DANA GAS: WHERE CREDITORS ARE HIDING IN
THE SUKUK?
The latest issue surrounding Dana Gas Sukuk clearly shows that
the market is still struggling to understand the true nature of sukuk. In
reports published of late, many still talk about creditors taking steps to
protect their interest related to payment of the so called dividend or profit as
mentioned or provided for in the sukuk documents.
If the word “creditors” is to be understood conventionally referring
to someone who has lent a certain sum of money, who for sure is entitled for a
repayment at a certain future agreed date, then obviously the use of such word
in the context of sukuk is totally unacceptable. The reason being true Shariah
compliant sukuk are basically not debt instruments like conventional bonds
where sums of money are borrowed or lent.
