... managers with diversification and hedging opportunities to shield against downturns in other fixed-income markets. In addition, the evidence further reinforces that market participants can use Islamic bonds as safe-haven assets against conventional bonds during periods of crisis. Originality/value...

...Adeel Nasir; Umar Farooq; Kanwal Iqbal Khan; Ather Azim Khan Purpose This study aims to explain the Sukuk structures individually by highlighting the key differences and commonalities in their influential aspects. It also compares the core aspects of Sukuk literature with conventional bonds...

.... Design/methodology/approach This study empirically tested the hypotheses on a data set that covered a sample of 1,354 bond issuances over the period 2008–2019. The authors used logistic regression to distinguish between the issuance of sukuk versus conventional bond. Sukuk structuration leads...

... financing, liquidity and risk management and investment purposes. It is beyond question that sukūk differ from conventional bonds in their legal structure. In this respect, they can be considered as a product class of their own and clearly distinct from conventional bonds, if not as an altogether new...