Financial crises have become a recurring problem for modern economies with increasingly detrimental fallouts. Risk-sharing finance (RSF) contracts may be the best instrument for addressing the problem and its fallout, and in particular the risk-sharing principles of Islamic finance offer a...

In this paper, we investigate the place of Islamic investment securities (sukuk) in firms' financial hierarchy using the modified pecking order theory. We study the external funding preferences of Malaysian firms using quarterly data of 112 firms for the period between 2005 and 2017. We find...

Over the last decade, Islamic Financials (Sukuk) emerged as a pioneering capital market instrument. The riskiness of Sukuk is similar to that of the bond as they depend on the financial credibility of the issuer hence assumed to have no significant difference, the only difference seems to be in...