DFM Sharia board to set standards

The Dubai Financial Market's (DFM) Sharia board is working on setting standards to classify listed companies in terms of Sharia-compliance and accounting practices.

The first meeting of the DFM Sharia board was held by chairman Dr Hussain Hamid. Board members included Dr. Abd Al Sattar Abu Gheda, Dr. Ojail Jasim, Dr. Mohammed Qassim, Dr. Mubad Ali Al Jarihi, General Secretary of the board, and Motaz El Demerdash, representing DFM Company.

Essa Kazim, Chairman of Dubai Financial Market, thanked the Sharia board for its confidence in DFM, saying it would continue to abide by Sharia principles and noting that its conversion to an Islamic market would make it the first Islamic financial market in the world.

Hamid said: “The conversion of Dubai Financial Market to a Sharia-compliant market is a challenge for the board. DFM will become an international symbol for investing in Islamic securities.”

The board approved all documents and contracts relating to the establishment of DFM.

It will start work on structuring criteria that will be used by DFM to classify listed companies in terms of Sharia compliance.

The board also approved that investments made by DFM Company are Sharia-compliant. The board adopted all the Fatwas issued by the board's chairman in response to the DFM management's queries.

It also approved a booklet for investors on how to invest in financial markets according to Sharia principles.

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