DOCSLIB.ORG

Digesting Dana Gas: Lessons Learned

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Digesting Dana Gas: Lessons Learned The World’s Leading Islamic Finance News Provider (All Cap) 1300 North and West Ethmar 1MDB Uzbekistan to 1250 African Islamic for Islamic time bomb: set up Islamic 0.39% 1,194.43 1200 banks tapping Microfi nance The plot development bank 1,189.77 1150 the SME seeks funding thickens...7 as part of plans 1100 market...6 ahead of to accommodate TMSSFTW expansion...6 Shariah fi nance...8 Powered by: IdealRatings® COVER STORY 23rd May 2018 (Volume 15 Issue 21) Digesting Dana Gas: Lessons learned Almost exactly a year ago, Dana Gas Gas in June 2017, with a few minor Sukukholders and 30% of ordinary declared its maturing Sukuk to be improvements. Sukukholders. The Sukukholders “unlawful and unenforceable” — committ ee also entered into a litigation sett ing in motion a series of convoluted The original deal off ered an exchange of dismissal agreement with Dana Gas that and controversial claims and the 2013 Sukuk in favor of a new four- provides for the dismissal of all pending counterclaims that limped litigiously year instrument with profi t distributions litigation and a release of certain through the courts for 11 long months. at “less than half” of the current profi t outstanding claims. Last week, the company fi nally reached rates, without a conversion feature, and a tentative agreement with its creditors with profi t payments comprising both “We are pleased to have amicably – but will it work, is it fair and, most cash and payment in kind. The company reached a consensual solution with importantly, what implications could also refused to pay the two outstanding the ad hoc committ ee, as indeed was it have for the wider Sukuk market? profi t distributions of July and October always the company’s publicly-declared LAUREN MCAUGHTRY looks at the 2017 on the grounds of unlawfulness, intention from the outset, which off ers lessons to be learned from one of the although it promised that they would Sukukholders the opportunity to cash biggest scandals to hit the industry in be “accounted for” as part of the new out at a premium to current market almost a decade. Sukuk. prices or — individually solely at their election — to achieve a path to full A done deal? The new deal of May 2018 off ers a repayment of the face value of their On the 13th May 2018, Dana Gas similar structure but with some key existing holdings,” said Dana Gas CEO announced an agreement with an ad hoc diff erences in phrasing. Sukukholders Patrick Allman-Ward. committ ee of Sukukholders regarding can immediately redeem their an off er to restructure and refi nance investment at 90.5 cents to the dollar, So is this a positive resolution? its disputed US$700 million Sukuk or they can convert their holdings into Mudarabah, which at issue in May 2013 a new three-year Sukuk instrument “From a commercial perspective, the was split between a US$350 million paying a coupon of 4%, with arrears investors would not have accepted this ordinary Sukuk tranche at 7% and paid at the original profi t rate up until if it did not make sense for them,” thinks a US$350 million convertible October 2017. The new Sukuk Rizwan Kanji, a partner and debt capital Sukuk tranche at 9%, each due will be structured as a simple markets specialist at King & Spalding. in October 2017. Wakalah instrument, based on an But not everyone agrees. underlying Ijarah and a deferred So is it a fair deal, and what payment obligation contract. “I don’t think it is a good outcome for will it mean for investors? In addition, the agreement is creditors,” said Khalid Howladar, the contingent on the termination of founder and CEO of boutique advisory At fi rst glance, the off er looks all current litigation. fi rm Acreditus. “They don’t really substantially similar to the seem to have changed much from the th original restructuring As of the 13 May, the off er sett lement that was proposed this time suggestion made by Dana had received the approval of 52% of convertible continued on page 3 IFN RAPIDS Volume 15 Issue 21 ready to commence talks agreement with Lycee DEALS with Malaysia on scandal Francais Jean Mermoz IFN Rapids ................................................... ..2 Indonesia privately places Otoritas Jasa Keuangan IFN Reports: new Sukuk series; reopens admits shares of Guna TAKAFUL • North and West African Islamic banks auction for six existing