Islamic finance - Work in progress



The Islamic bond market has built its foundations on concepts and techniques pioneered in the securitisation market. But, until recently, Middle Eastern investors had yet to see a fully rated, multi-tranche sharia-compliant securitisation of residential mortgage-backed assets. That all changed in June with the launch of a residential mortgage-backed securities (RMBS) transaction known as Tamweel. So far, its significance has been little commented upon, but it could turn out to be the deal th