The government of Cyprus will be unable to meet its payroll in December, and its next tranche of EU bailout money is not due until mid-January. As a stopgap measure, it is appealing to semi-governmental entities to lend it money derived from their pension funds.
In other news, a private Islamic wealth management company has set up the first Islamic retirement annuities scheme in Australia. It is designed to satisfy the retirement needs of Muslims who consider sharia-compliant financing important.
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