9 November 2017

Omar Salah in Islamic Finance News: “Restructuring Sukuk financing”

Omar Salah’s Special Report on “Restructuring Sukuk financing” was recently included in Islamic Finance News.

The Islamic finance industry has witnessed several Sukuk restructurings over the past few years, the most recent case being Dana Gas. The Dana Gas Sukuk restructuring has attracted the attention of the global Islamic finance industry, with litigation proceedings pending in the UK, UAE and BVI. The Sukuk holders include big names such as Goldman Sachs and BlackRock, which are represented by Deutsche Bank.

In this Special Report, Omar discusses certain legal complications that arise in the restructuring of Sukuk financing in general, both from an Islamic law perspective and from the perspective of the governing law of the Sukuk documentation. He assesses the AAOIFI Resolution of 2008 on Sukuk structures, English case law on previous restructurings of Islamic finance transactions, and previous Sukuk restructurings in the UAE.