Scholars toughen Islamic bond rules
Thursday, March 13 - 2008 at 13:16
Religious scholars are making it harder for companies to sell Islamic bonds to investors at a time when borrowing is already shrinking because of the global credit crisis, reported Bloomberg. Scholars have said that most of the securities, known as sukuk, may not fully conform to the teachings of the Muslim faith, and have issued new guidelines stating that investors must be the legal owners of these assets rather than being made nominal holders. Investors bought $30bn of sukuk in the past year, but sales dropped to $856m so far in 2008 from $4.7bn in the first quarter of 2007.
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Jeff Florian, Senior ReporterThursday, March 13 - 2008 at 13:16 UAE local time (GMT+4)
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