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ADNOC Distribution unveils certification of shares as shari’a compliant

ADNOC Distribution unveils certification of shares as shari’a compliant
Brokerage arms of Islamic banks are now able to trade ADNOC Distribution shares
ADNOC Distribution
ADNOCDIST
-1.85% 2.65 -0.05

Abu Dhabi - Mubasher: ADNOC Distribution, the leading fuel distributor in the UAE, on Sunday announced the certification of its shares as Shari’a compliant based on the screening assessment recently made by The Unified Committee of Islamic Banks for Shari’a Screening of Equities - UAE.

Accordingly, brokerage arms of Islamic banks are now able to trade ADNOC Distribution shares, according to a press release.

Saeed Mubarak Al Rashdi, acting CEO of ADNOC Distribution, commented: “We are delighted our shares have been certified as Shari’a compliant for the purpose of investment and trading.”

“This certification paves the way for existing and new shareholders with a preference for Shari’a compliant stocks to invest in ADNOC Distribution generating a broader investor base and contributing to increased liquidity for our shares,” he added.

ADNOC Distribution, listed on the Abu Dhabi Securities Exchange (ADX), previously reported a 4.3% year-on-year increase in net profit for the first half of 2019.

Net profit stood at AED 1.173 billion in the six-month period ended 30 June 2019, versus AED 1.124 billion in H1-18.

In April, the ADX-listed company revealed a new dividend policy that represents an increase of 63% or $650 million for 2019 and 75% increase or $700 million for 2020, as compared to 2018.

Moreover, the company is expected to pay an interim dividend of $325 million next October of this year, which is subject to board approval.