Economics
Two ‘Forbidden’ IPOs Pit Gulf Investors Against Islamic Clerics
- Kuwait’s highest religious authority says sales are ‘haram’
- Shamal Al-Zour, Kuwait stock exchange plan listings this year
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This year’s list of IPO debacles could grow longer if Kuwait’s clerics have their way.
A religious ruling in Kuwait against two initial public offerings launched this month is stirring fears that the Gulf state is clamming up at a time its bigger neighbor Saudi Arabia is doing just the opposite, courting investors in anticipation of Saudi Aramco’s IPO.