Dubai opens first Islamic bourseMarch 20th, 2008 - 8:26 pm ICT by admin
Dubai, March 20 (IANS) The Dubai Financial Market (DFM) has become the first Islamic bourse with its Sharia Board issuing the standards for trading shares of the listed companies, WAM news agency reported Thursday. The first set of standards was announced during a special session held Wednesday in Dubai. The session was attended by a large number of dealers, brokers, representatives of listed companies, Sharia law experts and journalists.
“The conversion of DFM into a Sharia-compliant bourse further sets Dubai apart on the global stage as a pioneer in the key growth area of Islamic financial services,” said Essa Kazim, chairman of DFM.
“By providing ample opportunity for conventional firms to continue to serve as full participants in DFM, this strategic move will benefit all our stakeholders,” he aadded.
“The Islamic financial industry is witnessing the fastest expansion in its history. It is fitting that Dubai, home of the first Islamic bank in the world, would also be home to the first Islamic financial market, said Hussaim Hamid, chairman of the DFM Sharia Board.
“The conversion of DFM from a conventional market to an Islamic one has been implemented according to the principles of Sharia. We are in the process of issuing directives for investors on how to invest in financial markets according to Sharia principles,” Hamid said.
These directives will be a part of the official DFM Investor Guide, which will be made available soon, he added.
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