Real Options Conference 2024

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Incorporating Charitable Endowment In Financing Sustainable Infrastructure Ppp Projects: The Case of Islamic Bonds In The Economic Development of Emerging Countries

The economic development of emerging countries necessitates an efficient funding mechanism. This paper models the cultural perspectives of blended infrastructure financing in developing Muslim economies by examining Islamic bonds (sukuk). We identify the structural imperfections of this value-based instrument and offer a novel solution to remediate opacity and agency costs of debt. Relying on a mix of Participating and Continuous Workout financing, we model a financially engineered sukuk for impact financing by incorporating charitable endowment (waqf) into the public-private partnership (PPP).This allows to develop a fragile-free blended finance facility to overcome the impact of financialization and inequality in infrastructure development.

Wahyu Jatmiko
Southampton University
United Kingdom

Rafal Wojakowski
Surrey University
United Kingdom

M. Shahid Ebrahim
Durham University
United Kingdom

Novriana Sumarti
Institute of Technology Bandung


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