Islamic bond sales in Turkey may double to $3 billion this year as companies join the government in accessing Shariah-compliant investors, according to HSBC Holdings Plc, the world’s biggest underwriter of sukuk.
When Saad Iqbal left Deutsche Bank AG in Dubai two years ago as European banks scaled back amid the debt crisis, he turned to Riyadh as a construction boom makes Saudi Arabia a hub for project finance.
Senegal is trying to position itself as a center for Islamic finance in West Africa, where about 52 percent of the population is Muslim, as the government pursues changes that will enable the first sales of sukuk.
Indonesia is counting on people like Nur Hanifah, a 50-year-old widow who sells plastic buckets and inflatable kiddie pools, to help it catch Malaysia, a country one-tenth the size that leads the world in Islamic finance.
Richard Strassberg, the Goodwin Procter LLP lawyer who represented Martha Stewart’s broker Peter Bacanovic in his 2004 criminal trial, will head a legal team defending former SAC Capital Advisors LP portfolio manager Mathew Martoma against insider-trading charges.
Islamic banks say their small scale and a lack of risk-management products makes it harder for them to compete, after Ernst & Young LLP warned lower profitability threatens to slow expansion of the $1.8 trillion industry.