Deriving partial differential equation for the value of salam contract with credit risk (original) (raw)

pertanika journal of science and technology, 2017

Abstract

There are many research papers on implementing the salam structure in the financial system. This study introduces a mathematical model of salam contract with credit risk that can be used as an Islamic financial derivative. It explores the properties of salam contract and the credit model that represents it, that is, the structural model with the default event on maturity of the salam contract.

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