Browse
related articles
Dubai Financial Market Sharia board to set standards for classifying listed companies
- United Arab Emirates: Sunday, June 24 - 2007 at 14:53
- PRESS RELEASE
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.
Essa Kazim, Chairman of Dubai Financial Market, thanked the Sharia board for its confidence in DFM. He said that the market's operations will continue to abide by Sharia principles, noting that DFM's conversion to an Islamic market will make it the first Islamic financial market in the world.
Dr. Hussaim Hamid, Chairman of DFM Sharia Board, 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 related to the establishment of DFM. The board also decided to start working on structuring criteria that will be used by DFM to classify listed companies in terms of Sharia compliance. The board has adopted an action plan to implement the project. The plan will be further discussed during the next meeting.
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.
The board also confirmed that the DFM conversion process to an Islamic market is being implemented according to Sharia principles. The board also approved printing a booklet for investors on how to invest in financial markets as per Sharia principles.
Also consider reading:
Browse
related articles
- » Construction works in 19 stations on Dubai Metro Red Line completed, operation to start in February 2010
- » Saudi Telecom Company signs partnership agreement with Real Madrid Football Club
- » HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum opens INDEX 2009, sponsored by Al Nakheel
- » A bright future forecasted for UAE economy and higher education
- » Nawras introduces Nawras Mobile TV
Notes and media contacts
About Dubai Financial MarketDubai 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 / Tarek Fleihan
Mobile: (+97150) 4785324 / 5198511
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3355969
Disclaimer:
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions

Posted by Anne-Birte Stensgaard, Senior News Editor
