Impact investments, also known as responsible or ethical investing , are investments made into companies, organizations, and funds with the intention to generate measurable social and environmental impact, e.g. in the sector of education, health servic…
It was reported that Indian authorities intend to introduce some form of interest-free banking. Thus, the country’s unbanked Muslim populations shall be brought into mainstream banking. This initiative is likely to result in a huge rise in Islamic Ba…
At the International Islamic Finance Forum, under the patronage of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice- President and Prime Minister of the UAE and Ruler of Dubai, an important issue was raised: does Islamic finance need developmen…
Investors are betting Dubai World will pay off $980 million (Dh5.5 billion) sukuk issued by its property arm Nakheel to avoid a default as it negotiates a debt restructuring proposal with creditors worth about $24 billion. The sukuk, or Islamic bond matures May 13.
According to Zawya.com’s Sukuk Monitor, Nakheel’s sukuk is up 4.5 per cent since the beginning of April and closed at Dh98 on Monday in which it is up almost 85 per cent since the start of March.
People are expecting repayment, however Dubai World, owned by Dubai’s government, declined to comment on the prospects of the sukuk being paid off.
Last month, Dubai World offered a debt restructuring proposal to creditors. The sukuk due in May comes after another $3.52 billion bond issued by Nakheel was paid off last December. In the weeks before that bond matured, hedge funds bought up the debt, hoping to go after the international assets of Dubai World, which had guaranteed the bond.
MARKETWATCH Top News