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RAK Ceramics’ shares certified as sharia-compliant

RAK Ceramics’ shares certified as sharia-compliant
This came after Dar Al Sharia reviewed the quarterly activities and financial statement of Rak Ceramics
RAK Ceramics
RAKCEC
-0.73% 2.73 -0.02

Abu Dhabi – Mubasher: Ras Al Khaimah Ceramics (RAK Ceramics), listed on the Abu Dhabi Securities Exchange (ADX), announced that its shares have been certified as sharia-compliant for the purpose of investment and trading.

This was based on Dar Al Sharia’s confirmation that RAK Ceramics’ business activities are compliant with the principles of Islamic Sharia and the financial ratios are within the acceptable limits as set out under the AAOIFI Sharia standards, according to a bourse filing.

This came after Dar Al Sharia reviewed the quarterly activities and financial statement of Rak Ceramics.

In August, RAK Ceramics reported an 8.5% year-on-year decline in its net profit for the first half of 2019, recording AED 110.3 million.