This paper presents the empirical liquidity study of Islamic fixed-income securities during 2020–2021. Using bid-ask and Z-spread metrics we demonstrate that the apogee of both, liquidity and credit stresses in international sukuk market is reached in early April 2020. Contrasting results for non-Islamic fixed-income instruments, we show that sukuk credit spreads recover to pre-Covid levels faster than their bid-ask spreads. However, we find that the share of liquidity component in the yield spread of sukuks always remains below 1%, revealing that Covid-19 does not worsen in relative terms the economic attractiveness of this financing channel for Shariah-concerned entities and investors.

本文介绍了 2020-2021 年伊斯兰固定收益证券的实证流动性研究。使用买卖价和 Z 利差指标，我们证明国际伊斯兰债券市场的流动性和信贷压力均于 2020 年 4 月上旬达到顶峰。对比非伊斯兰固定收益工具的结果，我们发现伊斯兰债券信用利差恢复其买卖价差恢复到疫情前水平的速度快于其买卖价差。然而，我们发现，伊斯兰债券收益率差中的流动性成分所占份额始终保持在 1% 以下，这表明相对而言，Covid-19 并没有削弱这一融资渠道对关注伊斯兰教法的实体和投资者的经济吸引力。