Kuwait's International Investment Group (IIG) (IIGK.KW) said it was unable to pay the coupon of a $200 million sukuk, in at least the third regional default of an Islamic bond since the financial crisis began.
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A major report on Islamic Finance was launched at the inaugural 'Financial Stability Forum' organised by the Islamic Financial Services Board (IFSB) recently in Khartoum.
Dubai World and its core creditor banks began crucial negotiations this week on restructuring the conglomerate’s US$26 billion debt “on a positive note,” according to a report.
Dubai World, the parent firm of property developers Nakeel and Limitless World, have been in talks with its 97 lenders, including foreign and local banks, on debt restructuring matters since last November when the conglomerate asked for a debt standstill deal. |