Abstract
This narrative study depicts the situation of a company whose
founding CEO wanted to extricate the company from the interest-based
borrowing and deputed its CFO to find a way out through any mode
compliant to the Shar¯i‘ah, so to retire its existing debt and also to get further
financing through Islamic modes of financing. The study discusses the
scenario and further the reasons and modalities of choosing a mode of
financing i.e. musharakah ¯ based Term Finance Certificates (MTFCs). The
study develops a deeper understanding of the transition from interest-based
financing to the development of MTFC, as a financing tool and the choice of
the specific type of instrument by the company
Zohra Jabeen, Shafiullah Jan, Romana Bangash. (2018) Raising Redeemable Capital through Musharakah ¯ TFCs: A Case of Quasi Equity for Corporate Financing, Journal of Islamic Business and Management, Volume 8, Issue S.
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