Yet another sukuk (Islamic bond) is in trouble. Like the Nakheel sukuk nearly 3 years ago, this issue is from a company in the United Arab Emirates, though this one is based out of Abu Dhabi, rather than Dubai. The company is Dana Gas, a major natural gas exploration and production company. There are questions as [...]
In 2009, a rash of Sukuk defaults, culminating in the huge Nakheel default in Dubai, rocked the market for Islamic bonds, or Sukuk. Creditors in the Dubai World and Nakheel reorganizations all took significant haircuts, with certificate holders in the latter receiving a hybrid of cash and future bonds in compensation. Now, a supposedly rehabilitated Nakheel [...]
Sukuk are taking over
On October 9, 2011 · In Defaults, Gulf Cooperation Council (GCC), Islamic Bonds, Shariah Bonds, SUKUK
Three and a half years ago, the very future of Sukuk (Islamic bonds) was in question when Mufti Taqi Usmani, a prominent Shariah scholar, declared most of them haram, or non-Shariah-compliant. Despite this, the Sukuk market survived, though it then suffered a setback when several Sukuk offerings experienced missed payments and defaults in 2009. Today, [...]
Yet another sukuk arrangement seems to have gone awry, this one in Malaysia. Printing company Dawama Sdn Bhd missed a sukuk payment and has been downgraded by Malaysian Rating Corp Bhd (MARC). During the round of defaults that plagued sukuk issuers in 2008-2009, most of the problems surfaced in the Persian Gulf region. It is too early [...]
Typical Propaganda on Islamic Bonds from Saudi State-Controlled Media
On October 7, 2011 · In Britain, China, Creeping Shariah, Defaults, Economic Crisis, France, Germany, Hong Kong, Islamic Banking, Islamic Bonds, Islamic Finance, Islamization, Japan, Saudi Arabia, Shariah Banking, Shariah Bonds, Shariah Finance, Singapore, South Korea, SUKUK
The article linked below has to be taken with a large grain of salt since it comes from the Saudi Gazette. There is nothing even resembling a free, independent press in Saudi Arabia and the Saudi royals have a huge vested interest in promoting Shariah-Compliant Finance both in the kingdom and globally. Not surprisingly, this [...]
Nakheel has returned to the scene of the crime so to speak. As we have reported previously, the Dubai-based real estate company, which defaulted on a massive sukuk (Islamic bond) in 2009, is issuing a new sukuk now. Not surprisingly, investors are very skeptical; the brand new “bond” is already trading at a discount to [...]
Some REALLY Bad Ideas on How to Solve America’s Debt Problems
On August 9, 2011 · In Creeping Shariah, Da'Wah, Debt Bonds, Defaults, Economic Crisis, Fatwa, Islamic Banking, Islamic Bonds, Islamic Economics, Islamic Finance, Islamization, MEDIA, Media, Nakheel, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Bonds, Shariah Finance, Shariah Law, stealth jihad, SUKUK, U.S. Policymakers, USA, Usmani, Usury, Zakat
Not surprisingly, the financial jihadists are promoting Shariah as the solution to America’s debt problems. We’ve seen this before. Back in 2008, in the wake of the subprime mortgage debacle and near-financial meltdown, the financial jihadists insisted that Shariah-compliant finance would have avoided the whole mess. Then, in 2009, defaulting on sukuk (Islamic bonds) just [...]
Given the rash of sukuk (Islamic bond) defaults which occurred in 2009, it is no surprise that an insurance entity backing sukuk would crop up and one has: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a division of the Islamic Development Bank (IDB), will soon be tasked with providing insurance on [...]
Nakheel properties is pushing ahead with plans to issue Dh4.8 billion sukuk (Islamic bonds) on schedule this month after securing approval for its debt restructuring by all lenders. Quoting an unnamed senior source in Nakheel, the Sharjah-based Arabic language daily Alkhaleej said sukuk would be issued and managed by the German Deutsche Bank. Nakheel, the [...]
