India last month extended the fiscally precarious Maldives a $50 million interest-free loan, helping stave off a potential default on $500 million in Sukuk bonds. The loan will support coupon payments due this month. The bonds, issued in 2021, were subscribed by countries including Egypt, Pakistan, South Africa and the UK. Sukuk bonds comply with Islamic law , offering investors a way to generate returns without violating the prohibition on interest. Investors reap a share of profits from the

Tag-uri: Islam