Dubai World's debt-restructuring request is expected to raise questions among investors and issuers regarding Shariah-compliant bonds. "This will mark the first test of the legal framework underpinning sukuk in general, and it could therefore have implications for Islamic fundraising globally," said Fahd Iqbal, an analyst at EFG Hermes, a Middle Eastern investment bank. Bankers are also speculating that the Dubai World situation will delay revival of the Islamic financing market.

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