Articles by author
Dana Gas PJSC v Dana Gas Sukuk: how should Islamic financial law apply in multi-jurisdictional litigious disputes?
Holders of Islamic financial instruments (often creditors) carry well-justified expectations that offerors and issuers (often borrowers) will observe the highest levels of integrity, transparency and proper (non-prevaricatory) conduct. The discussion surrounding the legal ramifications and impact on the Islamic financial services industry of Dana Gas PJSC v Dana Gas Sukuk Ltd and others [2017] EWHC 2928 (Comm) (17 November 2017) (Dana Gas PJSC) is therefore still incomplete. The High Court’s decision to rule the Purchase Undertaking valid and enforceable, regardless of whether the Mudarabah Agreement governing the Sukuk had been Shariah complaint or not, barely scratched the surface. Indeed, if anything, what has come out of the High court in Dana Gas PJSC is that not much has been said in a manner which would have addressed fundamental questions pertaining to Sukuk in a norm-setting way.
1 SEP 2021The UK’s second batch of Sukuk and the question of Shariah compliance: exclusion clauses v due diligence
In this In Practice article, UK and international legal authority on Islamic financial law, Dr Lu’ayy Minwer Al-Rimawi, questions the excessive use of exclusion clauses in the UK’s latest Sukuk issuance to exclude liability for Shariah compliance.
1 APR 2022
