Report: Property giant Nakheel was about to default on 4.1 billion dollars in Islamic bonds

On January 19, 2010 · In Debt Bonds, Defaults, Dubai, Dubai Investment Group, Islamic Bonds, Islamic Finance, Nakheel, Shariah Bonds, Shariah Finance, SUKUK

The total debt of cash-strapped Dubai could be as much as 170 billion dollars, much higher than earlier reported, according to a report by EFG-Hermes regional investment bank.

This could result in a default from real estate property firm Nakheel on $4.1 billion in sukuk (Islamic bonds).

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