Islamic Finance Upstarts Challenge London

Law360, New York (March 27, 2008, 12:00 AM EDT) -- As factors including high liquidity and a demand for infrastructure in the Middle East spur a surge in Islamic finance, places like Dubai and Singapore are positioning themselves to draw business away from more established Islamic finance centers like London, attorneys say.

Dubai, United Arab Emirates; Riyadh, Saudi Arabia; Kuala Lumpur, Malaysia; Bahrain; Singapore; and Hong Kong are all vying to emerge as Islamic finance hubs, handling deals according to Shariah, the legal code based on Islamic scripture, lawyers familiar with the practice area told Law360....
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