DAMAC Properties Shares Obtain Sharia Compliance Certification from Dar Al Sharia
Dar Al Sharia Islamic Finance Consultancy LLC has recently confirmed that the shares of DAMAC Properties are Sharia-compliant for the purposes of investment and trading. This follows a review of activities and financial ratios to ascertain DAMAC’s compliance with the principles of Sharia as set out under the Accounting and Auditing Organisation for Islamic Financial Institution (AAOIFI) Sharia Standards, Dubai Financial Market (DFM) Sharia Standard and generally accepted Sharia principles.
Adil Taqi, Group Chief Financial Officer, DAMAC Properties, said: “We are proud to receive a certification from Dar Al Sharia, confirming that our shares are Sharia-compliant. 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 the current activities and objectives of DAMAC Properties are in accordance with the provisions of Sharia. As per the audited financials of DAMAC as of 30th of June 2016, the financial ratios (conventional borrowing ratio, conventional investments ratio, liquid assets ratio and non-compliant income ratio) are within the acceptable limits prescribed by the AAOIFI Sharia Standards and the DFM Sharia Standard for share trading. DAMAC Properties’ financials will be reviewed on a quarterly basis and certified by Dar Al Sharia in order to ascertain the ongoing Sharia compliance status based on any changes in the financial position and activities.
Dar Al Sharia Islamic Finance Consultancy LLC is an award-winning one-stop Sharia solution provider pioneering in the provision of comprehensive Sharia advisory and consultancy services to all Islamic Finance segments. The firm has received numerous international and regional awards and accolades recognising its service including the most recent Global Islamic Economy Summit (GIES) 2016 award for Islamic Economy Knowledge Infrastructure, CPI Award for Best Sharia Advisory Service Provider 2014 and 2015, Global Islamic Finance Award for Best Islamic Finance Consultancy for 2010 to 2015, Islamic Finance News (IFN) Award for Best Islamic Finance Consultancy – 2010 to 2015 and IFN Best Sharia Advisory Firm Award – 2009 to 2013 and 2015, among others.
As of 30th June 2016, DAMAC Properties has delivered approximately 16,000 homes. The company has a development portfolio of over 44,000 units at various stages of progress and planning, comprising more than 13,000 hotel rooms, serviced apartments and hotel villas, which will be managed by its hospitality arm, DAMAC Hotels & Resorts. With vision and momentum, DAMAC Properties is building the next generation of Middle East luxury living.