10.12.2009 - Fatwa shopping
From Lrb.co.uk: Dubai’s latest moment of turmoil is being talked up as a test of ‘Islamic finance’. But is it really? The problem: in 2006 Nakheel Development Ltd issued bonds to the value of three and a half billion dollars, and can’t pay out when they mature next week. The issue in question is ‘sharia-compliant’. This kind of bond, known as a ‘sak’ (plural ‘sukuk’) has seen huge growth in the Islamic and non-Islamic world over the last ten years..................................Full Article: Source
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