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The role of the stock market in the provision of Islamic development finance: Evidence from Sudan
journal contribution
posted on 2023-06-08, 11:02 authored by Bruce Hearn, Jenifer Piesse, Roger StrangeRoger StrangeThis 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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Publication status
- Published
File Version
- Published version
Journal
Emerging Markets ReviewISSN
1566-0141Publisher
ElsevierExternal DOI
Issue
4Volume
12Page range
338-353Department affiliated with
- Business and Management Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2012-04-23First Compliant Deposit (FCD) Date
2012-02-24Usage metrics
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