Conceptualizing dynamic challenges to global financial diffusion: Islamic finance and the grafting of sukuk

Abstract

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Effects of Leverage, Liquidity, and Profitability on The Rating of Sukuk

“…Several methods measure the company performance in the Sukuk ranking lenses, such as leverage, liquidity, and profitability (Nagano, 2016) (Lai et al, 2017). Leverage shows a warranty given to a self-fund upon the debt received by a company, and it can read as the comparison of funding between the foreign parties and the company's, which include in the company (Renaldi et al, 2020).…”

How GDP spread to China: the experimental diffusion of macroeconomic measurement

“…Our analysis also critically engages with IPE literature on the diffusion and translation and localization of policies and norms (e.g. Ban, 2016;Bell & Feng, 2019;Eimer et al, 2016;Lai et al, 2017). This is an atypical case that can be considered as a failed instance of translation.…”

Variegated Finance Capital and the Political Economy of Islamic Banking in the Gulf

“…Along these lines, recent work has sought to posit IF as a distinctive part of the development of international markets, and yet simultaneously explore how the core features of IF have been shaped through their deep linkages to global finance. Lai et al (2017), for example, examine the development of Islamic debt instruments (sukuk) as an illustration of variegated finance, demonstrating that financialisation should not be viewed as a simple one-way imposition of dominant financial models diffusing outwards from core states, but rather as a contested, dynamic, and iterative mingling with local ideas -a process they term as 'grafting'. Similarly, other literature explores how various dimensions of finance-led accumulation manifest themselves in the presence of IF institutions -such as the inculcation of neoliberal subjectivity in Malaysia and Indonesia (Rudnycky 2009); the place of IF within regulatory arrangements encouraging 'roll-forward neoliberalization' in the US and UK (Samers 2014); the weight of large financial institutions (such as Citibank, HSBC, and Deutsche Bank), as well as international ratings agencies (Standard & Poors, Moodys), in providing the legitimation and knowledge base for the development of IF within the international financial system (Rethel 2011;Fang 2014); and the forms of governance -most notably the role of Shari'a scholars -that have emerged around IF to "bridge and meld diverse legal and religious codes" (Pollard and Samers 2013, p.722;Bassens et al 2012).…”