Timur Raya onto list of Al Ahlia Cooperative series Shariah securities tapping the SME market • Ethmar for Islamic Insurance Company Microfi nance seeks funding ahead of expansion • Matrix Concepts raises Amana Bank establishes receives Saudi Arabian RM50 million (US$12.63 1MDB time bomb: The plot thickens • Company third self-banking center in Monetary Authority’s million) through the Thihariya approval for proposed Focus: Bank Al Yousr • Uzbekistan to set up issuance of Islamic merger with Gulf Union Punjab government Islamic development bank as part of plans to commercial paper Cooperative Insurance introduces Islamic crop accommodate Shariah fi nance • PODCAST: Company Sabah Credit Corporation insurance Moody’s bullish on Saudi Arabia’s Vision 2030; issues Islamic commercial Takaful Emarat establishes Punjab University Hailey papers new brand to complement targets corporates as part of expansion strategy • College of Banking & acquisition of Al Hilal Sovereign Sukuk: Only the usual suspects .... 6 Bank Negara Malaysia Finance and Al Baraka Takaful fl oats Islamic instruments Bank enter into agreement totaling RM63.88 billion to facilitate academic Saudi Indian Cooperative IFN Analyses: (US$16.06 billion) excellence Insurance Company Turkey: Uncertainties threaten development 11 receives Saudi Arabian NASDAQ Dubai admits Indonesian Islamic banks to Treasury: Investing in Islamic liquid assets .. 12 Monetary Authority’s Noor Bank’s US$500 enhance Hajj services Case Study: million fi ve-year Sukuk approval for capital Indonesian Stock reduction Sharjah Islamic Bank’s Sukuk: Strong QIIB waiting for the right Exchange launches new Saudi Takaful fi rms appetite.................................................. 13 time to print fi ve-year Islamic index Sukuk, says CEO announce reduction in Back To Basics: Malaysian government’s capital Arguments against the forbiddance of Kuwait Finance House intention to abolish to establish US$3 billion interest .................................................. 14 highway tolls will impact Sukuk program; receives Sukuk and bond market RATINGS Shariah Standard: provisional rating of ‘(P)A1’ MARC affi rms investment Amana Bank collaborates Controls on Gharar in fi nancial transactions 15 manager rating of IMR-2 on Central Bank of Kuwait with mCash to bring Column: Kenanga Islamic Investors issues KWD160 million easier payment solution to Daud speaks: From awareness to action ........ 16 (US$528.05 million)-worth customers Mashreq Capital’s of conventional bonds and investment manager quality IFN Country Correspondents: Investcorp launches Tawarruq facilities assessment falls one notch Morocco; Qatar; the Philippines; Hong Kong; platform to enter Telekom Malaysia issues to MQ2 Malta; Japan ................................................... 17 Germany’s dental sector Islamic medium-term with two completed initial Projek Lebuhraya IFN Sector Correspondents: note worth RM250 million investments Usahasama’s Sukuk Islamic Leasing; Islamic Microfi nance; SRI (US$62.92 million) Musharakah program Ethical & Green ............................................. 20 AEON raises RM100 affi rmed at ‘AAAIS’ Country Feature: million (US$25.17 million) through the issuance of RESULTS VBI: A new phase for Islamic banking and fi nance MOVES Islamic commercial paper Bank ABC Islamic records in Malaysia ................................................... 23 Five board members of 28.13% increase in net profi t Danajamin Nasional ‘One Belt, One Road’ initiative – what’s in it for for fi rst quarter of 2018 NEWS to retire; Suresh Menon Malaysia’s Islamic fi nance industry .............. 24 Islamic Finance Project appointed as new director Sector Feature: Management Offi ce ASSET Adissadikin Ali now Takaful digital transformation ....................... 26 proposes same tax on president of Association News ............................................................. 27 Islamic fi nance products MANAGEMENT of Islamic Banking and with conventional off erings Deal Tracker .................................................34 Blossom Finance opens Financial Institutions REDmoney Shariah Indexes ...................... 35 Report on 1MDB says enrollment for its fi rst Malaysia publicly available Islamic proceeds raised via many Abdulkader Thomas Eurekahedge Funds Tables ........................37 microfi nance fund sources including Islamic resigns from Meethaq Dealogic League Tables ..............................39 papers not fully used for Equitativa, on behalf of Islamic Banking’s Shariah REDmoney Events ...................................... 