امور مالی اسلامی و تقسیم بندی بازار :مفاهیمی برای هزینه سرمایه

This paper considers the impact of full Islamic shari’ya compliance on developing stock exchanges in their effective provision of development capital. Evidence from a unique study focussing on the Sudan telecommunications company and its listings on the Khartoum as well as Arabian Gulf stock exchanges reveals that costs of capital are considerably higher in the former than latter markets. While there are firm governance benefits arising from Islamic finance monitoring costs are substantial and the banking system is better placed to administer financing arrangements. Larger firms are better placed to circumvent this segmentation through cross-listing on regional exchanges.

Islamic finance is a fast-growing sector of the global banking industry, and is based on a range of distinctive financial products that are compliant with shari’ya law. There are many banks that supply Islamic financial products and services around the world, including well-known institutions such as Citigroup, Société Générale, HSBC and Lloyds TSB. But there are very few countries whose financial systems are explicitly and exclusively based on Islamic financial principles: Pakistan, Iran and Sudan are the only countries with fully-compliant banking systems, while only Iran and Sudan have fully-compliant stock markets (Pryor, 2007). This paper considers the impact of this compliance on the cost of equity capital for domestic firms, focusing on the experience of the Sudan Telecommunications Company. Most of the literature on Islamic finance largely focuses on either contrasting the structure and design of financial products with those in the West ( Abdouli, 1991 and Kamali, 2007) or on the Islamic banking system ( Aggarwal and Yousef, 2000 and Lewis and Algaoud, 2001). Further, the literature on the role and regulation of stock markets within Islamic economies focuses largely on the normative prescriptions of Islamic finance as a discipline – see El-Din and El-Din (2002) and Naughton and Naughton (2000) for extended discussions. In particular, we argue that shari’ya compliance may lead to market segmentation in developing economies and thus to higher costs of equity capital, and we show that cross-listing may provide access to more cost effective finance. The paper is structured as follows. Section 2 describes the main features of some of the distinctive products used in the Islamic financial system, and then compares the main principles and practices of Islamic finance with those undertaken in the West. In Section 3, we note the importance (or perhaps lack of) in many countries within the Middle East and North Africa (MENA) region, and outline some of the key features of the Khartoum Stock Exchange in the Sudan. We then discuss in Section 4 some of the methodological issues involved in estimating the cost of equity in Islamic financial markets, before using the dividend capitalisation method to estimate in Section 5 the cost of Sudatel stock listed on the Khartoum and the Abu Dhabi Stock Exchanges. We also examine the comparative abilities of the two major Sudatel listings to attract foreign portfolio investors. Section 6 concludes.

This paper addresses the important questions regarding the ability of a fully shari’ya-compliant stock exchange within an Islamic financial system to provide an effective source of development capital. This paper assesses the impact of the Khartoum Stock Exchange on the Sudan economy and reviews the financing options available for larger firms within the fully shari’ya-compliant Sudanese financial system using the Sudan telecommunications company as a case study. There are a number of difficulties in a study of this sort. Firstly, there is little empirical work on the impact of stock exchange financing within a fully shari’ya-compliant Islamic financial system in a developing context. Then there are the conceptual problems that results from the differing interpretations and understandings of Qu’ran and canonical texts by the various schools of Islamic jurisprudence. This is a potential source of conflict in forming a policy response to the rapidly evolving area of commercial innovation within stock exchange finance. A major issue is the existence of strong-informational efficiency that follows from Islamic requirements for full disclosure of all publicly and privately available information, which contradicts finance theory in the west, although while this is based on common shared Islamic behavioural values and ethics the frequent lack of coherent regulation and appropriate enforcement mechanisms in developing countries infers that this assumption is at best tenuous. This is not simply a problem in the application of financial models but also in practice, as small family-owned firms seek to retain sensitive information or would find the costly compliance of auditing and accounting measures to be prohibitive. Finally the evidence suggests that fully shari’ya compliant stock markets are segmented from global capital markets hindering their ability to attract investment capital and rendering them less able to compete with banking systems that are better able to administer and effectively monitor the distinctive partnership-orientated Islamic financial products. Consequently larger better capitalized firms such as Sudatel that are able to cross list on regional exchanges benefit considerably from substantially reduced costs of equity capital and ability to attract foreign investment capital through being able to offer investors improved portfolio risk diversification opportunities.