Kuwait’s NIG asks for 4-year Extension on $475M Sukuk Issue
On July 23, 2012 · In Defaults, Islamic Bonds, Islamic Finance, Kuwait, Shariah Bonds, Shariah Finance, SUKUK
The latest sign of trouble in the Islamic bond market…
National Industries Group Holding (NIG), a Kuwaiti investment firm controlled by one of the country’s biggest family conglomerates, has asked creditors for a four-year extension on a $475-million Islamic bond, or sukuk, maturing next month.
The request from NIG, part of the Kharafi Group, is the latest debt issue to surface in the Kuwaiti investment sector, which was hard hit by the 2008 global financial crisis.
http://in.reuters.com/article/2012/07/22/kuwait-nig-sukuk-idINL6E8IM1YI20120722
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