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Name The Case of Social Impact Bonds: Unveiling Social Impact Investing Mechanisms in Relation to Islamic Finance Principles
Author : Giulio Pasi; Rami Abdelkafi; Gianluca Misuraca
Format : eBook
Year of Publication : 2019
Subject : Sukuk
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The paper explores, from a theoretical perspective, a feature that Islamic finance and impact investment seem to share. In fact, according to most relevant narratives from the impact investment world, the price of capitals does not always need to be conceived as a function of the applied interest rate, rather it is defined as a function of public value creation. In particular, moving from the perspective of the Islamic finance, the paper explores theoretical aspects, logical underpinnings and empirical dynamisms of one of the many available impact investing tools, i.e. the so-called social impact bond (SIB). A SIB is a bundle of contracts through which several actors engage themselves with the purpose of creating public value by aligning different interests. This theoretical de-constructive approach will allow identifying key contracts and financial logics underpinning the design and implementation of a SIB, setting the ground, from a conceptual perspective, for a constructive translation of a SIB into the Islamic finance language and principles. The attempt aims at exploring commonalities between innovative social finance instruments and Islamic finance principles. The paper will thus contribute to a first exploratory effort in the field of an emerging impact investment practice that should facilitate setting the ground for further comparative studies of Islamic finance and social finance mechanisms, thus acting as a conceptual framework for possible bridges between different worlds.

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