Wednesday 01, November 2017 by Jessica Combes

Tabreed stock becomes Shari'ah compliant

 

National Central Cooling Company PJSC (DFM: Tabreed), a leading regional UAE-based district cooling utility company, announced that its stock has become certified as Shari'ah compliant.

The announcement follows the recent meeting of the Islamic Banks’ Unified Committee for Shari'ah Screening. As a result, Tabreed has been included on the committee’s List of Shari'ah-compliant companies for the listed companies on the Dubai Financial Market (DFM), and its stock is now traded by Islamic banks’ brokerage companies.

“We are proud of the certification of Tabreed’s stock as Shari'ah compliant for the purposes of investment and trading. This certification enables existing and new shareholders with a preference for Shari'ah compliant financial instruments to trade in Tabreed’s shares, further widening the potential investor base for Tabreed. A broader potential investor base can only assist in increasing liquidity for Tabreed’s shares,” said Jasim Husain Thabet, Tabreed’s Chief Executive Officer. 

Tabreed is a partner of choice for organisations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over one million refrigeration tonnes to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.