What is the ruling on subscribing to Dar Al Arkan Real Estate Development Company?

The Shariah Board of Al-Awael Center for Economic Consultations has issued a fatwa permitting subscription to Dar Al-Arkan Real Estate Development Company shares, after a meticulous review of its activities and documents. The Board found that its activity in real estate investment and development is permissible and that its operations are, in general, compliant with Shariah guidelines. The Board did express reservations regarding the structure of some sukuk issued by the company, but it held that this reservation does not preclude the permissibility of subscribing to the company's shares. It also recommended that the company continue to adhere to Shariah guidelines and improve the structure of sukuk in future issuances.