Saudi Electricity Co., Saudi Arabia’s state-owned utility company, will aggressively market Shariah-compliant bonds to investors in non-Muslim nations around the world.

This is part of an ongoing effort to have Shariah bonds, also known as sukuk, gain wide acceptance with non-Muslims around the world.

At least some sukuk contracts involve zakat payments to Islamic charities, illustrating just one problem associated with these instruments. Another, of course, is that a major motivation here is to get Western investors comfortable with Shariah by infiltrating it into the West through the financial “back door.”



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