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Islamic Finance Briefing - Categorized | Bonds (Sukuk), Market Moves more

Nakheel delays AED1bln Sukuk on inaccurate bank details

Posted on 09 September 2011

State-backed Dubai developer Nakheel has delayed the issuance of AED1bn ($272m) of Islamic bonds to its trade contractors after bank account details of some of its creditors were found to be inaccurate.
The developer, which last month issued the first tranche of an AED4.8bn ($1.31bn) Islamic bond as part of a complex debt restructuring process, has asked the 30 trade creditors to resubmit their account details to proceed with the second AED1bn tranche, according to a report by the Alkhaleej newspaper……………………………………….Full Article: Source

 
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