Greece Financial Crises and Sukuk Markets: Experience From Gulf Countries

Many studies have been carried out to investigate the impact of recent European financial crises on the performance of financial instruments in other regions. Nevertheless, there have been insufficient studies explaining such impact on Islamic financial instrument. In particular, whether Greece Financial crises have affected performance of Sukuk traded in Gulf Markets needs to be answered. This study is aimed at empirically investigating the causality of credit and liquidity risk on Sukuk Markets in Gulf economies in the period of Greece Financial Crises. We analyzed the Sukuk data by employing Granger casuality test, with all the associated vector autoregression model procedures. Our findings show that Bahrain sukuk market is cointegrated with those of Qatar and UAE in the full period observation. Meanwhile, during the crisis, Qatar Sukuk market is cointegrated with those of UAE Bahrain. We also find that Bahrain Sukuk triggers market shock in both Qatar and UAE Sukuk markets. Bahrain consistently causes changes in price and spread of UAE Sukuk, both in the context of the full period and the during-crisis period.DOI: 10.15408/aiq.v9i1.373

Implications of the Transfer of Undertaking Protection of Employment (TUPE) on the Rights of Workers with Certain TIME Work Agreements (PKWT)

The purpose of this study was to determine the Principle of Transfer of Undertaking Protection of Employment (TUPE) in Indonesia's outsourcing companies, the concept of a Specific Time Work Agreement (PKWT) in outsourcing companies and to investigate the implementation of TUPE principles on the rights of outsourcing workers with the Agreement status. In order to protect the rights of outsourced workers with the agreement status, the service provider company is obliged to include clauses on guarantees for continuity of work, guarantees for the fulfillment of workers' rights in accordance with applicable laws and regulations and guarantees for calculating the working period in the event of a change in the service provider company to set wages