Business, Management and Accounting
4 years ago

Dana Gas Sukuk Litigation Sparks Legal Battle Over Islamic Finance Compliance.

Journal of Islamic Business and Management
The intricacies of default in Islamic Finance: A Case Study of Dana Gas Sukuk Litigation
S Uk Ūk Litigation, Najeeb Zada, Marjan Muhammad, S Ukūk

Paper Summary

The article discusses the Dana Gas Sukuk litigation, where the company refused to pay its Islamic finance instrument holders, claiming it was no longer Shariah compliant. This led to legal battles in UK and UAE courts, with conflicting decisions on payment obligations. The study explores the challenges in Sukuk restructuring, legal uncertainties, and the behavior of the company and investors in this complex financial situation.

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