Nakheel delays AED1bn sukuk on inaccurate bank details
Nakheel has pushed the issuance of AED1bn ($272m) of Islamic bonds to its trade contractors after bank account details of some of its creditors were found to be defective.
The developer has inquired the 30 trade creditors to resubmit their account details to continue with the second AED1bn tranche.
Nakheel offered creditors repayment of 40 % cash and the remaining 60 % in the form of an Islamic bond, or sukuk, at a profit rate of 10 %.
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