Afaq Khan, chief executive of Saadiq
In January 2009, a high-level financial task force set up by the Islamic Development Bank met for the first time in Kuala Lumpur, Malaysia, to discuss among other topics "the architecture of the Islamic financial services industry, with a view to explain its potential contribution to reforming the global financial architecture and strengthening global financial stability". In May 2009, Kuwait Investment Dar became the first Gulf Co-operation Council (GCC) entity to cease payment on a sukuk (sharia-compliant note) due in 2010, as the bank entered default.
