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The communist-ruled Indian state plans 1st Islamic bond issue in India

Posted on 17 December 2009

From Indiatimes.com: Kerala, the southern Indian state which relies on Middle East remittances for a quarter of its economy, plans to sell the nation’s first Islamic bonds next year to help pay for infrastructure projects.

“The way we see it, it’s another form of venture capital,” the state finance minister Thomas Isaac said in an interview in Thiruvananthapuram, the southern state’s main city. “We need long-gestation funds to build airports, high-speed trains and expressways. Islamic finance promises unexplored potential in that context.”……………………………….Full Article: Source

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