27.09.2010 - Reality check for Islamic finance
From Gulfnews.com: For Islamic finance, 2009 and 2010 may be categorised as the years of R-Cubed' reflection, reassessment, and reality check. Since the beginning of 2009, there have been 42 liquidations of Islamic funds, defaults by 34 sukuks, rating downgrades of Takaful operators, and increase in layoffs in the sector. A recent Deloitte study, the ME Islamic Finance (IF) Leaders Survey, arrived at some interesting conclusions: 64 per cent of respondents agreed that IF is lagging in risk management; 65 per cent believe IF institutions are not properly capitalised; 66 per cent expect change in existing business models in the foreseeable future..............................................Full Article: Source
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