Islamic finance body IFSB throws down gauntlet on sukuk:
"The Islamic Financial Services Board (IFSB) has proposed a new standard covering the regulation of sharia-compliant capital market products, posing a challenge for regulators, issuers and intermediaries working on Islamic bonds, or sukuk. The exposure draft from the IFSB, one of the main standard-setting bodies in Islamic finance, represents the most detailed effort to rein in claims of sharia non-compliance and clarify resolution of disputes in sukuk deals. Such issues have gained prominence over the past year after a company in the United Arab Emirates stopped payments on a $700 million sukuk, arguing the transaction no longer complied with Islamic principles."
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