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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: Abdullahi Busari, Saheed, Abdul Aziz, Akhtarzaite, Zakariyah, Luqman, Amanullah, Muhammad Amanullah
Format: Article
Language:English
English
English
Published: Emerald Publishing Limited 2019
Subjects:
KBP Islamic Law
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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spelling my.iium.irep.755702020-04-16T07:05:02Z http://irep.iium.edu.my/75570/ Dana gas sukuk default: a juristic analysis of court judgement Abdullahi Busari, Saheed Abdul Aziz, Akhtarzaite Zakariyah, Luqman Amanullah, Muhammad Amanullah KBP Islamic Law 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. Emerald Publishing Limited 2019-09-09 Article PeerReviewed application/pdf en http://irep.iium.edu.my/75570/1/DanaGas%20Sukuk%202019.pdf application/pdf en http://irep.iium.edu.my/75570/7/75570_Dana%20Gas%20Sukuk%20default_scopus.pdf application/pdf en http://irep.iium.edu.my/75570/8/75570_Dana%20Gas%20Sukuk%20default_wos.pdf 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 https://www.emerald.com/insight/content/doi/10.1108/IMEFM-01-2019-0033/full/html 10.1108/IMEFM-01-2019-0033
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
English
English
topic KBP Islamic Law
spellingShingle KBP Islamic Law
Abdullahi Busari, Saheed
Abdul Aziz, Akhtarzaite
Zakariyah, Luqman
Amanullah, Muhammad Amanullah
Dana gas sukuk default: a juristic analysis of court judgement
description 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.
format Article
author Abdullahi Busari, Saheed
Abdul Aziz, Akhtarzaite
Zakariyah, Luqman
Amanullah, Muhammad Amanullah
author_facet Abdullahi Busari, Saheed
Abdul Aziz, Akhtarzaite
Zakariyah, Luqman
Amanullah, Muhammad Amanullah
author_sort Abdullahi Busari, Saheed
title Dana gas sukuk default: a juristic analysis of court judgement
title_short Dana gas sukuk default: a juristic analysis of court judgement
title_full Dana gas sukuk default: a juristic analysis of court judgement
title_fullStr Dana gas sukuk default: a juristic analysis of court judgement
title_full_unstemmed Dana gas sukuk default: a juristic analysis of court judgement
title_sort dana gas sukuk default: a juristic analysis of court judgement
publisher Emerald Publishing Limited
publishDate 2019
url 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
_version_ 1665894780862726144
score 13.211869

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