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Dana Gas Sukuk – What Does It All Mean?

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by Umera Ali
New Horizon
Fall 2017

Umera Ali's article, "Dana Gas Sukuk – What Does It All Mean?," was published in the January to June 2017 edition of New Horizon magazine.

From the article . . .

Dana Gas SJC announced that two sukuk it issued are no longer Shari’ah compliant under the laws of the United Arab Emirates, rendering them unlawful and unenforceable. The company has argued that since the sukuk have become unlawful under UAE (United Arab Emirates) law, they need to be restructured with Shari’ah-compliant instruments. In the meantime, Dana Gas has obtained an injunction from the Sharjah Federal Court of First Instance, which prohibits all financial institutions and sukuk holders from taking any action ‘inside and outside’ the UAE in relation to the sukuk until the court considers the question of their legality and unenforceability. Further, Dana Gas has been granted an injunction by the Commercial Division of High Court of Justice in the British Virgin Islands, also restricting actions against the assets of the entity that issued the sukuk until the decision of the Sharjah Federal Court of First Instance.

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