ADX may be open to Shariah compliance

The Acting Chief Executive and Director of Operations, Rashed Al Baloushi, said that there is no current policy for the ADX to operate in compliance with Shariah, but this may happen in future.

He said no steps have been taken as yet to classify listed companies as Islamic and non-Islamic. But since the ADX has a strategy that focuses on the diversification of financial derivatives and services, the signing of the memo aims to benefit from the major expertise of Istanbul Exchange in the fields of exchange and Islamic derivative products, he said.

The ADX recently launched the country’s first exchange-traded fund, and Al Baloushi said: “We have received several listing requests, but we will not disclose them at the moment until the process is complete.”

Meanwhile, ISE Chairman and CEO Huseyin Erkan said the co-operation agreement signed with the ADX will strengthen relations between Abu Dhabi and Turkey. The memorandum comes within other agreements to be signed with other Arab exchanges, mainly Dubai, Egypt, Qatar and Oman.