Sheikh Abdulaziz Al-Fozan: Al-Hokair Group IPO is Sharia compliant

25/05/2014 Argaam

Dr. Abdulaziz Al-Fozan said that Abdulmohsen Al-Hokair Tourism and Development Group’s IPO is permissible.

Dr. Al-Fozan announced this Fatwa after reviewing the company’s IPO prospectus indicating that his opinion is merely a religious judgment rather than publicity for the company.

Dr. Al-Fozan is a member of the Human Rights Council, jurisprudence professor and chairman of comparative jurisprudence department at Judiciary Higher Institution.

According to data compiled by Argaam; a maximum of 50% of Al-Hokair Group’s shares or 8.25m shares will be allocated to individuals’ IPO which is to begin May 28 till June 3, 2014 after completing the book building process.

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