ARTICLE: Dubai Crisis Tests Laws of Islamic Financing, By HEATHER TIMMONS, New York Times, November 30, 2009

Definitely one to watch: the first-ever defaults within Islamic finance.

New rules are easy when everything's working out, but much harder to retain in crisis. And yet, there's little good to any rules that cannot survive such hard times.

So this is a serious growth process for the region's market players.

As always, with more connectivity comes more demands for transparency.