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| Arabia |
| Kuwait's Investment Dar files for legal protection |
| 2010-03-14 |
| Investment Dar, the troubled Kuwaiti firm that owns half of luxury British carmaker Aston Martin, said on Saturday it has filed for legal protection under Kuwait's financial stability law. "Investment Dar announces today that it has started a process of legal protection under the terms of Kuwait's Financial Stability Law," a company statement said. The company, which has debts of over three billion dollars, said the move aims at pushing through a debt restructuring plan that is backed by more than 80 percent of creditors but is opposed by a minority. If the request is accepted by authorities, it will halt all legal actions against Kuwait's top Islamic investment firm. |
| Posted by:Fred |
| #3 As I understand it, Sharia financing means investing in something in exchange for a cut of the proceeds. No interest, just a fixed cut on completion/payment. I have used this method of financing jobs myself, albeit not with Islamists. Whatever works. |
| Posted by: badanov 2010-03-14 03:04 |
| #2 Islamic investment firms work a lot like venture capitalists - taking stakes in return for cash. The problem is that this isn't a good model for larger companies who need loans and credit, which helps explain why the Islamic world has almost no large publically traded companies who aren't property developers. The Islamic investment model handles property loans reasonably well. A lot like American banks in fact. |
| Posted by: phil_b 2010-03-14 01:37 |
| #1 "Islamic investment" Now there's an oxymoron.... |
| Posted by: Barbara Skolaut 2010-03-14 00:25 |