RAK Ceramics Obtains Sharia Compliance Certification
Ras Al Khaimah, 4 September 2016
RAK Ceramics PJSC (Ticker: RAKCEC: Abu Dhabi), announced today that it has successfully obtained a Sharia Compliance Certification from Dar Al Sharia based on the parameters set by the Accounting and Auditing Organisation for Islamic Financial Institution (AAOIFI).
Dar Al Sharia confirmed that based on its screening assessment, the Shares of RAK Ceramics PJSC are Sharia compliant for the purpose of investment and trading. As per Islamic finance industry standards, the screening is a quarterly practice for which Dar Al Sharia, RAK Ceramics’ newly appointed Sharia advisor, would assess RAK Ceramics’ competence to be remain Sharia compliant.
Abdallah Massaad, RAK Ceramics’ Group Chief Executive Officer said: “We are delighted to have obtained a Sharia Compliance Certification from Dar Al Sharia. By receiving this certification, it means that our shares are now Sharia compliant, which will open up opportunities for us from a wider range of potential investors. Being Shariah compliant also means that we will attract investors who believe in responsible investing amidst fast moving markets and shorter economic cycles.”
Dar Al Sharia is a Dubai-based subsidiary of Dubai Islamic Bank, the world’s first Islamic bank. The Company specialise in Sharia-compliant structuring and documentation for all types of Sukuk, Syndication and Funds, besides product development, Sharia screening of listed shares and private equity, Sharia audit and training, conversion of conventional financial institutions into Islamic ones, and the other allied services. It has a well-qualified team of professionals and has won several international awards.