Valuation of Islamic financial certificates : participation in returnrisk approach : case study of applications and models from the Malaysian bonds and sukuk market

الملخص EN

There are fundamental risk/return differences between the conventional bonds and Sukuk, in the conventional bond the underlying asset is money (debt) and in the Sukuk the underlying asset is indeed an asset.

Sukuk investor has rights integral to information on the use of the investment, the nature of the underlying assets.

Indeed, a better valuation of Sukuk indicates that the participation’s rate of return is functionally related to: the risk of future investment returns and the marginal efficiency of investment.

In this context, Malaysia represents the most interesting fieldwork to address the research because it is by far the most dynamic country for the issuance and trading of Sukuk and conventional bonds.