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Article

Numerical Comparison of Risk Distribution in Conventional and Islamic Instruments in Project Finance

Andrea Mordini
The Journal of Structured Finance Summer 2018, 24 (2) 64-87; DOI: https://doi.org/10.3905/jsf.2018.1.067
Andrea Mordini
is an engineering and construction professional and an MBA student at Warwick Business School in the U.K
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Abstract

The adoption of Islamic instruments in project finance shows growing trends and potential for the future. Several studies state that the underlying philosophy of Islamic finance is risk-sharing, as opposed to the risk-trading concept of conventional finance. This article investigates the effect of conventional and Islamic financial instruments on the risk-return relationship of the project parties and assesses whether the risk-sharing philosophy of Islamic finance can be numerically identified. The study uses Monte Carlo simulations and different risk measures to assess the influence of several financing parameters.

The method is applied to the Sydney Cross City Tunnel project, where the financing structure of the project is replicated with conventional and Islamic instruments. The investigation confirms that the adoption of Islamic instruments leads to a risk-return redistribution among the project parties and explains how conventional, Istisna, and Mudarabah instruments produce different risk-return profiles.

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The Journal of Structured Finance: 24 (2)
The Journal of Structured Finance
Vol. 24, Issue 2
Summer 2018
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Numerical Comparison of Risk Distribution in Conventional and Islamic Instruments in Project Finance
Andrea Mordini
The Journal of Structured Finance Jul 2018, 24 (2) 64-87; DOI: 10.3905/jsf.2018.1.067

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Numerical Comparison of Risk Distribution in Conventional and Islamic Instruments in Project Finance
Andrea Mordini
The Journal of Structured Finance Jul 2018, 24 (2) 64-87; DOI: 10.3905/jsf.2018.1.067
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  • Article
    • Abstract
    • METHODOLOGY
    • CONVENTIONAL FINANCE MODELLING
    • PRELIMINARY ANALYSES
    • SYDNEY CROSS CITY TUNNEL
    • CONCLUSIONS
    • APPENDIX A
    • APPENDIX B
    • ENDNOTES
    • REFERENCES
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