On the Design of Interest-Free Instruments حول تصميم أدوات مالية لاربوية

ALl F. Darrat and M. Shahid Ebrahim
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ALl F. Darrat: Premier Bank Endowed Professor of Finance & Professor of Economics Louisiana Tech University, U.S.A.
M. Shahid Ebrahim: Visiting Assistant Professor of Finance & Real Estate University of Illinois-Urbana Champaign, U.S.A.

Journal of King Abdulaziz University: Islamic Economics, 1996, vol. 8, issue 1, 53-62

Abstract: The main purpose of this paper is to present a theoretical model of an alternative fund-raising scheme for Muslim governments which are restricted by religious regulations against fixed-interest debt financing techniques. The proposed instrument is developed using the principles of a partial equilibrium theory for risk neutral as well as risk averse investors. The paper concludes with theoretical and empirical discussions on the efficiency of the financial instrument proposed. هذه الورقة تقدم نموذجًا بديلاً لحشد الموارد من قبل الحكومات الإسلامية التي يمنعها الدين من التمول بالاستدانة على أساس الفائدة الثابتة. وقد تم تطوير الأداة المقترحة باستخدام نظرية التوازن الجزئي لمستثمر حيادي الموقف من المخاطرة، وكذلك لمستثمر كاره للمخاطرة. وفي النتيجة تناقش الورقة كفاءة الأداة المالية المقترحة في ضوء التجارب الميدانية والبحث النظري.

Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:abd:kauiea:v:8:y:1996:i:1:no:3:p:53-62

DOI: 10.4197/islec.8-1.3

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