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Islamic financing facility to be tested by US courts

Posted on 08 June 2012

The ability of US bankruptcy law to handle shariah-compliant structures is being tested after Bahraini firm Arcapita Bank’s decision in March to file for bankruptcy protection in the US.
The bank filed for Chapter 11 after negotiations to refinance a $1.1 billion murabaha facility broke down. A murabaha involves the sale of an item on a deferred basis, often connected to a commodity………………………………………..Full Article: Source

 
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