Applications open to provide Sharia-compliant securities

Ahmed Rishan, Haveeru News Service
Jan 07, 2012 - 01:13
  • Officials of Amana Takaful Maldives attend the ceremony held to launch the company's Initial Public Offering (IPO). Only Amana Takaful has been licensed to provide securities to the public. HAVEERU FILE PHOTO

  • Officials of Amana Takaful Maldives attend the ceremony held to launch the company's Initial Public Offering (IPO). Only Amana Takaful has been licensed to provide securities to the public. HAVEERU FILE PHOTO

Capital Market Development Authority (CMDA) has opened applications to companies to provide Sharia-compliant securities.

The authority said it would screen companies in order to determine whether they follow the guidelines and all the transactions are made according to Islamic Sharia.

CMDA stressed that its directors' board will license the companies upon consultation from Capital Market Sharia Advisory Committee.

A survey is also to be conducted this year in order to brief the major companies providing the service.

Only Amana Takaful has been licensed to provide securities to the public.

Sharia-compliant securities are transactions made without any interest.

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