Two large holders of Nakheel's sukuk which matures in December 2009 belive that there will be no restructuring and that the sukuk will be repaid in full upon maturity. Meanwhile Nakheel is apparently selling liquid assets at a steep discount to raise cash to repay the sukuk. The National reports that Nakheel has sold its stake in Australia's Mirvac for 80% less than it paid in 2007.
Bank Negara Malaysia, the Malaysian central bank, released its guidance on the Shari'ah-compliance requirements for murabaha (Shariah Parameter Reference 1) to encourage standardization and is working on similar SPRs for ijara, mudaraba, musharaka, istisna'a and wadi'ah.
Takaful is now available in the U.S. from a subsidiary of now-government-owned AIG that is available through exclusive broker Zayan Takaful. So far the takaful is available in 13 states although only a few hundred people have signed up. The article also has an interesting discussion about differences in opinion about the need for takaful and the acceptability of it in its current form.
- Al-Arabiya has an article profiling Shari'ah scholar Sheikh Nizam Yaquby.
- Sime Darby, a Malaysian conglomerate, is reported to be planning to raise RM4 billion ($1.14 billion) by issuing a sukuk.
- Islamic banks grew assets during 2008 compared with 2007.
- CNN has a story about the growing demand for Islamic finance education in the wake of the credit crisis which gives a pretty decent summary of how the industry was affected by the credit crisis.
- A list of the top Shari'ah scholars and some of the institutions on whose boards they sit.
- Islamic indices have underperformed during the past month.