Economic Times

#UAE's Dana Gas raises loan, avoids another restructuring

United Arab Emirates energy firm Dana Gas has raised a $90 million loan allowing it to redeem $309 million in bonds due at the end of October and avoid a third debt restructuring. The company has obtained a one-year $90 million loan from Mashreq Bank. The new loan will be repaid when Dana completes a planned sale of its Egyptian assets. The firm shook the global Islamic finance industry in 2017, when it said it would not redeem its $700 million sukuk, arguing they were no longer valid under UAE law because of changes in Islamic financial practice. After a protracted legal battle, it reached an agreement with creditors in 2018. That restructuring followed an earlier one in 2012.

Benchmark, India launches Exchange Traded Fund

Shailesh Menon reported in Economic Times on 29 January that Benchmark Asset Management is launching a Shariah-compliant open-ended exchange traded fund. The scheme opens for subscription on February 4 and closes on February 25.

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