Finance and faith

Islamic shari’a law may prohibit interest, but far from discouraging investment, shari’a-compliant structured project finance looks set to grow – particularly in the energy arena, as Maria Kielmas reports

It may be a market still in its infancy, but Islamic project finance is set to have a big impact. One US independent oil company is seeking $185 million in Islamically structured finance to pay for the construction and installation of an oil production platform in the Gulf of Mexico. This transaction comprises a clutch of firsts. It is the first time an Islamic bond issue - known as a sukuk (see glossary) – will be backed by oil as an asset class, the first sukuk issue in the US, and the

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