The role of the stock market in the provision of Islamic development finance: Evidence from Sudan
Date
2011-10-13
Authors
Hearn B.
Piesse J.
Strange R.
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Abstract
This paper assesses the impact of stock exchange funding in the Shari'ya compliant Islamic economy of Sudan. Evidence suggests that while Islamic financial instruments have considerable potential in facilitating development finance through their emphasis on partnership this is better achieved by the banking system rather than the Khartoum Stock Exchange. A case study of the Sudan Telecommunications company shows that larger firms able to cross-list elsewhere are likely to choose regional markets in preference to their domestic one thus benefiting from lower costs of equity. However, governance preferences are likely to favour block shareholders following the Islamic finance partnership concept. © 2011 Elsevier B.V.
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Emerging Markets Review
12
4
http://www.scopus.com/inward/record.url?eid=2-s2.0-79959448022&partnerID=40&md5=f431c61cc19b8da0b44a1dc21d7ac952
12
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http://www.scopus.com/inward/record.url?eid=2-s2.0-79959448022&partnerID=40&md5=f431c61cc19b8da0b44a1dc21d7ac952