Islamic finance feels heat from $700 mln Dana sukuk saga | Reuters

Islamic finance feels heat from $700 mln Dana sukuk saga | Reuters:

"Islamic finance operators are scrambling to tighten the industry’s rules in order to make sure other companies cannot take the same path as Dana Gas, which this week forced a $700 million debt restructuring. Global standards are likely to become more detailed and explicit and a shift to centralised regulation may accelerate after the United Arab Emirates firm reached a conditional deal with creditors on Sunday over a contested sukuk issue. Dana shook the $2.5 trillion global industry last June, saying it would not redeem its sukuk on maturity. It proposed swapping them for new sukuk with lower profit rates. "



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