Abstract
Ṣukūk is an innovative financial instrument with a flexible structure based on Sharīʿah, unlike a bond which is based on an interest-based structure. With the notion that ṣukūk contracts are significantly different from ordinary bonds, it is in high demand especially in Muslim countries to overcome liquidity problems. Ṣukūk has a key importance in the financial market, and literature is lacking on how to predict the trend and volatility of ṣukūk in the case of Pakistan, where debt instruments are high in demand.
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