Shares of Dubai-based Damac Properties are Sharia-compliant for the purposes of investment and trading, according to Dar Al Sharia Islamic Finance Consultancy.
The developer said the move would help it attract a wider range of potential investors that seek Sharia-compliant financial instruments.
The decision follows a review of activities and financial ratios to ascertain Damac’s compliance with the principles of Sharia as set out under the Accounting and Auditing Organisation for Islamic Financial Institution (AAOIFA) Sharia Standards, Dubai Financial Market (DFM) Sharia Standard and generally accepted Sharia principles.
Adil Taqi, group chief financial officer, Damac Properties, said: “We are proud to receive a certification from Dar Al Sharia, confirming that our shares are Sharia-compliant.
"This certification will open up new horizons for us by attracting a wider range of potential investors that seek Sharia-compliant financial instruments and listed securities for their consistency with Islamic principles and regulations.”
Dar Al Sharia Islamic Finance Consultancy is a one-stop Sharia solution provider pioneering in the provision of comprehensive Sharia advisory and consultancy services to all Islamic Finance segments.
As of June 30, Damac Properties said it has delivered about 16,000 homes and has a development portfolio of over 44,000 units at various stages of progress and planning, comprising more than 13,000 hotel rooms, serviced apartments and hotel villas.For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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