This, the first part of a two-part article, examines key features of asset-backed securitisation and currency hedging under Islamic Shafi law. Reviews basic principles of Shafi law, and the Musharaka structures of its profit-sharing agreements, the use of Ijarah structures in securitisation, agency agreements using the Wakalah structure, purchase and sale transactions under the Salam structure, and asset financing through Murabahah structures.
This, the second part of a two-part article on key features of asset-backed securitisation and currency hedging under Islamic Shafi law, examines the potential range of Sharia-compliant assets, the types of sukuk that may be used, the possible choice of law questions, the pricing models involved, credit enhancement arrangements and the challenges concerning secondary bond markets. Details the scope for currency hedging under Sharia law.
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