Abu Dhabi  – Mubasher: Dana Gas on Monday announced that Sharjah’s Court of Appeal lifted an injunction preventing the company from participating in the British proceedings.

Dana Gas stated afterwards that it would appeal against London High Court’s ruling on the $700 million-sukuk case. 

Dana Gas deemed the sukuk non sharia-compliant and, therefore, unlawful in the UAE.

The case became the core of the global Islamic finance industry’s attention, as some investors believe the outcome may represent a precedent for other sukuk issuer who may refuse to repay debt because of changes in sharia’s interpretation.