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Green light for Arcapita’s Shariah bankruptcy plan in US | Amilin TV
Green light for Arcapita’s Shariah bankruptcy plan in US

Bahrain investment firm Arcapita Bank has received approval from a US Bankruptcy Court for its plan to repay creditors, thought to be the first in the US that is compliant with sharia, Islamic law.

In a statement made by Judge Sean Lane of the US Bankruptcy Court in Manhattan, the case is indeed a fascination, and that the judge is happy with it.

Under the plan of reorganization, Arcapita will repay its only secured creditor, Standard Chartered, in full.

According to Reuters, Arcapita will transfer its assets to a new holding company which will dispose of its investments over time, in an attempt to avoid a firesale liquidation.

The company’s unsecured creditors will receive the equity in the new holding company as well as their pro rata share in a sharia-compliant loan. General unsecured creditors are expected to receive around 7.7 percent of the $1.9 billion they are owed, according to court documents.

The largest unsecured creditor is the Central Bank of Bahrain, which was owed $255.1 million.

The company provided alternative investment opportunities for rich families, institutions and sovereign wealth funds in the Gulf region, but sought bankruptcy last year as a $1.1 billion loan came due.

The fund’s investment were sharia-compliant, as is the $350 million loan that Arcapita arranged to fund its wind-down operations after its exits bankruptcy.

Sharia prohibits borrowing money with interest. Instead, the so-called murabahah structure effectively treats the arrangement as a sale, incorporating a profit margin and fees instead of interest.

Arcapita filed for bankruptcy protection in March 2012 with about $7.4 billion in assets under management.

The move was unprecedented in a region where most debt workouts have involved consensual talks that ended in long maturity extensions


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