October 31, 2017 - Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading regional UAE-based district cooling utility company, announced today that its stock has become certified as Shari'a compliant.
The announcement follows the recent meeting of the Islamic Banks' Unified Committee for Shari'a Screening. As a result, Tabreed has been included on the committee's List of Shari'a compliant companies for the listed companies on the Dubai Financial Market (DFM), and its stock is now traded by Islamic banks' brokerage companies.
Commenting on the news, Jasim Husain Thabet, Tabreed's Chief Executive Officer, said: “We are proud of the certification of Tabreed's stock as Shari'a compliant for the purposes of investment and trading. This certification enables existing and new shareholders with a preference for Shari'a 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.”
Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons 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.