The tiny European/NATO nation Luxembourg is one of the wealthiest small nations on earth. As you probably expected, Middle Eastern petro-wealth has found its way into influencing Luxembourg’s policies. This includes pressure on the country to issue a sukuk (Islamic bond) for its sovereign debt.
This week, Luxembourg decided not to issue a sukuk. We wish we could say that they arrived at this decision because they decided that aiding and abetting Islamic imperialism seems like a bad idea, but we’ll take what ever victories we can get at this point. (In fact, they decided the timing was just bad.)