Dana gas sukuk default: a juristic analysis of court judgement

Abdullahi Busari, Saheed and Abdul Aziz, Akhtarzaite and Zakariyah, Luqman and Amanullah, Muhammad Amanullah (2019) Dana gas sukuk default: a juristic analysis of court judgement. International Journal of Islamic and Middle Eastern Finance and Management, 12 (4). pp. 569-585. ISSN 1753-8394

	PDF - Published Version Restricted to Registered users only Download (351kB) | Request a copy
Preview	PDF (Scopus) - Supplemental Material Download (211kB) | Preview
Preview	PDF (wos) - Supplemental Material Download (426kB) | Preview

Abstract

Purpose – This study aims to analyse the facts of the case in the judgement made by the High Court of Justice, England, UK, in the case of Dana Gas Public Joint Stock Company (PJSC) v. Dana Gas Sukuk Limited (Ltd.) and Ors. Design/methodology/approach – This study uses descriptive and juristic analysis to explain the factual terms in the case of Dana Gas sukuk default. It also uses juristic opinions to analyse the underpinning argument in the Dana Gas court case between the decision of Sharjah Court, UAE, and the English Court, UK. Findings – The study concluded that despite the position of Dana Gas PJSC that specific element of the mu � d�arabah sukuk is non-Sharī’ah-compliant, the English court decision which established the enforceability of the purchase undertaking seems to be fair based on the Islamic maxims such as “Difficult situation cannot violate the right of other” and “The conditional matters among Muslims are binding.” Research limitations/implications – The impact of this study is that Dana Gas sukuk default has thought stakeholders of Sukuk investment lessons on the importance of documentation and consideration of tighter clauses to ensure its bindingness in the law court. Hence, this study is expected to be a contribution towards the call for standardization of the role of Sharī’ah scholars across the globe. Originality/value – This study illustrates the fact in the case of Dana Gas sukuk default and analyses the court’s decision from a fiqh perspective.

Item Type:	Article (Journal)
Additional Information:	2722/75570
Uncontrolled Keywords:	Purchase undertaking, Farabah-Fukuk, Sukuk default, Mudarabah sukūk, Purchase undertaking, Sharī’ah Compliance
Subjects:	K Law > KBP Islamic Law
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Islamic Revealed Knowledge and Human Sciences Kulliyyah of Islamic Revealed Knowledge and Human Sciences > Department of Fiqh and Usul al-Fiqh
Depositing User:	Dr Akhtarzaite Abdul Aziz
Date Deposited:	16 Apr 2020 15:02
Last Modified:	16 Apr 2020 15:05
URI:	http://irep.iium.edu.my/id/eprint/75570

Actions (login required)

View Item