43 intended purposes; Swiss Emirates REIT, enters supervisory board Subscription Contact................................... 43 and Singaporean authorities into buy and leaseback Disclaimer: IFN invites leading practitioners and academics to contribute short reports each week. Whilst we have used our best endeavors and eff orts to ensure the accuracy of the contents we do not hold out or represent that the respective opinions are accurate and therefore shall not be held responsible for any inaccuracies. Contents and copyright remain with REDmoney. © 2 23rd May 2018 COVER STORY Digesting Dana Gas: Lessons learned Continued from page 1 last year. I would
Load more

Recommended publications
  • 20210404 List of Nominees
    No. of years of Experience in Name Capacity Experience the Company's field Mr. Hamid Jafar is the Chairman of the Board of the Crescent Group of companies in addition to his primary business in oil and gas, Mr. Hamid has a variety of global commercial interests including container shipping, terminal operations, transport and logistics, real estate, power generation and private equity. Mr. 40 years of experience in Oil 1 Mr. Hamid Dhiya Jafar Non executive Hamid has also promoted important projects in higher education at Cambridge University and the United Arab Emirates. He is also an active supporter of and Gas many charities. Mr. Al-Jarwan is the Vice Chairman of Dana Gas where he held the post of the Executive Director of the Board till 2014. He was acting CEO of Dana Gas for 40 years of experience in Oil 2 Mr. Rashid Saif Al-Jarwan Non executive one year. In addition he held various executive and technical positions in the ADNOC Group and ADGAS of companies in Abu Dhabi for 28 years. He gained and Gas extensive experience over more than 40 years in the field of oil and gas exploration and production. Mr. Nerguizian is the General Manager of Bank of Sharjah since 1992. He is the Chairman and General Manager of Emirates Lebanon Bank SAL, Lebanon 12 years of experience in Oil 3 Mr. Varoujan Nerguizian Non executive (member of Bank of Sharjah Group) since 2008. He is also a Founding Member and Chairman of the Lebanese Educational Fund SA and of the Lycee' Libanais and Gas listed companies Francophone Prive, Dubai a non-profit educational initiative that caters to the needs of the Lebanese and Francophone communities of the UAE since 2003.
    [Show full text]
  • New Model of Salam Sale for Agricultural Development Finance
    Research Article New Model of Salam sale for Agricultural Archives of Development Finance Al Siddig Talha M Rahma* Agriculture Imam Mohammed Ibn Saud Islamic University, College of Economics &Business administration, Kingdom of Saudi Arabia Research and Abstract Technology (AART) The new financial economic model derived from the traditional Salam situation. This scenario is based on the idea behind the treatment of risks facing traditional Salam applications, which includes high rates of inflation and the exit of financing from its approved aspects, which cannot enable the farmer or producer to disburse this monetary benefit in the Volume 1 Issue 3, 2020 fields of agriculture. Then Banks and financial institutions lose huge amounts of money that are wasted. In addition, lack of understanding of the process of obtaining loans between farmers and producers, this new model can solve many problems Article Information and risks in the classic sales of Salam, which rely mainly on granting cash loans. Received date: May 28, 2020 Published date: July 07, 2020 The paper works to monitor and limit the risks posed by the traditional Salam and pushes that agricultural financing loses. It is most important input to financing and then corrects the paper and it relies on this innovative model, which aims to provide the necessary inputs to farmers and producers. This paper attempts to solve this problem by providing inputs directly *Corresponding author by updating production through regular and timely operation of modern scientific inputs. Al Siddig Talha M Rahma, Imam Mohammed Ibn Saud Islamic University, The study identified the structural equation model to analyze the results of the analysis of descriptive statistical data, College of Economics & Business which resulted in the preferred cash financing for farmers as a desirable situation.
