2 September 2008
Al Mal, the newly launched weekly financial paper in Abu Dhabi, cited a survey on 50 Muslim share investors showing that 18 per cent of respondents are staying away from non-Shariah-compliant companies during the month-long Muslim religious observance Ramadan.
Emaar, the biggest developer in the Middle East, was singled out as topping the list of shares to be deserted by Muslim investors during Ramadan, which began on Monday and will end on September 30.
Others on the list are Dubai-based investment bank Shuaa Capital, Mashreq Bank, the country’s second-biggest bank by assets NBAD, Emirates Integrated Telecommunications Company (du), Abu Dhabi Commercial Bank (ADCB) and Wathba Insurance.
The respondents make up a select elite among the UAE and other Gulf and Arab investors who keep investment portfolios of between Dh500,000 and Dh12 million at the DFM and the Abu Dhabi Securities Exchange (ADX), Al Mal said in an emailed statement on Monday.