This is big news, both in the world of finance and in that of, well ... Islamic theology. In May of this year, [I'm sorry I'm late to this table] a company headquartered in the United Arab Emirates, Dana Gas, declared that $700 million of its sukuk bonds were, simply, invalid. It obtained a preliminary injunction against creditor enforcement. That may have been an opening negotiation ploy in a sense -- Dana coupled this announcement with an exchange offer, proposing to give its creditors new bonds for the old, with a haircut of more than half the value of the old. Jason Kilborn calls this an "existential crisis" for the whole field of Islamic finance, or Shariah-compliant finance, of which these bonds were an example. Does Dana Gas propose to change the rules -- rules that supposedly represent God's will, by its own sayso? Well, no. Not exactly. But kinda. Here is Kilborn's take: http://www.creditslips.org/creditslips/2017/06/dana-gas-and-an-exist...