Arcapita Bank BSC, a manager of Islamic-compliant investments with $7 billion under management, filed for bankruptcy in the U.S. after failing to reach an agreement with creditors.
Arcapita, formerly known as First Islamic Investment Bank, and five affiliates sought Chapter 11 protection today in U.S. Bankruptcy Court in Manhattan, listing assets of $3.06 billion and liabilities of $2.55 billion………………………………………..Full Article: Source