Source: www.amiricapital.com

The Association of Fatwa and Legitimacy Control of Dubai Financial Market announced yesterday in Dubai the issuance of the legal standard to own and trade shares of companies listed in Dubai Financial Market, making it the world’s first Islamic market. This comes following the January 16, 2007 approval of the general assembly of the Dubai Financial Market to shift to an Islamic financial market.

The legal standards includes among other thing, definitions, regulations in dealing with companies’ stocks, rules for companies that do not comply with legitimacy controls, and regulations for excluding forbidden income (according to Islamic law).

al-Sharq al-Awsat, Egypt, March 19, 2008