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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. Copyright (c) 2009 The Economic Society of Australia.

Date: 2009
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