockchain, decentralized finance, and tokenization have raised the question of whether Sukuk can complement technology-based financial assets. This study compares the time-varying efficiency and multifractal dynamics of Sukuk indices, DeFi tokens, lending and borrowing tokens, and a FinTech index from May 25, 2020, to November 29, 2023. Using TGARCH, nonlinearity and long-memory tests, MF-DFA, and MF-DCCA, the study examines shock persistence, asymmetric volatility, market efficiency, and cross-market dependence. The findings show that negative shocks increase volatility more strongly than positive shocks and that all markets display nonlinear and multifractal behavior. Sukuk indices, particularly RMENA and RDJSUKUK, show lower market deficiency values than most technology-based assets. However, persistent cross-correlations indicate that Sukuk is not a direct substitute for these assets. Rather, Sukuk may serve as a relatively stable and efficient complementary asset in technology-exposed portfolios. Key Words: Sukuk, DeFi assets, Tokenization, Financial Economics, MF-DFA, MF-DCCA JEL Classification: F65, E44, G15, C58

Özet

Blok zinciri, merkeziyetsiz finans ve tokenizasyon alanındaki gelişmeler, Sukuk’un teknoloji temelli finansal varlıkları tamamlayıcı bir rol üstlenip üstlenemeyeceği sorusunu gündeme getirmiştir. Bu çalışma, 25 Mayıs 2020–29 Kasım 2023 döneminde Sukuk endeksleri, DeFi tokenları, borç verme ve borç alma tokenları ile FinTech endeksinin zamanla değişen piyasa etkinliğini ve çoklu fraktal dinamiklerini karşılaştırmaktadır. TGARCH, doğrusal olmama ve uzun hafıza testleri, MF-DFA ve MF-DCCA yöntemleriyle şok kalıcılığı, asimetrik oynaklık, piyasa etkinliği ve piyasalar arası bağımlılık incelenmiştir. Bulgular, negatif şokların oynaklığı pozitif şoklardan daha güçlü artırdığını ve tüm piyasaların doğrusal olmayan, çoklu fraktal özellikler taşıdığını göstermektedir. Özellikle RMENA ve RDJSUKUK endeksleri, teknoloji temelli varlıkların çoğuna kıyasla daha düşük piyasa eksiklik değerleri sergilemektedir. Ancak kalıcı çapraz korelasyonlar, Sukuk’un bu varlıkların doğrudan ikamesi olmadığını göstermektedir. Bulgular, Sukuk’un teknolojiye maruz portföylerde görece istikrarlı ve etkin bir tamamlayıcı varlık olabileceğine işaret etmektedir. Anahtar Kelimeler: Sukuk, DeFi Varlıkları, Token, Finansal Ekonomi,, MF-DFA, MF-DCCA JEL Sınıflandırması: F65, E44, G15, C58

🔖

Cite This Article

Erer, D., Güleç, T. C., Korkmaz, Ö., Erer, E. (2026). Can Sukuk Complement Technology-Based Financial Assets? Evidence from Time-Varying Market Efficiency and Multifractal Connectedness. Yönetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, Cilt: 33 Sayı: 2, 335–355. https://doi.org/10.18657/yonveek.1853294

📄 Full Text PDF Viewer

↗New Tab

References (26)

