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Thursday, 13 July 2017

Sukuk market stalls after UAE issuer declares $700m bond unlawful

Sukuk market stalls after UAE issuer declares $700m bond unlawful:

"The market for Islamic finance has stalled after a Middle Eastern energy company attempted to declare its bond issue unlawful, provoking a court battle. Dana Gas told investors last month that it could not make payments on its $700m sukuk bond because its structure had been deemed unlawful under Emirati law.  The United Arab Emirates company wants to restructure the bonds but its investors say the move runs counter to the English law under which the bonds are governed."



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