It may be a market still in its infancy, but Islamic project finance is set to have a big impact. One US independent oil company is seeking $185 million in Islamically structured finance to pay for the construction and installation of an oil production platform in the Gulf of Mexico. This transaction comprises a clutch of firsts. It is the first time an Islamic bond issue - known as a sukuk (see glossary) – will be backed by oil as an asset class, the first sukuk issue in the US, and the