  1. Arfaoui, M., Chkili, W., & Rejeb, A. B. (2022). Asymmetric and dynamic links in GCC Sukuk-stocks: Implications for portfolio management before and during the COVID-19 pandemic. The Journal of Economic Asymmetries, 25, e00244.
  2. Asmild, M., Kronborg, D., Mahbub, T., & Matthews, K. (2019). The efficiency patterns of Islamic banks during the global financial crisis: The case of Bangladesh. The Quarterly Review of Economics and Finance, 74, 67-74. Blossom Finance, 2019. https://www.blossomfinance.com/posts/worlds-first-primary-sukuk-issuance-on-blockchain-closes
  3. Chowdhury, M. A. F., Abdullah, M., Alam, M., Abedin, M. Z., & Shi, B. (2023). NFTs, DeFi, and other assets efficiency and volatility dynamics: An asymmetric multifractality analysis. International Review of Financial Analysis, 87, 102642.
  4. Corbet, S., Goodell, J. W., Gunay, S., & Kaskaloglu, K. (2023). Are DeFi tokens a separate asset class from conventional cryptocurrencies?. Annals of Operations Research, 322(2), 609-630.
  5. Harvey, C. R., Ramachandran, A., & Santoro, J. (2021). DeFi and the Future of Finance. John Wiley & Sons.
  6. Hassan, M. K., Paltrinieri, A., Dreassi, A., Miani, S., & Sclip, A. (2018). The determinants of co-movement dynamics between sukuk and conventional bonds. The Quarterly Review of Economics and Finance, 68, 73-84.
  7. Kakinaka, S., & Umeno, K. (2021). Exploring asymmetric multifractal cross-correlations of price–volatility and asymmetric volatility dynamics in cryptocurrency markets. Physica A: Statistical Mechanics and its Applications, 581, 126237.
  8. Khan, N., Kchouri, B., Yatoo, N. A., Kräussl, Z., Patel, A., & State, R. (2022). Tokenization of sukuk: Ethereum case study. Global Finance Journal, 51, 100539.
  9. Kunhibava, S., Mustapha, Z., Muneeza, A., Sa'ad, A. A., & Karim, M. E. (2021). Ṣukūk on blockchain: a legal, regulatory and Sharī’ah review. ISRA International Journal of Islamic Finance, 13(1), 118-135.
  10. Y., Fakhfekh, M., Charfeddine, L., & Jeribi, A. (2024). Is digital gold a hedge, safe haven, or diversifier? An analysis of cryptocurrencies, DeFi tokens, and NFTs. Applied Economics, 1-16.
  11. Mensi, W., Tiwari, A. K., & Yoon, S. M. (2017). Global financial crisis and weak-form efficiency of Islamic sectoral stock markets: An MF-DFA analysis. Physica A: Statistical Mechanics and its Applications, 471, 135-146.
  12. Mensi, W., Kumar, A. S., Vo, X. V., & Kang, S. H. (2023). Asymmetric multifractality and dynamic efficiency in DeFi markets. Journal of Economics and Finance, 1-18.
  13. Mensi, W., Rehman, M. U., Maitra, D., Al-Yahyaee, K. H., & Sensoy, A. (2020). Does bitcoin co-move and share risk with Sukuk and world and regional Islamic stock markets? Evidence using a time-frequency approach. Research in International Business and Finance, 53, 101230.
  14. Naeem, M. A., Bouri, E., Peng, Z., Shahzad, S. J. H., & Vo, X. V. (2021). Asymmetric efficiency of cryptocurrencies during COVID19. Physica A: Statistical Mechanics and its Applications, 565, 125562.
  15. Naeem, M. A., Raza Rabbani, M., Karim, S., & Billah, S. M. (2023). Religion vs ethics: hedge and safe haven properties of Sukuk and green bonds for stock markets pre-and during COVID-19. International Journal of Islamic and Middle Eastern Finance and Management, 16(2), 234-252.
  16. Piñeiro-Chousa, J., López-Cabarcos, M. Á., Sevic, A., & González-López, I. (2022). A preliminary assessment of the performance of DeFi cryptocurrencies in relation to other financial assets, volatility, and user-generated content. Technological Forecasting and Social Change, 181, 121740.
  17. Rabbani, M. R., Billah, S. M., Shaik, M., Rahman, M., & Boujlil, R. (2023). Dynamic connectedness, spillover, and optimal hedging strategy among FinTech, Sukuk, and Islamic equity markets. Global Finance Journal, 58, 100901.
  18. Şoiman, F., Dumas, J. G., & Jimenez-Garces, S. (2023). What drives DeFi market returns?. Journal of International Financial Markets, Institutions and Money, 85, 101786.
  19. Ugolini, A., Reboredo, J. C., & Mensi, W. (2023). Connectedness between DeFi, cryptocurrency, stock, and safe-haven assets. Finance Research Letters, 53, 103692.
  20. Uzsoki, D., & Guerdat, P. (2019). Tokenization of infrastructure: A blockchain-based solution to financing sustainable infrastructure.
  21. Wang, B., Wei, Y., Xing, Y., & Ding, W. (2019). Multifractal detrended cross-correlation analysis and frequency dynamics of connectedness for energy futures markets. Physica A: Statistical Mechanics and its Applications, 527, 121194.
  22. Wang, G. J., Ma, X. Y., & Wu, H. Y. (2020). Are stablecoins truly diversifiers, hedges, or safe havens against traditional cryptocurrencies as their name suggests?. Research in International Business and Finance, 54, 101225.
  23. Yermack, D. (2017). Corporate governance and blockchains. Review of finance, 21(1), 7-31.
  24. Yousaf, I., & Yarovaya, L. (2022). Herding behavior in conventional cryptocurrency market, non-fungible tokens, and DeFi assets. Finance Research Letters, 50, 103299.
  25. Zhang, Y., Chan, S., Chu, J., & Shih, S. H. (2023). The adaptive market hypothesis of Decentralized finance (DeFi). Applied Economics, 55(42), 4975-4989.
  26. Zhou, W. X. (2008). Multifractal detrended cross-correlation analysis for two nonstationary signals. Physical Review E—Statistical, Nonlinear, and Soft Matter Physics, 77(6), 066211.