Joy Brighton: Goldman Sachs caught in a Sharia Catch-22
On March 24, 2012 · In Goldman Sachs, Islamic Bonds, Islamic Finance, Sharia Compliant, Sharia Products, Shariah Boards, Shariah Bonds, Shariah Councils, Shariah Finance, Shariah Law, Stop Shariah Now, SUKUK
The intrepid and illustrious Joy Brighton weighs in on Goldman Sachs’ ridiculous foray into the world of Shariah-Compliant Finance. This is an excellent article that regretfully we previously overlooked…
Excerpt and LINK:
In September 2011, Goldman Sachs announced it would issue a $2 billion Shariah Compliant Islamic Bond derivative known as a “Sukuk” to finance its current business operations.
However, by Feb. 15, 2012, despite Goldman Sachs’ many acts of obeisance in the service of capital, Abu Dhabi Islamic Bank’s Shariah scholars decided that Goldman Sach’s Islamic bond program was “noncompliant with Shariah.”