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.
The respondents to the poll are an ‘elite’ group of investors who keep a very large amount of money invested in portfolios at the Abu Dhabi Investment Exchange and the DFM.
The respondents said they would be taking their money out of stocks of the following companies, among others:
Emaar, a prominent property developer
Emirates Integrated Telecommunications Company
Abu Dhabi Commercial Bank (ADCB)
Al Wathba National Insurance Company
There is no word on what happens after Ramadan