Dana Gas sukuk UK trial adjourned until Thursday

A London High Court judge on Tuesday adjourned until Thursday a trial on the validity of a sukuk, or Islamic bond, issued by UAE company Dana Gas in a case with implications for the global Islamic finance industry.

The judge’s decision came after Dana’s lawyers said no progress could be made as their client was not present after Dana Gas shareholders on Sunday obtained an injunction from a UAE court to halt the UK proceedings.

The London High Court judge, George Legatt, said he was minded to complete the trial within two weeks whether or not all parties were present.