Issues in Islamic Finance

Replication or innovation?

Islamic finance experienced rapid growth since 2001 until about the 2008 global financial crisis, when a number of sukuk defaulted while others nearly defaulted. A number of issuers were unable to make periodic payments to investors on schedule as promised. When it became clear that not only the periodic payments but even the investors’ capital was at risk, alarm bells rang across the world of Islamic finance.

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Issues in Islamic and Conventional Finance – Chapter I