How the landscape has changed for Islamic finance, a sector once viewed as an asset-rich haven for risk-averse investors.
The global reverberations of Dubai World’s decision to seek a “standstill” on its financial obligations have thrown the spotlight on the most imminent and pressing of those commitments: the US$4 billion (Dh14.69bn) bill on a sukuk payable by Dubai World’s property company, Nakheel, in just seven days.
If, as many international investors now fear, Nakheel is unable to meet that deadline, it will raise doubts about the rest of the Islamic financial industry, which is worth about $720bn globally, the London Business School says.
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