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Islamic finance awards 2010: Islamic finance joins the global mainstream

Even while it began to grow in developed markets, Islamic finance faced key tests. Fears about the enforceability of sukuk contracts in the Middle East might have proved exaggerated, but critics of the industry’s mimicking of conventional finance remain.

ISLAMIC FINANCE, AND more particularly the sukuk market, might have passed its first big test – or at least confirmed its conformity to conventional risk.

Last year an Islamic bond defaulted for the first time in the Middle East, one of the product’s two core markets – and the market with the more stringent Islamic rules.