First Avenue says share 100% halal, Shariah-compliant

First Avenue says no need to purify any of capital gains or profit from stock trading; it is 100% Shariah-compliant

First Avenue for Real Estate Development Co., a Nomu-listed company, declared that the company’s stock is 100% halal and Shariah-compliant, and no purification percentage is required for trading the stock, according to a statement to Tadawul.
 

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The company fully complies with Shariah principles in all its financial transactions, including credit facilities, deposits, and financing arrangements, the statement added.

 

The SAR 86 million credit facilities, arranged by Banque Saudi Fransi (BSF), are structured as Islamic Tawarruq, said the company, adding that the SAR 170 million facilities from Alinma Bank and SAR 168 million from Al Rajhi Bank are structured as Islamic Murabaha.

 

The company further noted that it signed Shariah-compliant Murabaha agreements for its deposits with Saudi National Bank (SNB) and BSF.

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