Nakheel properties is pushing ahead with plans to issue Dh4.8 billion sukuk (Islamic bonds) on schedule this month after securing approval for its debt restructuring by all lenders.

Quoting an unnamed senior source in Nakheel, the Sharjah-based Arabic language daily Alkhaleej said sukuk would be issued and managed by the German Deutsche Bank.

Nakheel, the real estate arm of Dubai World, is infamous for stiffing global investors in its previous sukuk issue back in 2009. That default served as a wake up call to investors who had been duped by the financial jihadists into believing that Shariah provided some sort of mythical protection against market forces…



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