Returning to the Scene of the Crime: Nakheel settling claims
On July 1, 2011 · In Defaults, Dubai, Dubai Investment Group, Islamic Bonds, Nakheel, Shariah Bonds, SUKUK, UAE
Back in 2009, the Dubai real estate entity Nakheel was the biggest in a rash of defaults on Islamic bonds (also known as sukuk). Nakheel is still working to settle the claims of creditors two years later and wants to issue yet another sukuk as part of a settlement. And to top it all off, [...]
Hat tip to Creeping Sharia: http://creepingsharia.wordpress.com/2011/06/26/canadian-mosque-gets-sharia-compliant-loan-fails-to-pay-it-back/ A Halifax, Nova Scotia mosque and community center run by the Maritime Muslim Academy has had a lien placed on its assets by the architecture firm it hired to design the complex. The mosque was not financed in a conventional manner, since paying or receiving interest is haram under [...]
Moody’s Investors Service has today upgraded to Baa3 from Ba1 the long-term foreign and domestic currency ratings of DP World Limited, the Dubai-based real estate firm that defaulted on its sukuk (Islamic bond) payments a few years ago… http://www.zawya.com/story.cfm/sidZAWYA20110411064120
Moody’s downgrades Kuwaiti Sukuk Issuer, NIG
On March 8, 2011 · In Defaults, Islamic Bonds, Kuwait, Moody's, Moody's Investor Service, Shariah Bonds, SUKUK
Moody’s Investors Service has downgraded to B2 from B1 the Corporate Family Rating (CFR) and Probability of Default Rating (PDR) of National Industries Group S.A.K. (“NIG”), as well as the instrument rating for the $475m sukuk issued by NIG Sukuk Ltd. The outlook on the ratings remains negative. http://www.ameinfo.com/258031.html
Sukuk defaulter Nakheel to issue new sukuk
On February 15, 2011 · In Defaults, Dubai, Dubai Investment Group, Islamic Bonds, Nakheel, Shariah Bonds, SUKUK
Dubai property developer Nakheel, whose mammoth default on Sukuk payments two years ago stung creditors around the globe, illustrating an overall high default rate in the sukuk category, is now coming back for more. Of course, Nakheel claims that all is well now. The sukuk issue is expected in this quarter. Details as they become [...]
Demand for Islamic bonds from the Middle East will return to “pre-crisis” levels by the end of the third quarter as companies restructure debt and higher yields lure investors, according to Citigroup Inc. Defaults by companies in the Gulf have increased concern about risks associated with Islamic bonds. http://www.businessweek.com/news/2010-10-25/citigroup-sees-sukuk-demand-recovery-in-a-year-islamic-finance.html
Nakheel PJSC, the developer of palm- shaped islands off Dubai’s coast, is in preliminary talks with Nasdaq Dubai to list Islamic bonds. Nakheel was the debtor involved in the multi-billion dollar Dubai World Sukuk debacle in late 2009 in which creditors were asked to “stand still” and extend maturities on Islamic bonds (Sukuk). The Dubai [...]
There is something about Sukuk (Islamic Bonds) which must make them more susceptible to default than conventional financing instruments. Since the outset of 2009, there have been no fewer than 34 defaults by Sukuk issuers. Keep in mind that this rash of defaults comes from an industry that touts itself as a form of “ethical [...]
Nakheel PJSC’s proposed sukuk to settle trade creditor claims is estimated to have a fair value in the low 60 cents to the dollar, JPMorgan Chase & Co. said. The property company, controlled by state-owned Dubai World, will be able to make almost all coupon payments on the five-year Islamic bonds although “we are less [...]
Concerns are surfacing that DIFC Investments of Dubai will struggle to make payments on its $3 billion debt financed by Sukuk (Islamic bonds)… “The source of that sukuk repayment is going to be asset sales. So, as much as there is uncertainty in their asset- sale plan, obviously there will be concern on their sukuk [...]
The recent notification by Kuwait’s International Investment Group (IIG) KSCC that it was not in a position to make the periodic payments due on July 12, 2010 on its $200 million exchangeable Sukuk (Islamic bond) issued in 2007 and which matures in 2010, once again turns the spotlight on the troubled market. This is the [...]
