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July 2006

Islamic investors lap up first oil and gas sukuk

by Kathryn Wells

The recent sale of the first Islamic compliant securitization originated in the US is likely to open up a new source for the sukuk market, bankers believe.


The $165.67 million sukuk, originated from Texas-based East Cameron Partners, has achieved several firsts – as well as being the first such deal to come from the US, it is also the first ever Islamic securitization rated by S&P, and the first securitization embedding Shariah-compliant hedges. East Cameron Partners’ reserves are located in the shallow waters offshore...


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