19.05.2011 - Developer Nakheel prepares to issue Dh5bln worth of Islamic bonds
Banks are gearing up to handle about Dh5 billion of Islamic bonds to be issued to contractors and other trade creditors by Nakheel as part of its restructuring. The Islamic bonds, or sukuk, are a prime component of the property giant's reorganisation, made necessary by the global financial crisis and the downturn in the local property market. After months of piling up unpaid bills, Nakheel last year began paying cash to contractors owed Dh500,000 (US$136,130) or less..............................................Full Article: Source
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