Islamic finance - Work in progress
The Islamic financial world has long lagged behind conventional markets when it comes to securitisation. However, recent developments suggest an asset-backed securities market may finally be getting off the ground. John Ferry reports
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 that
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