13.08.2009 - Trusting implicitly: Nakheel's sukuk
From Thenational.ae: There's a growing level of concern in local financial circles about how Dubai will handle the December maturity of Nakheel's $3.5 billion Islamic bond, or sukuk. Many say it has no choice but to pay off Nakheel's bondholders, who bought the bonds on the understanding that government-owned Nakheel enjoyed the backing of the government. In some ways, therefore, the situation is akin to the troubles experienced by Fannie Mae and Freddie Mac, which last year fell victim to the subprime lending crisis............Full Article: Source