Coming To America: Sharia-Compliant DIP Financing

Law360, New York (July 29, 2013, 12:45 PM EDT) -- The global market for Islamic finance has been growing at exponential rates, with the overall size of the Islamic financial industry increasing from approximately $80 billion in 2000 to approximately $1.3 trillion at the end of 2011. It’s therefore not surprising that the United States Bankruptcy Court for the Southern District of New York recently approved a first-of-a-kind Sharia-compliant debtor-in-possession financing and exit financing package in Arcapita Bank’s bankruptcy cases. Sharia is the moral code and religious law of Islam.

Arcapita is a privately owned Sharia-compliant...
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