Thomas Cook flop shows Islamic finance limitations
The UK’s Thomas Cook Group has failed in its attempt to issue what would have been the first Islamic bond for a European company. The deal itself had big problems including an unknown bookrunner managing it and stormy markets to contend with. But the sukuk’s collapse also raises questions over the depth of the Islamic finance market and how open it is to non-local issuers.
The European follow-up to the first sukuk issue by a US company a $500m Islamic bond successfully sold by GE Capital last November has turned out to be a resounding flop.
UK travel firm Thomas Cooks attempt to bring out the first ever sukuk by a
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