With an authorized share capital of AED 8 billion, comprising 8 billion shares of nominal value of AED 1 each, Dubai Government, the founder and main shareholder of DFM, offered AED 1.6 billion (US$ 435 million), representing 20% of the DFM share capital, through this IPO. A record AED 201.2 billion was collected through this IPO.
The CGM confirmed that the capital of the company has been fully subscribed to. During the CGM, the formation of DFM Company was announced. The CGM also approved DFM Company's articles of association and by-laws as well as the conversion of DFM to an Islamic stock market. Besides, the CGM approved the listing of DFM Company's stock on DFM and appointed Deloitte & Touche as its auditor.
DFM Company's Board of Directors was elected at the CGM. Mr. Essa Abdel Fattah Kazim, Mr. Rashed Hamad Al Shamsi, Mr. Abdullah Majed Al Ghurair, Mrs. Ouhoud Khalfan Al Roumi, Mr. Mohammad Hassan Al Marzouki, Mr. Nasser Alshaali and Mr. Soud Ba'alawy were elected as board members.
DFM's Fatwa and Sharia'a Board was also appointed at the CGM. Dr. Hussain Hamid Hassan was appointed Chairman of DFM's Fatwa and Sharia'a Board, Dr. Mo'bid Ali Al Jarihi as Executive Secretary, while Dr. Abdulsattar Abdul Karim Abu Ghada, Dr. Ajeel Jasim Al Nashmy, Dr. Mohammed Baroud Bakr and Dr. Mohammed Qassim were elected as members.
DFM's Constituent General Meeting approves listing of DFM's shares
Dubai Financial Market (DFM) held its Constituent General Meeting (CGM) on Tuesday, January 16, 2007 at Emirates Towers, Dubai following the overwhelming response to its 12-day Initial Public Offering which opened on November 12, 2006.
- United Arab Emirates: Wednesday, January 17 - 2007 at 10:04
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| From right to left: Mr. Mohammad Hassan Al Marzouki, Mr. Essa Abdel Fattah Kazim, Mr. Rashed Hamad Al Shamsi. |
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Chairman and Members of DFM's Fatwa and Sharia'a BoardDr. Hussain Hamid Hassan, Chairman
- Doctorate degree from Faculty of Sharia'a, Cairo University
- Masters degree in Comparative Law from New York University
- Chairman of Fatwa and Sharia'a board of several organisations, including Dubai Islamic Bank, Sharjah Islamic Bank, Emirates Islamic Bank, MashreqBank, Aman Insurance, Amlak, Tamweel, and Dar Al Istithmar, London.
Dr. Abdulsattar Abdul Karim Abu Ghada, Member
- Doctorate degree in Sharia'a studies, Al Azhar University
- Member of Islamic Jurisprudence Union, Jeddah, Saudi Arabia
- Member of Zaqa'at Sharia'a Board
- Member of Standardisation and Sharia'a committees of the Audit Board for Islamic Financial Institutions
Dr. Ajeel Jasim Al Nashmy, Member
- Doctorate degree in Islamic Jurisprudence from Al Azhar University
- Professor at the Faculty of Sharia'a and Islamic Studies, Kuwait University
- Chairman of the International Zaqa'at Committee
- Member of Standardization and Sharia'a committees of the Audit Board for Islamic Financial Institutions
- Member of International Academy for Islamic Jurisprudence, Kuwait
- Member of the European Council for Fatwa and Research, Ireland
- Member of the Sharia'a board at the European University of Research and Humanitarian Studies, France
- Member of Sharia'a board of several financial institutions, including Sharjah Islamic Bank, Gulf Finance House, and Dar Al Istithmar
Dr. Mohammed Baroud Bakr, Member
- Doctorate degree from Saint Andraos, Scotland
- Chairman of the Financial Islamic Studies Centre, Malaysia
- Member of Sharia'a Stock Market Board, Malaysia
- Deputy Chairman of Central Bank's Shaira'a Board, Malaysia
- Member of Shaira'a board at several financial organizations
Dr. Mohammed Qassim, Member
- Doctorate in Quranic Studies from 'Osoul Al Dean' University
- Head of the Shaira'a committee for national sukuks and other local banks
Dr. Mo'bid Ali Al Jarihi, Executive Secretary
- Doctorate in Economics, California University, USA
- Financial expert, Emirates Islamic Bank
- Chairman of the International Union for Islamic Economies
- Member of International Consultancy Authority for Global Financing Forum
About Dubai Financial Market:
Dubai Financial Market was established as a public institution having its own independent corporate body. DFM is operating as a secondary market for trading of securities issued by public shareholding companies, bonds issued by the Federal Government or any of the Local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the Market. The Market commenced operations on 26th March 2000.
For further information, please contact:
Nicholas Nesson / Bakul Gala / Tarek Fleihan
Mobile: (+97150) 4785324 / 2459547 / 5198511
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3355969
Fax: +971-4-3344556
Posted by Janeta Novakovic, Assistant News EditorWednesday, January 17 - 2007 at 10:04 UAE local time (GMT+4)
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Index : Company News : Dubai Financial Market (DFM)
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