A Contract Theory Approach to Islamic Financial Securities with an Application to Diminishing Mushārakah
نویسندگان
چکیده
This paper demonstrates how the contract theory framework can and should complement standard financial mathematics for analysing Islamic securities (IFSs). It is motivated by perception that most valuations of IFSs are rather simplistic as simple risk reward, leading to very investment strategies, especially buyers. In fact, there more dimensions IF in general which only be properly analysed with advanced approaches, such contractual issues well-recognised discussed fields commercial law but not always considered valuation models. Contract bring together issues, providing a sophisticated IFSs. aims demonstrate this brief outline approach, followed demonstration its use analysis diminishing mushārakah (DM) contracts. The resulting model led three main conclusions regarding DM contracts: That (i) finance seekers have no ready incentive spend on asset maintenance, (ii) will maintenance if their marginal benefit from asset’s appreciation greater than financier’s share asset, (iii) magnitude depreciation equal, an increase either also optimal level spending maintenance.
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ژورنال
عنوان ژورنال: Journal of risk and financial management
سال: 2021
ISSN: ['1911-8074', '1911-8066']
DOI: https://doi.org/10.3390/jrfm14010017