Ukraine, Moldova and Uruguay used such clauses in the context of bond exchanges in order to bind in the minority of creditors that would otherwise have objected to the bond exchange. Besides this progress with collective action clauses, I am pleased to note that work is proceeding on the development of a Code of Good Conduct.
An Islamic financial institution (IFI) is therefore one whose statute, rules and procedures expressly state its commitment to the principles of Islamic Shari’ah and to the banning of the receipt and payment of interest in any of its operations. As you are aware, the current regulatory regime does not permit financial institutions to engage in Islamic banking.