The lessons from the Goldman Sachs proposed $2bn sukuk saga

Goldman Sachs International announced last September that it was going to the market to raise financing totaling $2 billion through a Murabaha sukuk issuance.
The issuance is based on a structure accepted by Dar Al-Istithmar Limited, the Shariah adviser to the issuer, Global Sukuk Company Limited, whose Shariah Supervisory Board is chaired by Hussain Hamed Hassan and includes Ali Al-Qaradaghi, Abdul Sattar Abu Ghuddah, Abdulaziz Fawzan Saleh Al-Fawzan and Aznan Hasan.
The issuance would have passed as a routine Murabaha sukuk save that the issuer was doing it on behalf of arguably the most high profile investment bank in the world, Goldman Sachs.

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