Here we have a marketing piece by Reuters (whose parent company is thoroughly involved in Shariah Finance) masquerading as a news story. In what other industry or financial sector could a rash of defaults–combined with high fees and conflicts of interest–prompt a wave of faux optimism as expressed in this Reuters fluff piece? Recent sukuk [...]
The lure of Islamic bonds appears to be wearing off for borrowers in the Persian Gulf region, with high-profile defaults and rising costs souring their appeal. “Dealing with Sukuk defaults, standardizing Shariah interpretation, and increasing Sukuk liquidity, we believe, are at the root of issues that could curb future growth,” said Mohamed Damak, analyst for [...]
International Investment Group (IIG) of Kuwait said it is unable to pay $152.5 million to sukukholders who demanded immediate repayment after the Kuwaiti finance company defaulted on its $200 million Islamic bond. In April, IIG became the second Kuwait-based firm in a year to miss a sukuk payment. Investment Dar Co., owner of half of [...]
The Sukuk (Islamic bond) market has yet to recover from the rash of defaults which hit Shariah Compliant Finance starting with the 2008 financial crisis… http://www.zawya.com/story.cfm/sidZAWYA20100718112801/IFIS%20releases%20H1’2010%20Global%20Sukuk%20Market%20Report%20
Beleaguered UAE mortgage lender, Tamweel may be acquired by Dubai Islamic Bank, the UAE’s largest Shariah-compliant lender. http://www.kippreport.com/2010/06/dubai-islamic-bank-may-acquire-tamweel/?
Islamic Bond market forecast to ride “rough patch”
On April 15, 2010 · In Debt Bonds, Defaults, Dubai, Islamic Bonds, Islamic Finance, Kuwait, Shariah Bonds, SUKUK
FT’s Robin Wigglesworth continues to exhibit a lack of curiosity when it comes to Shariah finance… http://www.zawya.com/Story.cfm/sid20100414_8473_283
Though The Economist continues to actively ignore many of the fundamental concerns surrounding Shariah-Compliant Finance, the article linked below about the Sukuk market is actually fairly well done, especially when one considers that The Economist has basically been nothing but a shameless cheerleader for Shariah Finance heretofore… The article points out many of the problems [...]
Linked below is an article written in a journal of the Wharton school of business at the University of Pennsylvania. It appears to address an issue which is indeed a huge problem in Shariah-Compliant Finance: Lack of Transparency. But appearances can be deceiving. What the Wharton article, which has no author’s name associated with it, [...]
Another UAE Sukuk Issuer Looks to “Restructure”
On March 31, 2010 · In Abu Dhabi, Debt Bonds, Defaults, Economic Crisis, Islamic Bonds, Shariah Bonds, SUKUK
Over the past two years, there have been numerous defaults on Islamic bonds (better known as Sukuk). In fact, default rates on Sukuk are apparently higher than those of conventional bonds. This is likely due to the higher fees associated with Sukuk which are arrived at from a series of convoluted machinations designed to keep [...]
Dow Jones has been shilling for Shariah-Compliant Finance for some time now. After all, the Dow Jones Islamic Index employed the Jihadist Shariah scholar Taqi Usmani as chair of its Shariah advisory board for a long time before rival Investors Business Daily exposed them. Now the flagship Wall Street Journal has published a piece on [...]
