Sunday, September 02, 2007

India, Middle East project finance & Indonesia's sovereign sukuk

A conference met on September 1 to discuss the necessary regulations needed to bring Islamic banking to India. Kuwait-based Bayt Al-Maal has expressed interest in opening an Islamic bank in India.

In the next decade, the Middle East will spend $1 trillion on large project finance projects and many will use Islamic finance.

Indonesia's planned issue of $1 billion in sovereign sukuk has been delayed by complications in the tax code relating to Islamic bonds.

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