DAMAC Properties labeled Sharia-compliant
A review of DAMAC ensured it is compliant with the principles of Sharia under the Accounting and Auditing Organization for Islamic Financial Institution (AAOIFA) Sharia Standards as well as with Dubai Financial Market (DFM) Sharia Standard and generally accepted Sharia principles.
“We are proud to receive a certification from Dar Al Sharia, confirming that our shares are Sharia-compliant,” Adil Taqi, group chief financial officer at DAMAC Properties, said. “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.”
The Dar Al Sharia Islamic Finance Consultancy confirmed that DAMAC is in compliance with the provisions of Sharia. Dar Al Sharia Islamic Finance Consultancy LLC is an award-winning Sharia solutions consultancy.
DAMAC Properties develops luxury homes, serviced apartments and hotel villas.