    [Show full text]
  • Special Supplement
    SPECIALng & Finance SUPPLEMENT Islamic Banki VOL 3 | ISSUE NO 19 SPECIAL HONORARY AWARDS “LIFETIME ACHIEVEMENT AWARD” Rtd. Justice Ash-Sheik Mufti Muhammad Taqi Usmani, Executive Member and Chairman of the Sharia Board of AAOIFI and a former member of the Sharia Appellate Bench of the Supreme Court of Pakistan “SERVICE EXCELLENCE IN ISLAMIC FINANCE” State Bank of Pakistan In recognition of the contribution made, especially to startups, in the IBF Industry all over the world, by the dissemination of information on a free to view public website that many institutions in South Asia would have availed of. “LEADERSHIP IN ISLAMIC FINANCE” Mr Mohammed Kateeb, Group Chairman & CEO, Path Solutions, Kuwait In recognition for the leadership provided to one of the trailblazers in Information Technology germane to the IBF Industry “SERVICE TO HUMANITY” Mr Mushtaq Chappra, Founder and Chairman, The Citizen’s Foundation, Pakistan In recognition of the immense contribution to society as a whole, specifically the work done by TCF, which was founded and is currently chaired by Mr Chhapra, to providing education to children who may have otherwise been denied this basic right in Pakistan. “CONTRIBUTION TO THE GLOBAL HALAL INDUSTRY” Rushdi Siddiqui, Co-Founder & CEO, Zilzar Tech, Malaysia In recognition of the services rendered to the global Halal Industry encompassing Islamic Finance, Halal Friendly travel and Islamic lifestyle. A true friend to the Industry straddling all the continents Special IBF Supplement HONORARY AWARDS Dr. Shariq Nisar, Director, Octaware Dr Aishath Muneeza, Chairman, Maldives Technologies Ltd., India Centre for Islamic Finance, Maldives In recognition for the contribution to the IBF Industry in India In recognition for the contribution to the IBF Industry in the over a period of one and a half decades.
    [Show full text]
  • Abdul Azim Islahi Islamic Economics Research Center King Abdulaziz University, Jeddah, Saudi Arabia
    J.KAU: Islamic Econ., Vol. 23 No. 2, pp: 237-246 (2010 A.D./1431 A.H.) Muhammad Nejatullah Siddiqi Maqasid-e Shari`at (Objectives of the Shariah) Markazi Maktabah-e-Islami, New Delhi. 2009, 322 pp. Review by: Abdul Azim Islahi Islamic Economics Research Center King Abdulaziz University, Jeddah, Saudi Arabia “Maqasid-e-Shariat” (Objectives of the Shariah) is the latest work by Prof. M.N. Siddiqi, first published by the Islamic Research Academy, Islamabad, and republished by the Markazi Maktabah-e-Islami, New Delhi. We have before us the one published from New Delhi. The subject of Objectives of Shariah has assumed utmost importance these days in the wake of numerous new issues faced by the Ummah in recent years. The Urdu language is spoken by a very large number of Muslim population and scholars in the world. But writings on this topic are very few in this Islamically rich language. Prof. Siddiqi seeks to fill this gap and wants to address those who master only this language. Since long time Dr. Siddiqi held that “envisioning Islamic economy in twenty-first century is better done with reference to goals of Islamic law. This will enable us to handle issues like poverty and inequality (observed in his Keynote Address on Islamic Economics: Current State of Knowledge and Development of the Discipline" delivered at the Round Table Discussion – Organized by IRTI during 26-27 May, 2004, Jeddah). He is of the view that there is need to differentiate between objectives of Islam as a way of life and objectives of Islamic jurisprudence.
    [Show full text]
  • Fiqh Muamalat Part I
    Faculty of Syariah and Law University Sains Islam Malaysia 1 Content (Part I) n The Basis of Fiqh Muamalat n Blameworthy: n Riba n Gharar n Maisir n Praiseworthy n Risk n Ethics n Umar b. al-Khattab said, "There are three things. If Allah's Messenger had explained them clearly, it would have been dearer to me than the world and what it contains: (These are) kalala, riba, and khilafa. [Sunan Ibn Majah] The Fall of the Ottoman Empire n Ottoman Empire : 1299-1922 n High Interest Loan with British and France 1854: £3M interest 6%, n 1855, £5M interest 4%, n 1858, £5M interest 6% and £8M interest 6%. Riba n First: In Mecca Quran Al Rum 30: 39 Riba deprived wealth of Allah’s blessing, charity raised it manifoldly n Second: In Medina 1st H Quran Al Nisa: 161:Severely disapproved or riba n Third: 2nd H. Al Imran: 130-131. Enjoining muslim to keep away from riba. n Final: 9 days before the demise of the prophet. 2: 275-281. n The Noble Qur'an - Al-Baqarah 275-281 n 275. Those who eat Ribâ (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitân (Satan) leading him to insanity. That is because they say: "Trading is only like Ribâ (usury)," whereas Allâh has permitted trading and forbidden Ribâ (usury). So whosoever receives an admonition from his Lord and stops eating Ribâ (usury) shall not be punished for the past; his case is for Allâh (to judge); but whoever returns [to Ribâ (usury)], such are the dwellers of the Fire - they will abide therein.
