India’s finance minister tries to stem panic

Zurich Insurance Finance Chief Pierre Wauthier Found Dead

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Islamic finance body IILM sells debut $490 million sukuk

He was 53. Police are investigating the circumstances of his death, the Zurich-based company said in an e-mailed statement late yesterday, declining to disclose further details. Officials found no indications of third-party involvement in the death, Marcel Schlatter, a police spokesman for the canton of Zug, Switzerland, where Wauthier lived, said by telephone today. Wauthier was appointed CFO in September 2011 after previous roles as group treasurer and head of centrally managed businesses.

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These primary dealers will now be responsible for selling the sukuk on to other Islamic banks and institutions in an effort to create an active market in the instruments. Sukuk are backed by assets which generate returns for investors. The IILM previously said its sukuk would be backed by sovereign assets from member countries, but it has not revealed more information about them. The issue was delayed several times over the past two years by technical obstacles and friction among IILM members. Because of the sukuk’s multinational structure, multiple boards of Islamic scholars needed to rule on its religious permissibility.

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