09.02.2012 - Religious leaders scrutinize Goldman’s Sukuk
As an emerging industry, Islamic finance has attracted much attention over the last few years. By and large, Islamic finance relies on the status and reputation of scholars to make up for the lack of governance. Obviously, the industry relies on scholars’ reputation to market the product. Goldman Sachs registered a program to issue sukuk based on murabaha (a cost-plus-profit arrangement which is in line with Islamic law). Goldman Sachs’ $2 billion Islamic bond program has become under scrutiny as some scholars — who were named as potential approvers — had not even seen the prospectus...............................................Full Article: Source
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