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Developers turn to Islamic alternatives
- Middle East: Wednesday, September 17 - 2008 at 10:16
In an increasing tough financial world hammered by the global credit crisis, more property developers are turning to Islamic financial instruments to get projects off the ground, say the organisers of the Islamic finance industry's leading global event. 'Financing based on Islamic rules requires that gains are derived from ethical, shared investment rather than being interest-based; hence it has sidestepped the credit crunch,' said Swati Taneja, conference director of the twice-yearly International Islamic Finance Forum that next takes place in Istanbul from October 13-17, 2008. The most recent example of developers worldwide adopting the Islamic model to finance their projects is South East Asia's biggest property developer, based in Singapore, which hopes to issue the first tranche of a $700m Islamic bond by the end of this year — with Middle East investors as the main target.
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Jeff Florian, Senior ReporterWednesday, September 17 - 2008 at 10:16 UAE local time (GMT+4)
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