    [Show full text]
  • Laquinimod Protects the Optic Nerve and Retina in an Experimental Autoimmune Encephalomyelitis Model Anna T
    Wilmes et al. Journal of Neuroinflammation (2018) 15:183 https://doi.org/10.1186/s12974-018-1208-3 RESEARCH Open Access Laquinimod protects the optic nerve and retina in an experimental autoimmune encephalomyelitis model Anna T. Wilmes1†, Sabrina Reinehr1†, Sandra Kühn1, Xiomara Pedreiturria2, Laura Petrikowski2, Simon Faissner2, Ilya Ayzenberg2, Gesa Stute1, Ralf Gold2, H. Burkhard Dick1, Ingo Kleiter2*† and Stephanie C. Joachim1*† Abstract Background: The oral immunomodulatory agent laquinimod is currently evaluated for multiple sclerosis (MS) treatment. Phase II and III studies demonstrated a reduction of degenerative processes. In addition to anti-inflammatory effects, laquinimod might have neuroprotective properties, but its impact on the visual system, which is often affected by MS, is unknown. The aim of our study was to investigate potential protective effects of laquinimod on the optic nerve and retina in an experimental autoimmune encephalomyelitis (EAE) model. Methods: We induced EAE in C57/BL6 mice via MOG35–55 immunization. Animals were divided into an untreated EAE group, three EAE groups receiving laquinimod (1, 5, or 25 mg/kg daily), starting the day post-immunization, and a non- immunized control group. Thirty days post-immunization, scotopic electroretinograms were carried out, and mice were sacrificed for histopathology (HE, LFB), immunohistochemistry (MBP, Iba1, Tmem119, F4/80, GFAP, vimentin, Brn-3a, cleaved caspase 3) of the optic nerve and retina, and retinal qRT-PCR analyses (Brn-3a, Iba1, Tmem119, AMWAP, CD68, GFAP). To evaluate the effect of a therapeutic approach, EAE animals were treated with 25 mg/kg laquinimod from day 16 when 60% of the animals had developed clinical signs of EAE.
    [Show full text]
  • Qardhul Hasan Principles Applied to Micro Finance Facilities Paper to Be
    Research Center for Islamic Economics and Finance Universiti Kebangsaan Malaysia Bangi 43600, Selangor, Malaysia Fax: +603-89215789 http://www.ekonis-ukm.my E-mail: [email protected] Working Paper in Islamic Economics and Finance No. 1021 Qardhul Hasan Principles Applied to Micro Finance Facilities Abdul Ghafar Ismail1 Bayu Taufiq Possumah2 Research Center for Islamic Economics and Finance School of Economics Universiti Kebangsaan Malaysia Bangi, 43600 Selangor D.E., Malaysia Fax: +603-8921 5789 e-mail: [email protected] Paper to be presented at The 2nd International Workshop in Islamic Economics Theory: Islamic Micro-finance Towards Global Poverty Alleviation and Sustainable Development, 8-9 December 2010, Bangi Abstract During the last ten years, several developing Muslim countries experienced an interesting phenomenon. Where they are able to build his country's economy through the economic empowerment of small communities. The role of microfinance institutions cannot be denied. Through microfinance programs, the country can further improve the welfare of the poor and reducing poverty. Accordingly, Muslim countries have to combat it by using religious institution and culture. In this case, the role of Qardh al Hasan, as traditional Islamic financing in tackling of poverty is very relevant and important. Qardh al Hasan is supposed to be an important to investigate and provide much needed social service to the poor effectively. The Qardh al-hasan is one of financing-product provided by microfinance institutions. Unlike other financing products, the qardhul-hasan has some unique characteristics, including to entertaint a very specific customers who might be categorized as the dhuafa’ group. The purpose of this paper is to show how microfinance programmes based on Qardh al Hasan financing principles can be established.
