Tuesday, May 03, 2005

Islamic banking grows, with all sorts of rules - Pittsburgh Post Gazette
(Wall Street Journal, May 3 2005)

Western borrowers are tapping the trend. Citibank sold a 100 million euros ($129 million) Islamic bond offering last September for the German state of Saxony-Anhalt. The deal involved investors buying the state's tax office buildings and then leasing them back for a revenue stream. The return on investment was thus from ownership, not interest payments. It was thus Islamic and attracted Middle Eastern money.


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