Asset- based securitization vs. asset- backed securitization,
Which is accepted in Islamic Economics?
www.iefpedia.com/english
asset-backed securitization.
asset- based securitization
Securitization
Special Purpose Vehicle (SPV)
1
1
1
2
Debt Securitization
3
Deventer: John M.,Towards Securitisation -Trends in the International Financial Markets.
1
2
3
1
Originator
2
SPV
3
Issuer
Rating Agency
4
Servicer
SPV
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under writer:
Trust:
1
2
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4
5
1
2
".
Process
1 Dualeh, Suleiman Abdi, Islamic Securitization: Practical Aspects. This is adapted from a paper given at the Noga Hilton, Geneva, 1998 for the
world
conference
on
P. 1 from the website: www.failaka.com/library/Articles/Islamic.pdf.
Islamic
Banking.
2
1
2
SPV
3
Originator
Issuer
(1 Tariq, Ali Arsalan, Managing Financial Risks of Sukuk Structures, Dissertation of Master of Science at Loughborough University, Uk, 2004,
PP 9-12./ Dualeh, Islamic
Salih ,Fathelrahman A.,Securitization Under Islamic Philosophy :An Innovative Industry in
Global Dynamic Market .From the website :h p;//vinodkothari.com/Islamicsecuritization2.htm.
2
McMillen, Michael, asset securitization sukuk and Islamic capital market: structural issues in these 3
formative years, Wisconsin international law journal, 5/8/2008
1
2
3
1
2
3
Freddic Mac
Freddie Mac
1
asset- backed sukuk
(1) Francis, Investments
-28.
Asset Based
.
(SPV)
(SPV)
1
1
true sale
1
2
SPV
SPV
McMillen, asset securitization, op. cit, p. 734
1
2
(SPV)
SPV
1
SPV
1 Giddy: Ian, Asset-Backed Securities: Lagal and Regulatory Issues,.2000, from the website:
h p://pages.stern.nyu.edu/igiddy/ABS.2000
1
http://www.lawgazette.com.sg/2011-05/101.htm 1
asset- based sukuk
Asset Based
SPV
SPV
Abdullah, abderkarim, Asset-backed vs asset- based sukuk.
www.iais.org.my/e/dirasat/banking-a-finance/item/download/203.html
al Sayyed, Nidal and Farhan, Malik, Islamic economic risk factors in shari'a
view,2010.
http://mpra.ub.uni-muenchen.de/2o575
Deventer: John M.,Towards Securitisation-Trends in the International
Financial Markets.
Dualeh, Suleiman Abdi, Islamic Securitization: Practical Aspects. This is adapted
from a paper given at the Noga Hilton, Geneva, 1998 for the world conference
on
Islamic
Banking.
P. 1 from the website: www.failaka.com/library/Articles/Islamic.pdf.
Giddy: Ian, Asset-Backed Securities: Lagal and Regulatory Issues,.2000, from the
website:
http://pages.stern.nyu.edu/igiddy/ABS.2000
Kamil, Wan abdul Rahim, sukuk al ijarah: whether asset backed or asset based
McMillen, Michael, asset securitization sukuk and Islamic capital market: structural
issues in these formative years, Wisconsin international law journal, 5/8/2008
Salih ,Fathelrahman A., Securitization under Islamic Philosophy :An Innovative
Industry in
Global
Dynamic
Market
.From
the
website
:http;//vinodkothari.com/Islamicsecuritization2.htm.
Tariq, Ali Arsalan, Managing Financial Risks of Sukuk Structures, Dissertation of
Master of Science at Loughborough University, Uk, 2004, PP 9-12.
http://www.lawgazette.com.sg/2011-05/101.htm
h p://www.almasrifiah.com/2010/10/01/article_452409.html
1