- CGM announces the formation of DFM Company
- Agrees to convert DFM to an Islamic stock market
- Elects DFM’s board of directors
- Appoints DFM’s Fatwa and Sharia’a board
Dubai Financial Market (DFM) held its Constituent General Meeting (CGM) on Tuesday, January 16, 2007 at Emirates Towers, Dubai following the overwhelming response to its 12-day Initial Public Offering which opened on November 12, 2006.
With an authorized share capital of AED 8 billion, comprising 8 billion shares of nominal value of AED 1 each, Dubai Government, the founder and main shareholder of DFM, offered AED 1.6 billion (US$ 435 million), representing 20% of the DFM share capital, through this IPO. A record AED 201.2 billion was collected through this IPO.
The CGM confirmed that the capital of the company has been fully subscribed to. During the CGM, the formation of DFM Company was announced. The CGM also approved DFM Company’s articles of association and by-laws as well as the conversion of DFM to an Islamic stock market. Besides, the CGM approved the listing of DFM Company’s stock on DFM and appointed Deloitte & Touche as its auditor.
DFM Company’s Board of Directors was elected at the CGM. Mr. Essa Abdel Fattah Kazim, Mr. Rashed Hamad Al Shamsi, Mr. Abdullah Majed Al Ghurair, Mrs. Ouhoud Khalfan Al Roumi, Mr. Mohammad Hassan Al Marzouki, Mr. Nasser Alshaali and Mr. Soud Ba’alawy were elected as board members.
DFM’s Fatwa and Sharia’a Board was also appointed at the CGM. Dr. Hussain Hamid Hassan was appointed Chairman of DFM’s Fatwa and Sharia’a Board, Dr. Mo’bid Ali Al Jarihi as Executive Secretary, while Dr. Abdulsattar Abdul Karim Abu Ghada, Dr. Ajeel Jasim Al Nashmy, Dr. Mohammed Baroud Bakr and Dr. Mohammed Qassim were elected as members.
Chairman and Members of DFM’s Fatwa and Sharia’a Board
Dr. Hussain Hamid Hassan, Chairman Doctorate degree from Faculty of Sharia’a, Cairo UniversityMasters degree in Comparative Law from New York University
Chairman of Fatwa and Sharia’a board of several organisations, including Dubai Islamic Bank, Sharjah Islamic Bank, Emirates Islamic Bank, MashreqBank, Aman Insurance, Amlak, Tamweel, and Dar Al Istithmar, London.
Dr. Abdulsattar Abdul Karim Abu Ghada, Member
Doctorate degree in Sharia’a studies, Al Azhar UniversityMember of Islamic Jurisprudence Union, Jeddah, Saudi Arabia
Member of Zaqa’at Sharia’a Board
Member of Standardisation and Sharia’a committees of the Audit Board for Islamic Financial Institutions
Dr. Ajeel Jasim Al Nashmy, Member
Doctorate degree in Islamic Jurisprudence from Al Azhar UniversityProfessor at the Faculty of Sharia’a and Islamic Studies, Kuwait University
Chairman of the International Zaqa’at Committee
Member of Standardization and Sharia’a committees of the Audit Board for Islamic Financial Institutions
Member of International Academy for Islamic Jurisprudence, Kuwait
Member of the European Council for Fatwa and Research, Ireland
Member of the Sharia’a board at the European University of Research and Humanitarian Studies, France
Member of Sharia’a board of several financial institutions, including Sharjah Islamic Bank, Gulf Finance House, and Dar Al Istithmar
Dr. Mohammed Baroud Bakr, Member
Doctorate degree from Saint Andraos, ScotlandChairman of the Financial Islamic Studies Centre, Malaysia
Member of Sharia’a Stock Market Board, Malaysia
Deputy Chairman of Central Bank’s Shaira’a Board, Malaysia
Member of Shaira’a board at several financial organizations
Dr. Mohammed Qassim, Member
Doctorate in Quranic Studies from “Osoul Al Dean” UniversityHead of the Shaira’a committee for national sukuks and other local banks
Dr. Mo’bid Ali Al Jarihi, Executive Secretary
Doctorate in Economics, California University, USAFinancial expert, Emirates Islamic Bank
Chairman of the International Union for Islamic Economies
Member of International Consultancy Authority for Global Financing Forum
