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Brooklyn Lawmaker Announces Plan to Attract More Islamic Investment
by David Freedlander
Brooklyn State Senator Kevin Parker announced a bill today to create an alternative bond market that would be permissible under Islamic law by creating alternatives to the traditional interest-based bonds.
Many Islamic societies use the alternative structure, known as "sukuk," since Islamic law prevents the securing of interest-bearing bonds. Parker argues that opening up New York to sukuk would open the state's bond market to a new kind of international investor.
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