Islamic finance is moving from asset-based sukuk where noteholders cannot claim underlying assets to asset-backed securitizations where they do. However, as Mahmoud El-Gamal notes, until there is a large sukuk default, we won't know how accurate ratings and sukuk pricing.
One lesson from the sub-prime meltdown: it is unrealistic to assume that pricing can be accurate where there is not a large secondary market actively trading asset being priced.
HSBC Amanah is waiting for a rule change allowing majority foreign ownership of Islamic banks before it enters Brunei's market.
Another article about Islamic branding
The Aga Khan is visiting Africa to check on his foundation's work, including the microbusiness program