Dana Gas expects the profit rates on $700 million of its Islamic bonds to have more than halved after they were found to not comply with religious law.
"Due to the evolution and continual development of Islamic financial instruments and their interpretation, the company has recently received legal advice that the sukuk in its present form is not Sharia compliant and is therefore unlawful under UAE law," the company said in a statement on Tuesday.
The bonds are part of Dana’s debt restructuring, which it began in...
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