Archives By Month
Categories
- AAOIFI (21)
- Abdurahman Alamoudi (3)
- Abu Sayyaf (4)
- Abul-Ala Mawdudi (2)
- Accounting (15)
- ACTIONS (20)
- ADIH (1)
- Ahmad (1)
- Ahmadinejad (8)
- Alavi Foundation (1)
- apostasy (6)
- Audio Links (11)
- Blogroll (3)
- Bonyads (1)
- boycotts (5)
- CAIR (20)
- Cartoons (17)
- Catholic Church (1)
- Center for Security Policy (22)
- Certificates of Deposit (CDs) (1)
- China (20)
- Chinese (22)
- Christianity and Islam (49)
- Citigroup (44)
- Clearstream Banking SA (1)
- Colombia (2)
- Companies (76)
- AIG (22)
- Amana Funds (7)
- Arcapita (2)
- Bank of New York-Mellons (2)
- Barclays (3)
- Bloomberg (35)
- BNP Paribas (6)
- Conference (85)
- Countries (925)
- Abu Dhabi (105)
- Afghanistan (46)
- Algeria (3)
- Argentina (1)
- Australia (34)
- Bahrain (93)
- Bangaladesh (8)
- Belgium (5)
- Bermuda (1)
- Brazil (8)
- Britain (599)
- Brunei (13)
- Canada (59)
- Cayman Islands (1)
- Chechnya (1)
- Credit Dirivatives (8)
- Credit Suisse (3)
- Creeping Shariah (198)
- Da'Wah (94)
- Dana Gas (1)
- Debt Bonds (56)
- Defaults (55)
- Deloitte Touche Tohmatsu (2)
- DeLorenzo (2)
- Denmark (28)
- Derivatives (8)
- Deutsche Bank (39)
- Dhimmitude (442)
- DIC (33)
- DIFC (59)
- DIFX (12)
- Divest Terror (6)
- divestment (3)
- Doha (6)
- Dow Jones (24)
- Dow Jones Islamic Market (20)
- Drug trafficking (1)
- Dubai (482)
- Dubai Investment Group (55)
- Dubai Islamic Bank (34)
- Economic Crisis (52)
- Egypt (60)
- Elena Kagan (2)
- Emirates (34)
- Energy Independence for the USA (9)
- Equal Employment Opportunity Commission (2)
- Europe (86)
- European Union (26)
- Exchange Traded Fund (ETF) (4)
- family law (7)
- Fatwa (47)
- Fed of Islamic Orgs in Europe (1)
- Financial Institution (169)
- Finland (2)
- fiqh (4)
- fiqh council of north america (3)
- Fitch (2)
- France (55)
- Free Speech (8)
- Frequently Asked Questions (1)
- GE Capital (5)
- Germany (24)
- Goldman Sachs (12)
- Greece (1)
- Ground Zero Mosque (6)
- Gulf Cooperation Council (GCC) (11)
- Haiti (1)
- Haj (1)
- HALAL (17)
- Hamas (39)
- HARVARD (7)
- Hassan Chop (1)
- Hawala (5)
- Heros against Shariah (23)
- Hezbollah (32)
- Hizb ut-Tahrir (12)
- Holy Land Foundation (8)
- Hong Kong (23)
- HSBC (77)
- Human Rights under Shariah (73)
- Human Rights under Shariah Law (243)
- IFSB (6)
- IIFM (2)
- IIIT (1)
- Ikhwan (8)
- India (56)
- Indonesia (67)
- Indonesia Sharia Banking (29)
- Interest (6)
- International Islamic Liquidity Management Corporation (1)
- International Monetary Fund (6)
- Investment Scams (18)
- Investment Swindles (18)
- Investments (93)
- Investors Business Daily (18)
- Iran (229)
- Iraq (19)
- IRELAND (8)
- Islam (1182)
- Islamabad (2)
- Islamic Banking (714)
- Islamic Bonds (282)
- Islamic charities (161)
- Islamic Development Bank (11)
- Islamic Economics (637)
- Islamic Equity Funds (57)
- Islamic Finance (694)
- Islamic Financial Services Board (9)
- Islamic Index (97)
- Islamic Law (437)
- Islamic Relief (2)
- Islamic schools (13)
- Islamization (200)
- ISNA (Islamic Society of North America) (3)
- ISRA (2)
- Israel (19)
- Italy (20)
- Japan (25)
- Jemaah Islamiyah (3)
- Jihad (251)
- Jihadist Groups/Individuals (111)
- Al Qaeda (88)
- Al Shabaab (11)
- Al-Awlaki (3)
