Islamic finance operators are scrambling to tighten the industry’s rules to make sure other companies cannot take the same path as Dana Gas, which this week forced a $700 million debt restructuring.

As the global Islamic finance market grows at an impressive pace, offshore financial centres (OFCs) are increasingly in demand to help structure sharia-compliant products. Unsurprisingly, offshore law firms are seeing a need for Islamic finance-related services grow as well.