The Shariah Supervisory Board (SSB) issued a certificate to Dubai-based hydroponic experts Pegasus Agriculture non June 3.
The certificate allows Pegasus Agriculture to promote their Hydroponic Investment Product as Shariah compliant. The SSB reviewed all of Pegasus Agriculture's contracts, literature, and associated processes before making the official announcement of the certificate.
Speaking about the certificate, Mahmood Almas, chairman of Pegasus Agriculture, said he is "proud to be able to say that we adhere to these important Islamic principles," and is even more pleased that the news was delivered in time for the holy month of Ramadan.
Shariah law has been known to affect many areas of governance in several regions throughout the Middle East, including civil and commercial law. Its teachings are derived from the Quran and the Hadith.
There are three main differences in the commercial sector that separate Islamic finances from other countries, according to Shariah law, and presently, less than 1 percent of international financial assets are Shariah compliant. The three principal that differentiate Islamic finances are the prohibition of interest, the sharing of profits and losses and a prohibition against uncertainty and excessive speculation.
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