{Kantakji Group}. Add '11476' With New Sukuk Restructuring; Who is to blame on defaults?

MARKET UPDATE FROM ISLAMIC FINANCEARABIA.com

With New Sukuk Restructuring; Who is to blame on defaults?

Following recent events in Dubai, there has been a flurry of articles on sukuk defaults, with some commentators suggesting Islamic finance will wane. While many seem sure that defaults will occur, others have suggested sukuk holders' rights and the resolution options available to them are no different from conventional bondholders'. 

First defaults of sukuk are set to expose the vulnerabilities of Islamic finance, with most investors expected to have no better legal redress than conventional bondholders as underlying assets have not been truly transferred to them. The current financial and economic crisis is a first for the $1 trillion Islamic finance industry, which over the past few years has been spoilt by cheap oil money, and legal provisions and protection clauses in sukuk worth billions of dollars are being tested for the first time.

Islamic bonds, or sukuk, are structured as profit-sharing or rental agreements and their returns are derived from underlying assets. Islamic finance caters to investors who would like to avoid paying or earning interest, prohibited by Islamic law.

 

11/11/12   With New Sukuk Restructuring; Who is to blame -- Part Two of Two (Islamic Funds and Sukuk)

11/11/12   With New Sukuk Restructuring; Who is to blame -- Part One of Two (Islamic Funds and Sukuk)

11/11/12   Saudi Shipper Seeks $833-Million Islamic Debt For Fleet Merger(Islamic Funds and Sukuk)

11/11/12   Tilal seeks CMA approval for Oman's first Sukuk (Islamic Funds and Sukuk)

11/11/12   Adib to sell $1b in debut Tier 1 sukuk (Islamic Funds and Sukuk)

11/11/12   Dana Gas restructures $920 mln sukuk REUTERS (Islamic Funds and Sukuk)

11/05/12   The changing trend in sukuk issuance types (Islamic Funds and Sukuk)

read our archive news - click here >>

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Maan Barazy

Certified Shari'a Adviser and Auditor (CSAA- AAOIFI Certified) - MA Islamic Comparative Jurisprudence  - BS International Economics 

Managing Partner And CEO of Data and Investment Consult-Lebanon – The Centre For Islamic Finance - Consultant Researcher and Lecturer

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