Credit Default Swap: A Scrutiny of Differentiating its Nature from Credit Insurance and Sharia Feasibility Review

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Jafari Diba; AMINI MANSOUR

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Journal Paper

Paper Information

Journal: Islamic Financial Research Year:2021 | Volume:10 | Issue:1 (20) Page(s): 573-602

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Information Journal Paper

Title

Credit Default Swap: A Scrutiny of Differentiating its Nature from Credit Insurance and Sharia Feasibility Review

Author(s)

Jafari Diba | AMINI MANSOUR

Keywords

Credit Default Swap

Credit Insurance

Derivatives

Risk Coverage

Jurisprudence

Abstract

Credit risk as a possibility of a debtor’ s default in its obligations has led creditors to acquire some tools to cover it. Credit Default Swap as a derivative is one of the most effective risk management tools, because in addition to risk management, it provides an opportunity for the spread of secondary markets and the deepening of the capital market. Credit Insurance is another type of credit risk management tool that is often confused with default swaps. Finding some homologies between Credit Insurance and Credit Default Swap geos back to our legal and jurisprudential system as well as the Western law. Due to the acceptance of insurance in Islamic Jurisprudence, these similarities have been used to justify Credit Default Swap contract. In this research, an attempt has been made to draw a border between these two institutions. It should be noted that recognizing the nature of Credit Default Swaps will affect the assessment of the validity of such a contract from a jurisprudential point of view, and this discussion is crucial as it shows the possibility of accepting Credit Default Swaps in the Iranian capital market.

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APA: Copy

Jafari, Diba, & AMINI, MANSOUR. (2021). Credit Default Swap: A Scrutiny of Differentiating its Nature from Credit Insurance and Sharia Feasibility Review. ISLAMIC FINANCE RESEARCHES, 10(2 (20) ), 573-602. SID. https://sid.ir/paper/982226/en

Vancouver: Copy

Jafari Diba, AMINI MANSOUR. Credit Default Swap: A Scrutiny of Differentiating its Nature from Credit Insurance and Sharia Feasibility Review. ISLAMIC FINANCE RESEARCHES[Internet]. 2021;10(2 (20) ):573-602. Available from: https://sid.ir/paper/982226/en

IEEE: Copy

Diba Jafari, and MANSOUR AMINI, “Credit Default Swap: A Scrutiny of Differentiating its Nature from Credit Insurance and Sharia Feasibility Review,” ISLAMIC FINANCE RESEARCHES, vol. 10, no. 2 (20) , pp. 573–602, 2021, [Online]. Available: https://sid.ir/paper/982226/en

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