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Nakheel troubles not tied to Islamic banking, ADIB chief says

Posted on 16 February 2010

From Businessweek.com: Nakheel PJSC’s struggle to repay a $4.1 billion Islamic bond in December wasn’t a reflection of any special risks attached to Islamic banking, the chief executive officer of Abu Dhabi Islamic Bank said.

“Was there an extraordinary weakness in the Islamic structure? No,” Tirad Mahmoud said in an interview late yesterday in Abu Dhabi. “Maybe people thought if it is Islamic, it is zero risk. But Islamic banks never promise guaranteed outcomes.”…………………………………Full Article: Source

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