Oct 12 2011
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Al Futtaim in Sukuk drive
The move, according to Daniele Vecchi, senior VP for MAF who was talking to local news sources at an event in Abu Dhabi, has been prompted as the firm finds it difficult to raise finance through the conventional route as market volatility and uncertainty abounds.
Vecchi told reporters that the firm was opting for Sukuk as there was a lot of liquidity in the local market looking for Shari'ah compliant issues, and that the Sukuk route was a more stable option for MAF .
The firm had raised $1bn in July to refinance existing debt and create a pool of capital for business operations.
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