Nakheel PJSC, the developer of palm- shaped islands off Dubai’s coast, is in preliminary talks with Nasdaq Dubai to list Islamic bonds.

Nakheel was the debtor involved in the multi-billion dollar Dubai World Sukuk debacle in late 2009 in which creditors were asked to “stand still” and extend maturities on Islamic bonds (Sukuk). The Dubai World near-default was just the highest profile case of trouble for so-called “ethical” Sukuk issuances around the world of Shariah-Compliant Finance. No fewer than 34 Sukuk have defaulted in the past 2-3 years.

Dubai World/Nakheel avoided default only thanks to a bailout by the regime in Abu Dhabi. Now Nakheel is seeking to issue new Sukuk…


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