06.04.2011 - Kuwait’s Islamic banks face an unconventional future
One of the most troubling episodes faced by Kuwait’s Islamic ­finance industry could at last be on the way to being resolved. The Investment Dar, a Shariah-compliant finance company, ­defaulted on a $100 million sukuk in April 2009 and has been trying to come up with a restructuring plan for its debts of more than KD1 billion ($3.6 billion) ever since. A vote by creditors was due before the end of March on the latest plan, which would involve their injecting a further KD20 million into the business over the next year. In return, they would gain an additional 10% stake and their debts would be repaid over the following six years............................................Full Article: Source
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