For much of the past year, talk in the Gulf has been about
how restructurings would work out. Would shariah law
be able to adapt for reorganising Islamic deals? Would local
law cope with the influx of new cases and untested legislation?
Well, the results have been largely uninteresting.
There have been defaults, notably the Investment Dar sukuk
that sparked a debate about how the Islamic bonds are
structured. It turns out, according to lawyers advising the
creditors, that all...