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

Razi Pahlavi Abdul Aziz and Anne‐Sophie Gintzburger

Economic Papers, 2009, vol. 28, issue 3, 270-278

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.

Date: 2009
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