Dubai Crisis Tests Laws of Islamic Financing

#Money

Wed, Dec 2nd, 2009 09:36 by capnasty NEWS

Shariah-compliant investments prohibit lenders from earning interest, and effectively place lenders and borrowers into a form of partnership. Yet there are no consistent rules about who gets repaid first if a company defaults on such debt, said Zaher Barakat, a professor of Islamic finance at Cass Business School in London.

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