Moody’s Investors Service has downgraded the Corporate Family (CFR) and Probability of Default Ratings (PDR) of Kuwait-based National Industries Group Holding S.A.K. (NIG) and the debt ratings on the USD 475 million sukuk issued by NIG Sukuk Limited to B1 from Ba3. ┬áThese sukuk are basically “junk Islamic bonds.”

So much for the idea that Shariah-compliance provides a safety net for investors. Is this what the financial jihadists mean when they say “ethical investing?”

National Industries Group (NIG), based in Kuwait City, is a publicly listed investment holding company, and one of the largest publicly traded companies in Kuwait. Its business includes strategic and financial stakes in companies across Kuwait and the GCC, focusing primarily on building materials, specialist engineering, petrochemicals, finance, real estate, oil & gas services and energy sectors.


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