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Islamic securitisation: An ethical remedy to incentive problems?

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  • Andreas A. Jobst

Abstract

Islamic securitisation in the form of sukuk has grown into a notable segment of global structured finance over the recent past. This paper surveys the unique structural features of the sukuk market and assesses the resilience of shari'ah compliance to the adverse effects of conflicts of interest that became apparent in the US subprime mortgage crisis and the subsequent fallout in global financial markets. This examination also considers recent regulatory changes to the definition of sukuk and current policy considerations of alternative forms of capital-market based refinancing techniques, such as covered mortgage bonds, and the way they relate to Islamic securitisation. The paper concludes with a brief outlook on future challenges and developments in the sukuk market.

Suggested Citation

  • Andreas A. Jobst, 2009. "Islamic securitisation: An ethical remedy to incentive problems?," International Journal of Monetary Economics and Finance, Inderscience Enterprises Ltd, vol. 2(3/4), pages 348-365.
    • Handle: RePEc:ids:ijmefi:v:2:y:2009:i:3/4:p:348-365
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    Cited by:

    1. Mamoru Nagano, 2016. "Who issues Sukuk and when?: An analysis of the determinants of Islamic bond issuance," Review of Financial Economics, John Wiley & Sons, vol. 31(1), pages 45-55, November.
    2. Noushin Bagheri, 2021. "Deterministic goal programming approach for Islamic portfolio selection," Operational Research, Springer, vol. 21(3), pages 1447-1459, September.

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