Tabreed stock becomes Sharia compliant

The National Central Cooling Company, Tabreed, announced today that its stock has become certified as Sharia compliant.

The announcement follows the recent meeting of the Islamic Banks’ Unified Committee for Sharia Screening. As a result, Tabreed has been included on the committee’s List of Sharia Compliant Companies on the Dubai Financial Market, DFM, and its stock is now traded by Islamic banks’ brokerage companies.

Commenting on the announcement, Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said, "We are proud of the certification of Tabreed’s stock as Sharia compliant for the purposes of investment and trading. This certification enables existing and new shareholders with a preference for Sharia 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 has 72 district cooling plants located throughout the region, and currently delivers over 1 million refrigeration tons (RT) to key developments in the region.