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  • Workshop (Oct 30, 2018) “Does Islamic Finance Follow a Financial Hierarchy? Evidence from the Sukuk Primary Market”

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Workshop (Oct 30, 2018) “Does Islamic Finance Follow a Financial Hierarchy? Evidence from the Sukuk Primary Market”

Release Date:2018.10.24
Time: 16:40~18:10, Tue, 2018/10/30
Place: E-E-211
Presenter: Prof. Mamoru Nagano (Seikei University) 
Title: Does Islamic Finance Follow a Financial Hierarchy? Evidence from the Sukuk Primary Market

Abstract: Focusing on the sukuk market in Malaysia during 2000–2017, this study investigates the determinants of sukuk issuance by type. First, we find that both, high and low information asymmetric firms, can choose a cost-plus-sales-based Murabahah sukuk for their small and short-term funding. Second, a low information asymmetric firm prefers a profit-and-loss sharing-based Musyarakah sukuk, while a high information asymmetric firm issues a lease-based Ijarah sukuk for large and long-term funding. We, therefore, conclude that sukuk issuance also follows a financial hierarchy in accordance with the agency costs of each financial methodology required, when the specific sukuk is chosen.(END)

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Kyushu UniversitySchool of Economics,
Graduate School of Economics,
Faculty of Economics,
Kyushu University
744 Motooka Nishi-ku, Fukuoka 819-0395, JAPAN
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