Publications
Research publications by Mohammad Aminul Haque in Islamic Finance and Capital Markets
ResearchHighly cited
Are Islamic Bonds Different from Conventional Bonds? International Evidence from Capital Market Tests
Authors: Nafis Alam, M. Kabir Hassan, Mohammad Aminul Haque
Journal: Borsa Istanbul Review
Publisher: Elsevier, ScienceDirect
Published: September 2013 | Volume: Volume 13, Issue 3
This high-impact research paper examines the fundamental differences between Islamic bonds (Sukuk) and conventional bonds in global capital markets. The study analyzes 166 bond issuances across multiple international markets over nearly a decade, including periods before, during, and after the global financial crisis.
Key Findings
- • Islamic bonds are perceived differently by financial markets, particularly during periods of financial stress
- • Investor behaviour, risk perception, and wealth effects differ materially between Sukuk and conventional bonds
- • The findings challenge long-standing assumptions that Sukuk merely replicate conventional bonds
- • Provides evidence that Islamic financial instruments offer genuine diversification and resilience advantages
One of the highest cited publications in Islamic Bond research
Research Impact & Recognition
Mohammad Aminul Haque's research on Islamic bonds has made significant contributions to the fields of finance, banking, and Islamic capital markets. The research provides rare, data-driven insights into how stock markets react differently to Sukuk and conventional bond announcements under varying economic conditions.
Industry experts and academics have highlighted the paper for its relevance to banks, policymakers, institutional investors, and regulators, especially as Islamic finance continues to grow globally as an alternative financing system. The research continues to be cited by scholars and practitioners worldwide, reinforcing its lasting impact on global financial research.