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

Hearn, Bruce, Piesse, Jenifer and Strange, Roger (2011) The role of the stock market in the provision of Islamic development finance: Evidence from Sudan. Emerging Markets Review, 12 (4). pp. 338-353. ISSN 1566-0141

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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.

Item Type: Article
Schools and Departments: School of Business, Management and Economics > Business and Management
Subjects: H Social Sciences > HG Finance > HG3810 Foreign exchange. International finance. International monetary system
H Social Sciences > HG Finance > HG4001 Finance management. Business finance. Corporation finance
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Depositing User: Bruce Hearn
Date Deposited: 23 Apr 2012 14:28
Last Modified: 08 Mar 2017 04:55
URI: http://sro.sussex.ac.uk/id/eprint/38187

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