IslamicFinance.de

Dana Gas’s sukuk move is a surprising decision as it could have a detrimental effect on Dubai's goal of becoming the Global Centre for Islamic Finance. Financial analysts agree that Dana's manoeuvre to invalidate its own sukuk on Sharia non-compliance grounds harms the whole Islamic finance sector. Several questions arise and Dana Gas provides no answer. It is difficult to understand how Dana went from "discovering" the "unlawful" nature of the sukuk to getting injunctions in at least two jurisdictions without actually managing its communications. When DG acts in this way, it does not only potentially harm Dana's creditors but every investor in the UAE and the whole financial system.