Google+ Followers

Thursday, 22 June 2017

Hard to invalidate Islamic contracts, scholars say amid Dana Gas dispute | Reuters

Hard to invalidate Islamic contracts, scholars say amid Dana Gas dispute | Reuters:

"Some of the top scholars in Islamic finance say it is difficult to declare an Islamic contract invalid because it no longer meets sharia standards, as the United Arab Emirates' Dana Gas is trying to do with $700 million of sukuk. Scholars decline to comment specifically on the case, which Dana has filed at a court in the emirate of Sharjah. The company argues it should no longer make payments on the sukuk because the interpretation of Islamic finance standards has changed since they were issued in 2013, making them "unlawful". But many scholars say Islamic instruments are not subject to reinterpretation if they were originally certified by a competent authority."



'via Blog this'