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UAE court postpones judgment at Dana Gas sukuk hearing - source


In a dispute with potential implications for issuers and holders of Islamic debt around the world, Dana is refusing to make payments on the sukuk, which will mature this month.

It argues that changes in Islamic finance over recent years have made the bonds unlawful in the U A E.

A court in the emirate of Sharjah held its first hearing of the case and the judge then decided to reserve his judgment, the source said.

It was not clear when hearings might resume.

The postponement means the next major development in the dispute may occur in a London High Court, where fund manager BlackRock and Deutsche Bank  representing sukuk holders, have been arguing against Dana.

In late September, High Court judge George Leggatt said he would adjourn the London trial until Oct. 12.

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