Arbi, Lukman Hanif - In: Journal of risk and financial management : JRFM 14 (2021) 1/17, pp. 1-12
This paper demonstrates how the contract theory framework can and should complement standard financial mathematics for analysing Islamic financial securities (IFSs). It is motivated by the perception that most valuations of IFSs are rather simplistic and are as simple as risk and reward, leading...