When the British government said last month it would issue its first Islamic bond, the implications went far beyond the debt market: it was a signal that London will not back down in an escalating tussle among cities for Islamic financial business. London has long been the default center for international firms to issue sharia-compliant bonds, part of a fast-growing Islamic finance sector that will be worth […]
India’s newly installed central bank Governor Raghuram Rajan burnished his international credentials at a 2005 U.S. conference warning about the danger of a potential crisis. Now he has one of his own to contend with. Rajan, 50, joined the front lines of a battle to forestall a record slump in the rupee yesterday with a package of measures that may lure $10 billion in foreign-exchange inflows over […]
Dubai’s stock market reputation as a safe haven in the Middle East was jolted this week as the possibility of a U.S. military strike against Syria spooked all global asset classes. The benchmark DFM stock index slumped 7% on Aug. 27, making it the worst global stock market performer that day. It fell another 1% today as the prospect of Syria’s woes spreading to the wider region, […]
