Credit crisis could be catalyst for local market
As Islamic product offerings continue to develop rapidly in the MENA region, there are signs that the corporate bond market is also maturing, particularly if local legislation is passed to further transparency and foster a good corporate culture.
The Middle East and North Africa (MENA) region may have thought it would escape the financial crisis but this was a false assumption, says Mohieddine Kronfol, a board member and managing director of asset management at Algebra Capital, a Dubai-based asset management company. “The region thought it was isolated but it was not,” says Kronfol. The response of the region to the crisis, however, was different. There were mixed policy responses: fiscal stimulus, quantitative easing and
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