By Mohamed Idries
Riyadh – Mubasher: Sheikh Abdulaziz Alfawzan, a Saudi Muslim scholar, tweeted that subscription to the initial public offering of Alandalus Property is ‘lawful’.
The fatwa, or religious opinion, came after the scholar reviewed the IPO’s prospectus.
Sheikh Yousef Alshubaily, also Muslim scholar, issued a fatwa earlier saying that subscription to the IPO is ‘lawful’.
The Saudi company earlier obtained the Capital Market Authority approval on floating 21 million shares in an initial public offering from 17-23 December 2015.
Alandalus allocated 12.6 million shares or 60% of the total offered shares to institutions.
