UAE:Privately owned gas company sends ripples around sukuk world

24 Jul 2017

United Arab Emirates Takaful Investment Management

Abu Dhabi-listed gas company Dana Gas has kicked up a storm in the Islamic financial world since it said on 13 June that it wanted to restructure sukuk which it had issued as they are now illegal. The company said that the evolution and continual development of Islamic financial instruments and their interpretation since the sukuk were restructured in 2013 have made the bonds non-Shariah compliant in the UAE.

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