While it has received virtually zero coverage in the Western financial media, by researching Islamic blogs, we have come across a very interesting piece of information: there were 10 sukuk (Islamic bond) defaults at the end of 2009.

We all know about the Dubai sukuk default, but there were evidently several others, including one involving a Pakistani cement company called “Maple Leaf.”

Details in English are sparse, but our clues come from the financial jihadists at “Islam and Economics” blog…(which is railing over plans to create more derivatives for the Shariah Finance industry)

http://elgamal.blogspot.com/2010/01/have-we-learned-nothing-here-come.html

 

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