The little Emirate of Dubai has had colossal financial dreams of building a global financial empire utilizing the Muslim concept of Shariah Compliant Finance (SCF). Dubai has recently proclaimed the ultimatum of implementing a moratorium on its payment schedule for paying on interest debt which is HUGE.
The way I understand it (and financial understanding is not my forte) the Dubai Emirate (UAE) government is not the actual owner of DP World an Islamic financial corporation operating under SCF principles. Rather the Dubai Emirate has guaranteed all the finances of the Dubai conglomerate. With that said it is important to note that DP World was the corporation that the Bush Administration cleared to take over the port management of the major cities on the Eastern Seaboard. Fortunately a rare moment of bipartisan agreement stalled that DP World acquisition.
Gary H. Johnson, Jr. writes about the Dubai debacle to bring people like up to speed.
JRH 11/28/09
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