Sunday, March 07, 2010

Islamic finance restructuring news

The restructuring theme is in full force right now for Islamic finance and related companies. Global Investment House received an award for most innovative deal for its restructuring that included an Islamic tranche. Dubai World is expected to approach its creditors in London which will include Nakheel sukuk creditors and those who provided financing for Limitless, which has a syndicated Islamic facility coming due. The Investment Dar may use a recently passed 'financial stability law' to protect itself from creditors who have not agreed to its restructuring plan.

Other News

  • Gulf Finance House is planning to launch an Islamic bank in Syria called the Syria Finance House.
  • An article in a Turkish newspaper discusses Bank Asya, one of the participation banks in the country.
  • An article on Mideast fund managers provides some statistics on the distribution of Islamic funds across the world in advance of an Amanie-Failaka conference.
  • The CEO of the Badr-Forte bank, an Islamic financial institution in Russia, is starting a new Islamic financial institution, Al-Shams Capital.
  • I found this article with an interview with Professor Catherine Cowley about the relationship between ethics and finance interesting.
  • Islamic hedge funds have, not surprisingly because of limited offerings, not been a prominent fixture in fund managers' portfolios with only 19.7% of Middle East investors reporting that they invested in Islamic hedge funds.

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