    [Show full text]
  • This Disclosure Is Made Pursuant to Article 33 of the Regulations of the Abu Dhabi Stock Exchange As to Disclosure and Transparency
    THIS DISCLOSURE IS MADE PURSUANT TO ARTICLE 33 OF THE REGULATIONS OF THE ABU DHABI STOCK EXCHANGE AS TO DISCLOSURE AND TRANSPARENCY Sharjah, UAE: 12 October 2017: Dana Gas PJSC (“Dana Gas” or the “Company”) provides the following market update in connection with the ongoing legal dispute regarding the Company’s Sukuk Al Mudarabah. The Company announces that it has today filed in the English Appeal Court applications for permission to appeal two prior decisions of the English High Court: 1. Dana has applied for permission to appeal the English High Court’s decision on 22 September which allowed BlackRock to join the English legal trial. BlackRock is a Sukukholder and is a self-appointed member of the Adhoc Committee which purports to act on behalf of Sukukholders. Dana Gas has appealed the English High Court’s decision to join BlackRock to the UK trial as under the terms of the agreed Sukuk contractual arrangements all Sukukholders are expressly prohibited from pursuing a claim in relation to the Purchase Undertaking or pursuant to the Sukuk Al Mudarabah. 2. Dana Gas has also applied for permission to appeal the English High Court’s decision to proceed with the English trial in circumstances where Dana Gas was prevented from participating in the English trial. Blackrock was permitted to make its pleadings before the English High Court on matters of English law on 25 September. Dana Gas has so far been prevented from participating in the English trial as the Sharjah UAE Federal Court of First Instance (the “Sharjah Court”) issued an anti-suit injunction against Dana Gas from participating in the English trial.
    [Show full text]
  • Lankaclear (Private) Limited Annual Report 2020/21 Annual Report 2020/21 Lankaclear (Private) Limited 1 Lankaclear (Private) Limited Annual Report 2020/21 2
    LankaClear (Private) Limited Annual Report 2020/21 Annual Report 2020/21 LankaClear (Private) Limited 1 LankaClear (Private) Limited Annual Report 2020/21 2 To revolutionize the transport sector in the country, we unveiled the 2in1 payment card technology to enable ‘Tap and Go’ payment capability in public transport. Ensuring a Quantum Leap in the Transport Sector, this is a pioneering effort to introduce an innovative technology of a single payment card with online and offline capabilities to provide convenience to commuters of public transport. You may get a glimpse of the Sri Lanka Transit Card experience by enabling NFC access in your Smart Phone and tapping the phone on the LankaPay card on the cover page of this year’s annual report. LankaClear has always been in the forefront of understanding consumer needs to make their lives and work seamless by providing real-time and secure transactions. In fact, we are well on our way to integrate THEďLATESTďȶNANCIALďSERVICEďINNOVATIONďTHATďWILLďPOSITIVELYď impact the lives of a majority of Sri Lankans via our 2 INďď0AYMENTď#ARDď7ITHďAďDYNAMICďSHIȺďINďCONSUMERď behaviour and how companies analyse the metrics of online engagement, our services have become indispensable. Our enviable track record shows that we have always strived to bring world-class technology, speed and convenience to a new breed of digital consumers to meet THEIRďDEMANDINGďEXPECTATIONSďINďACCESSINGďȶNANCIALď services. Similarly, we are making traditional brick mortar business a piece of history by bringing the future ever
    [Show full text]
  • Tabarru' and Takaful
    CHAPTER 18 Tabarru’ and takaful 18.1 Introduction Takaful is structured around the concept of donation – an exchange contract, aims at making profit out of the the cornerstone of charity and philanthropy. However, it insurance operations. In such a contract, gharar is pro- is a special kind of charity that makes the donor a poten- hibited because it may give rise to a potential dispute. A tial beneficiary of the donation itself, as is the case with person who pays the premium (insurance price) pursu- takaful. Therefore, it is interesting to study this phenom- ant to an insurance policy actually does so in exchange enon in order to determine consequences and implica- for ‘peace of mind.’ In return for the premium, the in- tions for using it as a tool for organized charity and its surer indemnifies the insured should any mishap occur management for the benefit of targeted social groups. during the insurance period. As uncertainty is an integral part of the incidence of claim against a definite payment Takaful is based on the principles of mutual coopera- of premium, the conventional insurance contract is tion and donation (tabarru`). These principles can be deemed unacceptable from a Shari’a viewpoint. used to develop Islamic banking and finance as a socially responsible model and a tool for community develop- On the other hand, takaful, represents a reciprocal rela- ment. The actual practice of takaful, however, aligns tionship and agreement of mutual help between partici- itself more with the profit-motive than social respon- pating members who undertake to mutually guarantee sibility and community development.
