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

Goldman Sachs caught in a Sharia Catch-22

Posted on 20 February 2012

In September 2011, Goldman Sachs announced it would issue a $2 billion Shariah Compliant Islamic Bond derivative known as a “Sukuk” to finance its current business operations.
However, by Feb. 15, 2012, despite Goldman Sachs’ many acts of obeisance in the service of capital, Abu Dhabi Islamic Bank’s Shariah scholars decided that Goldman Sach’s Islamic bond program was “noncompliant with Shariah.” Why? Because Middle East petrodollar funding must be used to strengthen Middle East petrodollar goals………………………………………..Full Article: Source

 
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Laxman - who has written 19163 posts on Opalesque Islamic Finance Briefing.


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