Sunday, April 18, 2010

Sunday bullets

  • Nakheel will pay $8.2 billion to its creditors in June according to an article from Reuters. This represents roughly a third of the $23 billion Nakheel's creditors are owed.
  • The Financial Times has an article about the sukuk market in the wake of the default by the International Investments Group on a $200 million sukuk. The Economist also published an article on sukuk suggesting that Islamic finance is not broken, but is "dented". Malaysian company Senai-Desaru Expressway Bhd is restructuring $457 million (MYR1.46 billion) in sukuk. If it defaults, it would be the largest Malaysian sukuk default in over two years.
  • Deutsche Bank launched a Shari'ah-compliant home finance company, Deutsche Gulf Finance, in Saudi Arabia with Saudi investors.
  • The head of Islamic finance at Barclay's Capital, Harris Irfan, says that Islamic retail banking is in the "stone ages" compared to the product availability for conventional retail banking consumers.
  • The Investment Dar released its financial results for 2008, the year before it began working on a restructuring plan with its creditors.

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