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The role of the stock market in the provision of Islamic development finance: evidence from Sudan

The role of the stock market in the provision of Islamic development finance: evidence from Sudan
The role of the stock market in the provision of Islamic development finance: evidence from Sudan
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.
Academy of International Business
Hearn, Bruce
45dccea3-9631-4e5e-914c-385896674dc2
Hearn, Bruce
45dccea3-9631-4e5e-914c-385896674dc2

Hearn, Bruce (2010) The role of the stock market in the provision of Islamic development finance: evidence from Sudan. In Academy of International Business Annual Meeting, Rio de Janeiro, Brazil. Academy of International Business. 31 pp .

Record type: Conference or Workshop Item (Paper)

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.

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SUDAN SE PAPER - Accepted Manuscript
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More information

Published date: 30 June 2010
Venue - Dates: Academy of International Business Annual Meeting, , Rio de Janeiro, Brazil, 2010-06-28 - 2010-07-02

Identifiers

Local EPrints ID: 423405
URI: http://eprints.soton.ac.uk/id/eprint/423405
PURE UUID: 3c0b0ec8-aeab-4712-8b36-b29e0ce72c8a
ORCID for Bruce Hearn: ORCID iD orcid.org/0000-0001-9767-0198

Catalogue record

Date deposited: 21 Sep 2018 16:30
Last modified: 12 Dec 2021 04:23

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