By Hadiza Abdulkadir
The Dangote Refinery Initial Public Offering (IPO) has been declared Shariah-compliant following a Shariah screening exercise conducted by Qistal.
Prof. AbdurRazaq AbdulMajeed Alaro, one of the scholars involved in the assessment, said the screening examined the refinery’s compliance with Shariah standards, including its business activities and income sources.
According to Prof. Alaro, the assessment found that the Dangote Refinery IPO shares are currently Shariah-compliant. However, he stressed that Shariah screening is not a one-time exercise and that subsequent reviews will be conducted periodically to ensure continued compliance.
The announcement provides guidance for Muslim investors seeking to determine whether investing in the refinery’s shares aligns with Islamic investment principles.