IslamicFinance.de

According to Mohamed Rafe Mohamed Haneef, CEO of CIMB Islamic Bank, Dana Gas’s case will leave the global Islamic finance industry relatively unaffected. Dana Gas said it no longer considered its two securities due in October as compliant with Islamic principles under UAE law. Unlike Malaysia, most Arab countries have no centralised Shariah boards to approve deal structures. In Haneef's opinion, Dana Gas’s case will probably be dismissed, as the sukuk agreement is subject to laws in both the United Arab Emirates and the U.K. A U.K. court is due to issue a ruling on Dana Gas' attempt to extend an injunction preventing sukuk holders from taking action regarding the debt. The company has proposed restructuring the notes on terms that are less advantageous to investors and plans to explain the legal action on a conference call with investors on July 6.