Securitization in the Islamic Markets vs. Securitization in Major International one

Subject Areas : Journal of Investment Knowledge

Zahra Amirhosseini ¹ , Masumeh Ghobadi ²

1 - استادیار گروه مدیریت ،واحدشهرقدس،دانشگاه آزاد اسلامی، تهران ، ایران
2 - دانشجوی D.B.A انجمن مهندسی مالی ایران

Received: 2015-10-17 Accepted : 2016-01-07 Published : 2016-06-21

Keywords: Securitization, special purpose entity (SPE), originator, Investors,

Abstract :

This paper is focusing on the process of securitization, as well as comparing securitization in the major international markets vs. the Islamic one. Since, financing through the issue of securities has seen significant changes in the past decade, it seems necessary to have an overview of the process as well. On the other hand, since the need for liquidity in the Islamic framework has been well- recognized, samples of several securitization processes in the Islamic lawlikemurabaha and ijara-based securitization have been being considered. Finally, we find that the process of securitization in the Islamic markets should not be in conflict with the basic principles of Islamic finance such as finance without riba.Whereas, the process of securitization in major international markets violates these essential norms.

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