A critical review of the Sukuk market : a qualitative study to identify current risks and opportunities
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Mathematical modelling of mid-term options price of Ijārah Sukūk
The main aim of this thesis is to study the pricing of options of Ijārah Sukūk for lifespan. The pricing formulae of mid-term call and put options are derived by computing the expected value under the risk neutral measure and using an appropriate condition of exercising the option at mid-term. The mid-term option prices with continuous Ijārah obtained using these formulae are compared with the prices of European and American options with dividend for lifespan. The comparison is done both analytically and numerically. The same analysis is done for callable and puttable Sukūk with Ijārah and compared with the prices of European and American callable and puttable bond with coupon for lifespan. We also study the relationship between callable Sukūk price and Ijārah rate by computing the duration and convexity of the callable Sukūk price. The same analysis is done for puttable Sukūk.
Bernard Dempsey's Theological Economics: Usury, Profit, and Human Fulfillment
Bernard Dempsey est un jesuite americain qui questionne les problemes economiques contemporains dans une perspective theologique thomiste. Pour lui, l'economie moderne est synonyme d'usure institutionalisee. Les recherches de Dempsey s'inscrivent dans un debat qui a ete initie par des economistes. Dempsey situe la proscription de l'usure dans le contexte social d'une economie fonctionnelle. La participation a la vie economique constitue une tâche theologique. Bien que la production de richesses soit une activite importante et prise en compte par Dempsey, il insiste egalement sur la vertu economique