International Investor: Islamic Finance and the Equate Project Harvard Case Solution & Analysis

Equate Petrochemical Company (equate) is a joint venture of Union Carbide Corporation, and Petrochemical Industries Co (PIC) for the construction of a $ 2 billion petrochemical plant in Kuwait. Sponsors began construction in August 1994, using the bridge loan, and are in search of a permanent, non-recourse finance. As part of ongoing funding, sponsors want to use Islamic financing tranche - the funds are invested in accordance with Islamic religious principles known as sharia. The authors employed the Kuwait Finance House, which, in turn, went to an international investor (TII is a Kuwaiti investment bank) to assist in the structuring and underwriting the Islamic tranche. It takes place in early December 1995, as members of the Structured Finance Group institutional investor decides which Islamic structures to use, how to solve the various conflicts between Islamic and conventional trench and a large commitment to make on behalf of their investors. "Hide
by Benjamin C. Esty, Mathew Mateo Millett Source: Harvard Business School 22 pages. Publication Date: October 18, 1999. Prod. #: 200012-PDF-ENG

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