Wealth Management
Dubai Financial Market Sharia Board issues first Islamic standards for classifying listed companies
Wed, 2008-03-19 05:54 — IslamicFinance.deBusiness Intelligence reported on 18 March that the Sharia Board of the Dubai Financial Market (DFM) has issued the first standards for trading shares. The establishment of such standards is in line with DFM becoming an Islamic exchange as decided on the Annual General Meeting in 2007. Since then the Sharia Board with its Chairman, Dr Hussain Hamid has focused on the establishment of criteria to classify listed companies in terms of Sharia-compliance and accounting practices.
The standards are divided into five sections and cover the following areas: definitions of terms and criteria; implications for brokers and investors; guidelines for compliance for conventional firms; conventional income guidelines; and general rules and regulations.
Mr Essa Kazim is Chairman of the DFM.
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