Dana gas sukuk default: a juristic analysis of court judgement
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 an...
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| Main Authors: | , , , |
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| Format: | Article |
| Language: | English English English |
| Published: |
Emerald Publishing Limited
2019
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/75570/1/DanaGas%20Sukuk%202019.pdf http://irep.iium.edu.my/75570/7/75570_Dana%20Gas%20Sukuk%20default_scopus.pdf http://irep.iium.edu.my/75570/8/75570_Dana%20Gas%20Sukuk%20default_wos.pdf http://irep.iium.edu.my/75570/ https://www.emerald.com/insight/content/doi/10.1108/IMEFM-01-2019-0033/full/html |
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| Summary: | 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. |
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