Research & Publications
Internationally published research in Islamic Finance and Capital Markets by Mohammad Aminul Haque
Research
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
Year & Volume
2013 | 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.
One of the highest cited publications in Islamic Bond research
Research Impact
Mohammad Aminul Haque's research on Islamic bonds has made significant contributions to the fields of finance, banking, and Islamic capital markets. The findings challenge long-standing assumptions that Sukuk merely replicate conventional bonds, demonstrating instead that investor behaviour, risk perception, and wealth effects differ materially between the two instruments.
The research is widely recognised for its rigorous empirical analysis and global relevance, contributing to resolving long-running debates on whether Islamic financial instruments offer genuine diversification and resilience advantages. The paper continues to be cited by scholars and practitioners worldwide, reinforcing its lasting impact on global financial research.