Tuesday, March 27, 2012

Joy Brighton: Goldman Sachs caught in a Sharia Catch-22

From Shariah Finance Watch:

The intrepid and illustrious Joy Brighton weighs in on Goldman Sachs’ ridiculous foray into the world of Shariah-Compliant Finance. This is an excellent article that regretfully we previously overlooked…
Excerpt and LINK:
In September 2011, Goldman Sachs announced it would issue a $2 billion Shariah Compliant Islamic Bond derivative known as a “Sukuk” to finance its current business operations.
However, by Feb. 15, 2012, despite Goldman Sachs’ many acts of obeisance in the service of capital, Abu Dhabi Islamic Bank’s Shariah scholars decided that Goldman Sach’s Islamic bond program was “noncompliant with Shariah.”

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