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Equity‐Based, Asset‐Based and Asset‐Backed Transactional Structures in Shari’a‐Compliant Financing: Reflections on the Current Financial Crisis

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  • Razi Pahlavi Abdul Aziz
  • Anne‐Sophie Gintzburger

Abstract

This paper presents interest‐free equity‐based, asset‐based and asset‐backed transactional structures endorsed by Shari’a‐compliant finance. These structures could explain the potential and relative insulation, yet not immunity, of Islamic financial institutions from the financial crisis. Although Shari’a‐compliant financing cannot solve the current financial crisis, the recovering market could consider incorporating some of the insulating principles underlying Shari’a‐compliant financing and securitization products, as exemplified in the sample of Shari’a‐compliant products in this paper, so as to offer better consumer protection.

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  • Razi Pahlavi Abdul Aziz & Anne‐Sophie Gintzburger, 2009. "Equity‐Based, Asset‐Based and Asset‐Backed Transactional Structures in Shari’a‐Compliant Financing: Reflections on the Current Financial Crisis," Economic Papers, The Economic Society of Australia, vol. 28(3), pages 270-278, September.
    • Handle: RePEc:bla:econpa:v:28:y:2009:i:3:p:270-278
    DOI: 10.1111/j.1759-3441.2009.00035.x
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    1. Jean Pisani-Ferry & Indhira Santos, 2009. "Reshaping the global economy," Policy Contributions 291, Bruegel.
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    Cited by:

    1. Akhtar, Shumi & Akhtar, Farida & Jahromi, Maria & John, Kose, 2017. "Impact of interest rate surprises on Islamic and conventional stocks and bonds," Journal of International Money and Finance, Elsevier, vol. 79(C), pages 218-231.
    2. Ooi, Chai-Aun & Setiawan, Doddy & Hooy, Chee-Wooi, 2021. "Muslim CEOs and bank risk-taking: Evidence from Indonesia," Global Finance Journal, Elsevier, vol. 50(C).
    3. Hasan, Md. Bokhtiar & Hassan, M. Kabir & Rashid, Md. Mamunur & Alhenawi, Yasser, 2021. "Are safe haven assets really safe during the 2008 global financial crisis and COVID-19 pandemic?," Global Finance Journal, Elsevier, vol. 50(C).
    4. Sabur Mollah & M. Kabir Hassan & Omar Farooque & Asma Mobarek, 2017. "The governance, risk-taking, and performance of Islamic banks," Journal of Financial Services Research, Springer;Western Finance Association, vol. 51(2), pages 195-219, April.
    5. Michael T. Skully, 2012. "Securitization Issues and Islamic Financial Products with Reference to Sukuk," Chapters, in: Mohamed Ariff & Munawar Iqbal & Shamsher Mohamad (ed.), The Islamic Debt Market for Sukuk Securities, chapter 8, Edward Elgar Publishing.

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