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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 Strange
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.

History

Publication status

  • Published

File Version

  • Published version

Journal

Emerging Markets Review

ISSN

1566-0141

Publisher

Elsevier

Issue

4

Volume

12

Page range

338-353

Department affiliated with

  • Business and Management Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2012-04-23

First Compliant Deposit (FCD) Date

2012-02-24

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