Events in Dubai had a marked effect on the Islamic finance market over the past year. In November 2009, state-owned holding company Dubai World announced it was to restructure $26 billion of debt, causing Moody’s and Standard & Poor’s to downgrade six government-linked issuers in the emirate as fears of contagion spread.
Mohammed Dawood, director of debt capital markets at HSBC, says the sukuk market has been quiet since the turn of the year, as issuers took stock of the wider consequences of the
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