An investment company controlled by Dubai’s ruler says it is rethinking its stake in a Malaysian Islamic bank.
Dubai Group paid what at the time was $282 million for a 40 percent stake in the bank in 2006.
The Dubai firm says it is redirecting its resources “closer to home” in the Middle East.
SFW is not sure what the reason for this move is, but we would imagine it has nothing to do with geography alone. Either the Malaysian Islamic bank is not performing very well or Dubai Group is under duress and having to cut back on its missionary work overseas.
Given all the bogus claims circulating about Shariah-Compliant Finance being the shelter from the economic storm, we certainly think this story warrants further scrutiny…though we won’t hold our breath for the financial press to actually do their job in this regard…
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20091001&id=10439452
