Saudi Stock Exchange Establishes Shariah Advisory Committee

The Saudi Stock Exchange (Tadawul) has announced the formation of a Shariah Advisory Committee (Committee) as part of its dedication to maintaining the highest quality of governance over its offered investment instruments on the 21st of April 2022.

Why it Matters?

The Committee consists of representatives from the largest financial institutions who will work toward a unified Shariah-compliant rulebook set to be approved by respective Shariah Boards of the Committee members. In addition, the Committee will be in charge of periodically reviewing and approving the list of Shariah-compliant listed firms. Tadawul will oversee the Committee without actively participating in the corporate screening and selection process, to maintain independence and openness...