- Al-Awlaki (1)
- Bin Laden (7)
- jizyah (2)
- Jordan (20)
- Jurisprudence (22)
- Kashmir (1)
- Kazakhstan (3)
- Kenya (12)
- Khamenei (1)
- KindHearts (2)
- Kosovo (1)
- Kuala Lumpur (20)
- Kurdistan (1)
- Kuwait (83)
- Kyrgystan (3)
- Lamido Sanusi (1)
- Lashkar e Taiba (5)
- LATIN AMERICA (3)
- lawfare (17)
- Lebanon (21)
- Libya (16)
- Links (1)
- Luxembourg (4)
- madrassas (9)
- Malaysia (142)
- Malta (1)
- Markets and Trends (44)
- Mauritius (2)
- MEDIA (6)
- Media (5)
- Al Jazeera (2)
- Bridges TV (1)
- Business Week (1)
- Merrill Lynch (1)
- Microfinance (1)
- Minnesota (1)
- Moderate Muslim Voices (6)
- Mohammed (1)
- Money Laundering (32)
- Moody's (26)
- Moody's Investor Service (28)
- Morocco (3)
- murabaha (11)
- MURAHABA (6)
- Murfreesboro Mosque (1)
- Muslim Brotherhood (32)
- Nakheel (9)
- NASDAQ (5)
- NatWest Bank (1)
- Netherlands (35)
- New Zealand (4)
- Nigeria (42)
- Noor Islamic Bank (2)
- Norway (20)
- Obama (13)
- OIC (9)
- Oklahoma (1)
- Oman (9)
- OPEC (114)
- Pakistan (106)
- Palestinians (6)
- Peru (2)
- Phillipines (15)
- Photo Images (1)
- Polygamy (10)
- Powerpoints (5)
- Prince Bin Talal (2)
- proliferation (6)
- Qaradawi (56)
- Qatar (63)
- Rachel's Law (2)
- Ramadan (3)
- Regulation (34)
- RIBA (3)
- Russia (22)
- Salafism (10)
- Sanctions (7)
- Saudi Arabia (278)
- Scotland (10)
- SEC (6)
- Senegal (1)
- Serbia (1)
- Sharia Compliant (1075)
- Sharia Products (250)
- Sharia Videos (30)
- Shariah and Children (25)
- Shariah and Homosexuality (14)
- Shariah and Medicine (8)
- Shariah and the Arts (24)
- Shariah Banking (409)
- Shariah Boards (155)
- Shariah Bonds (335)
- Shariah Compliant Hedge Funds (13)
- Shariah Compliant Hyatt Hotels (3)
- Shariah Compliant Movies (1)
- Shariah Councils (68)
- Shariah Courts (12)
- Shariah Finance (1626)
- "Ethical Investment" (77)
- Shariah in Academia (98)
- Shariah insurance (71)
- Shariah Law (1336)
- Shariah Mortgage (24)
- Shariah Photos and Images (5)
- Shariah-Compliant CDs (2)
- Shariah-Compliant Credit Cards (1)
- Shariah-Compliant Hotels (2)
- Singapore (20)
- Somalia (25)
- South Africa (10)
- South Korea (13)
- Sovereign Wealth Funds (62)
- Spain (6)
- Sri Lanka (1)
- Standard & Poor's (22)
- Standard Chartered (2)
- stealth jihad (78)
- Stock Exchanges (59)
- Stop Shariah Now (4)
- Sudan (29)
- SUKUK (287)
- Sweden (15)
- Switzerland (25)
- Syria (19)
- Tadawul (3)
- Takaful (49)
- Taliban (27)
- Taqiyya (16)
- Tawarruq (4)
- telecom sector (1)
- Tennessee (2)
- Terror (564)
- Terror Funding (278)
- terrorism (148)
- Thailand (15)
- The Banker (1)
- The Netherlands (3)
- Thomson Reuters (5)
- Tim Pawlenty (1)
- Tunisia (2)
- Turkey (31)
- U.S. Policymakers (67)
- UAE (156)
- UBS (2)
- UBS Bank (3)
- UDR (1)
- Uganda (4)
- Uncategorized (540)
- United Kingdom (84)
- United Nations (21)
- United States Equitits (2)
- University Islamic Bank (7)
- US Federal Reserve (1)
- USA (762)
- Usmani (42)
- Usury (7)
- Venezuela (2)
- VIDEOS (91)
- Viva Palestina (1)
- Voice of America (1)
- Wahhabism (10)
- waqf (1)
- Women's Rights Under Shariah Law (328)
- World Bank (6)
- World Islamic Banking Conference (WIBC) (2)
- Yale (3)
- Yaquby (1)
- Yemen (17)
- Zakat (182)
Powered by FireStats