    [Show full text]
  • The Global One Health Environment
    South Eastern European Journal of Public Health Special Volume 2021, 1st Edition The Global One Health Environment A Learning Module edited by 1HOPE-GPA (Governance, Policy, Advocacy) Jacobs Verlag Executive Editor Genc Burazeri CAPHRI, Faculty of Health, Medicine and Life Sciences, Maastricht University, Maastricht, the Netherlands. Email: [email protected] or: [email protected] Skype: genc.burazeri Assistant Executive Editor Kreshnik Petrela Email: [email protected] Assistant Section Editor Ines Siepmann Email: [email protected] Technical Editor Meri Roshi Email: [email protected] Board of Editors Jürgen Breckenkamp, Faculty of Health Sciences, University of Bielefeld, Germany (2016). Kasia Czabanowska, CAPHRI, Faculty of Health, Medicine and Life Sciences, Maastricht University, Maastricht, the Netherlands (2020); Section Editor, Women in Health Leadership. Genc Burazeri, Founding Editor, CAPHRI, Faculty of Health, Medicine and Life Sciences, Maastricht University, Maastricht, the Netherlands (2013). Jens Holst, Faculty of Health Sciences, University of Applied Sciences, Fulda, Germany (2018). Ulrich Laaser, Founding Editor, Faculty of Health Sciences, University of Bielefeld, Germany (2013). Kai Michelsen, Fulda University of Applied Sciences (Department for Nursing and Health) in Hesse, Germany. Jose Martin-Moreno, School of Public Health, Valencia, Spain (2013). Peter Schröder-Bäck, University of Applied Sciences for Police and Public Administration in North Rhine-Westphalia, Campus
    [Show full text]
  • Annual Report 2018
    Dana Gas PJSC Annual Report & Accounts 2018 & Accounts Annual Report Ambitious growth plans follow exceptional year Dana Gas PJSC Annual Report & Accounts 2018 Contents Overview Financial Statements 1 Highlights 58 Independent Auditor’s Report to the 2 Dana Gas at a Glance Shareholders of Dana Gas PJSC 62 Consolidated Income Statement Business Review 63 Consolidated Statement of Other 4 Chairman’s Statement Comprehensive Income 8 CEO Message 64 Consolidated Statement of 12 Board of Directors Financial Position 16 International Advisory Board 65 Consolidated Statement of 18 Management Cash Flows 20 Market Overview 66 Consolidated Statement of 22 Operational Review Changes in Equity 32 Financial Review 2018 67 Notes to the Consolidated 38 HSSE Financial Statements 42 Risk Management 46 Corporate Governance 50 Our People 52 Corporate Social Responsibility 04 22 Chairman’s Operational Statement Review 2018 was an exceptional Balancing investments year for the Company against collections 32 08 Financial CEO Message Review 2018 A year of positive Maintaining a healthy change and conclusions cash balance for Dana Gas Overview Overview Business Review Financial Statements Highlights Gross revenue (million US$) EBITDA (million US$) US$2017: US$450mm470mm US$2017: US$334mm230mm 2018 470 2018 230 2017 450 2017 334 2016 392 2016 207 Net profit (million US$) Cash balance (million US$) US$2017: US$83mm64mm US$2017: US$608mm407mm 2018* 64 2018 407 2017 83 2017 608 2016 (88) 2016 302 *Profit excluding one-off non-cash impairment of US$250mm Production (kboed) 2P reserves (mmboe) kboepd mmboe 63.12017: 67.6 kboepd 1,0792017: 1,132 mmboe 2018 63.1 2018 1,079 2017 67.6 2017 1,132 2016 67.1 2016 1,155 Dana Gas is the Middle East’s first and largest regional private sector natural gas company.
    [Show full text]