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Al-Fozan: Al Yamamah Steel's IPO Shariah non-compliant

Al-Fozan: Al Yamamah Steel's IPO Shariah non-compliant
Sheikh Abdulaziz Al-Fozan

Riyadh – Mubasher: Al Yamamah Steel's IPO is non-complaint with Islamic Shariah principle, said Sheikh Abdulaziz Al-Fozan, a Saudi Professor of Islamic Law.

“The company uses usurious loan (Riba) and is thus classed a Shariah non-compliant mixed company”, Al-Fozan tweeted.

Earlier, Al Yamamah was cleared by the Saudi market regulator to launch an initial public offering for 15.24 million shares, or 30% of capital, on the Saudi Stock Exchange.

The share offering will be running from 27 April to 3 May 2016/