Sharjah court blocks action on Dana bonds pending review

A court in Sharjah in the United Arab Emirates has barred holders of bonds issued by Dana Gas from taking action against the bonds while it reviews Dana’s claims.
By Staff reporter 19 June 2017 0 26433

A court in Sharjah in the United Arab Emirates has barred holders of bonds issued by Dana Gas from taking action against the bonds while it reviews Dana’s claims. Dana declared the bonds unlawful under UAE law last week.

"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...

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