Problem Statement The popularity of Sukuk as the Islamic financing tool and Sukuk market actively increases in the Arab world. Sukuk can be discussed as investment certificates that are developed in compliance with Shari’a legal code, and that is usually issued by sovereign and corporate businesses (Godlewski, Turk-Ariss, and Weill 5). Sukuk, as developed financial tools, differ from conventional bonds (Hanifah, Noguchi, and Muda 108). As a result, such states as Qatar refer to Sukuk in order to finance different infrastructure projects, including Hamad Medical City, established in 2003 (Oxford Business Group 70). The example of Qatar was followed by other Islamic countries, and it is important to explore how the reference to Sukuk as a suitable tool for financing projects can influence the economy and financial market. Purpose of the Research The purpose of the research is to examine how sukuk can affect the economic growth with the focus on the money supply N1 (deposit) and N2 (deposits and certificates) as well as to determine the effects of sukuk on the interest rate. Research Objectives The first objective related to the purpose of the research is to explore the relationship between sukuk and the monetary policy with the focus on differences between expansionary monetary policy and contractionary monetary policy. It is important to understand which monetary policy can increase the advantages of sukuk most effectively. Thus, both contractionary and expansionary monetary policies are used to influence the changes in the state’s money supply (Askari, Iqbal, and Mirakhor 29). If the expansionary monetary policy focuses on increasing the supply of money, the contractionary monetary policy is used to decrease the volume of currency in order to influence the money supply. The expansionary monetary policy leads to increasing the prices of bonds and decreasing the interest rate (Askari, Iqbal, and Mirakhor 29). The contractionary monetary policy is associated with increasing the number of bonds and decreasing their prices (Bacha and Mirakhor 112). In this context, it is important to explore what relationships are between different monetary policies and the use of sukuk. The second objective is to explore how the issue of sukuk is related to fiscal policy. Sukuk requires developed fiscal policies, and it is important to understand how changes in the conditions and regulations of different fiscal policies can influence sukuk. For instance, it is important to examine how sukuk depend on or influence the profit rate and changes in payments during the first six months or during the first year (Naim, Isa, and Hamid 78). The third objective is to explore how sukuk is related to money supply N1 (deposit) and N2 (deposits and certificates) and the interest rate. The completion of this objective is directly associated with achieving the purpose of the research because it is important to understand how sukuk can positively affect money supply in relation to N1 and N2 while influencing the interest rate (Jobst et al. 331). However, it is also important to study how sukuk can influence changes in the interest rate associated with a certain monetary policy. The fourth objective is to examine how suku