Middle East gas producer's bid to void debt baffles analysts
Dana Gas says it does not consider its two Islamic bonds issued four years ago as Syariah compliant
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Dubai
A DECISION by a Middle Eastern gas producer to declare its own Syariah-compliant bonds unlawful has baffled investors in the US$2 trillion Islamic finance industry.
Sharjah-based Dana Gas PJSC said that it no longer considered its two Islamic bonds totalling US$700 million issued four years ago as Syariah compliant under the United Arab Emirates' law. A court in Sharjah has since barred bondholders from taking any action against the company's securities until it reviews Dana Gas's application to declare its debt "unlawful and unenforceable".
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