In New York, Judge Sean Lane approved Arcapita Bank’s $175 million bankruptcy loan from Goldman Sachs to pull the bankrupt Shariah-compliant entity out of receivership…

There is some debate as to whether the arrangement is actually Shariah-compliant, but Arcapita’s Shariah advisory board have declared the arrangement Shariah-compliant so that’s all it takes.

(Talk about a conflict of interest! Arcapita’s Shariah advisors, who get paid by Arcapita, declare the bankruptcy deal Shariah-compliant and everyone moves along, nothing to see here!)

http://www.nasdaq.com/article/judge-approves-goldmans-bankruptcy-loan-for-arcapita-bank-20130624-00819

 

 

 

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