The tiny European/NATO nation Luxembourg is one of the wealthiest small nations on earth. As you probably expected, Middle Eastern petro-wealth has found its way into influencing Luxembourg’s policies. This includes pressure on the country to issue a sukuk (Islamic bond) for its sovereign debt.

This week, Luxembourg decided not to issue a sukuk. We wish we could say that they arrived at this decision because they decided that aiding and abetting Islamic imperialism seems like a bad idea, but we’ll take what ever victories we can get at this point. (In fact, they decided the timing was just bad.)

http://www.bloomberg.com/news/2011-05-11/luxembourg-puts-sukuk-on-hold-governor-yves-mersch-says-1-.html

 

 

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