This paper presents an empirical examination on the equilibrium relationships between macroeconomic variables (gross domestic product (GDP), foreign direct investment (FDI), and money supply (M2)) and Murabaha to the Purchase-Order (MPO), by using annual time series data for the 1978-2012 period. The Ng-Perron (2001) was applied to test the integration levels, while the bounds F-statistic test was used to examine the co-integration relationship among the variables. The autoregressive

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... lags (ARDL) approach was employed to examine long-run and short-run relationships between the variables. The results indicate that all variables are stationary at first difference and all variables are co-integrated. Further, the results of the ARDL indicate that there is a positive relationship between macroeconomic variables and MPO in long-run and short-run.