Ras Al Khaimah: RAK Ceramics announced today that it has successfully obtained Sharia Compliance Certification from Dar Al Sharia based on parameters set by the Accounting and Auditing Organisation for Islamic Financial Institution (AAOIFI).
Dar Al Sharia confirmed that based on its screening assessment, shares of RAK Ceramics are Sharia compliant for the purpose of investment and trading. According to Islamic finance industry standard procedures, the screening is a quarterly practice for which Dar Al Sharia, RAK Ceramics’ newly-appointed Sharia adviser, will assess the company’s competence to remain Sharia compliant. “We are delighted to have obtained Sharia Compliance Certification from Dar Al Sharia. This means that our shares are now Sharia compliant, which will open up opportunities for us from a wider range of potential investors,” Abdallah Massaad, RAK Ceramics’ Group Chief Executive Officer, said in a statement. Dar Al Sharia is a Dubai-based subsidiary of Dubai Islamic Bank. The company specialises in Sharia-compliant structuring and documentation for all types of Sukuk, Syndication and Funds. AAOIFI is an Islamic international non-profit corporate body that prepares accounting, auditing, governance, ethics and Sharia standards for Islamic financial institutions and the industry.