Halal Stocks in DFMGI (2026 Musaffa-Screened List for Dubai)

Introduction

Dubai is a major Islamic finance hub, with a long-standing commitment to Shariah-compliant banking, insurance, and capital markets. The Dubai Financial Market General Index (DFMGI) is the benchmark index of the United Arab Emirates' financial heart, and like Saudi Arabia's TASI, it sits in a market where Islamic finance is mainstream rather than a niche. The UAE is home to the world's first full Islamic bank (Dubai Islamic Bank, founded 1975), and many DFMGI constituents are designed around Shariah principles from inception. As of May 2026, a meaningful share of DFMGI constituents are screened as halal on the Musaffa platform in accordance with AAOIFI Shariah screening standards.

This article is published by Musaffa LLC ("Musaffa"), a registered investment adviser with the U.S. Securities and Exchange Commission ("SEC"). Registration does not imply a certain level of skill or training.

IMPORTANT DISCLOSURE: The Shariah compliance screening referenced throughout this article is performed on the Musaffa platform by applying AAOIFI-adopted screening standards. Any methodologies or assessments presented are for informational purposes only and should not be relied upon as the sole basis for any investment decision. Past screening status is not indicative of future compliance status or investment performance. UAE listed stocks carry real risks under Shariah rules and general investment principles, which are discussed further below.

What is DFMGI

The Dubai Financial Market General Index (DFMGI) tracks the largest and most actively traded companies listed on the Dubai Financial Market (DFM), the main stock exchange of the emirate of Dubai. The index is calculated by S&P Dow Jones Indices and is reviewed regularly to maintain accurate market representation.

As of May 2026, the DFMGI is trading around 5,700 points, within a 52-week range of approximately 5,184 to 6,785. The index has seen significant gains over the past five years, supported by the UAE's economic diversification, IPO pipeline, and growing role as a regional financial hub.

The largest DFMGI constituents by market capitalisation are Emirates NBD, Dubai Electricity and Water Authority (DEWA), Emaar Properties, Emaar Development, Dubai Islamic Bank, and du (Emirates Integrated Telecommunications). Together these companies account for the majority of the index's weight.

The UAE market is part of the MSCI Emerging Markets Index and the FTSE Emerging Markets Index, giving DFMGI stocks exposure to global passive flows.

How this list was built

We used the Musaffa Stock Screener to check the Shariah compliance screening status of DFMGI constituents under AAOIFI Shariah screening standards as applied on the Musaffa platform.

Each stock highlighted below has been screened as halal on the Musaffa platform in accordance with AAOIFI Shariah screening standards at its most recent quarterly review. Status can change every quarter, so always recheck before you invest. THIS SCREENING STATUS MAY NO LONGER BE CURRENT. Readers accessing this article after May 2026 must independently verify current Shariah compliance status directly through the Musaffa platform or another qualified source before making any investment decision. Musaffa does not undertake any obligation to update this article.

Halal halal stocks in the DFMGI

1. Dubai Electricity and Water Authority (DFM: DEWA)

• Sector: Utilities (Electricity and Water)
• Exchange: Dubai Financial Market (DFM)

DEWA is the sole provider of electricity and water in the emirate of Dubai and a major utility company in the Middle East. It operates a large-scale single-site solar park (the Mohammed bin Rashid Al Maktoum Solar Park) and has been a significant issuer of green Sukuk. The company is majority-owned by the Government of Dubai. Utility services are a permissible business activity under AAOIFI standards. DEWA passes AAOIFI screening standards as applied on the Musaffa platform as of December 2025. Note that DEWA's financial ratios sit near AAOIFI debt thresholds, so always recheck the latest status before any investment decision. This screening result reflects a point-in-time assessment and does not constitute a recommendation to invest.

2. Dubai Islamic Bank (DFM: DIB)

• Sector: Financials (Islamic Banking)
• Exchange: Dubai Financial Market (DFM)

Dubai Islamic Bank, founded in 1975, is the world's first full-service Islamic bank and a longstanding Shariah-compliant financial institution. The bank operates entirely on Islamic banking principles under the supervision of an independent Internal Shariah Supervision Committee. Its product range covers Shariah-compliant retail and corporate banking, financing through Murabaha and Ijara structures, Sukuk issuance and investment, and Islamic wealth management. Islamic banking that operates under proper Shariah supervision passes the AAOIFI business activity screen. Dubai Islamic Bank passes AAOIFI screening standards as applied on the Musaffa platform as of May 2026. This screening result reflects a point-in-time assessment and does not constitute a recommendation to invest.

3. Emirates Integrated Telecommunications (du) (DFM: DU)

• Sector: Communication Services (Telecommunications)
• Exchange: Dubai Financial Market (DFM)

du, the operating name of Emirates Integrated Telecommunications Company, is one of the UAE's two main telecom operators alongside e& (formerly Etisalat). The company provides mobile, fixed-line, broadband, and digital services across the UAE. Telecommunications is a permissible business activity under AAOIFI standards. du passes AAOIFI screening standards as applied on the Musaffa platform as of May 2026. This screening result reflects a point-in-time assessment and does not constitute a recommendation to invest.

4. Salik Company (DFM: SALIK)

• Sector: Transportation (Toll Road Operator)
• Exchange: Dubai Financial Market (DFM)

Salik Company is the exclusive toll gate operator for Dubai's road network. The company collects toll fees from vehicles using Dubai's roads under a concession agreement with the Roads and Transport Authority. Salik is regarded as a highly cash-generative listed company in the UAE, with a near-monopoly franchise. Toll road operations are a permissible business activity under AAOIFI standards. Salik passes AAOIFI screening standards as applied on the Musaffa platform as of May 2026. This screening result reflects a point-in-time assessment and does not constitute a recommendation to invest.

5. Empower (Emirates Central Cooling Systems Corporation) (DFM: EMPOWER)

• Sector: Utilities (District Cooling)
• Exchange: Dubai Financial Market (DFM)

Empower is reported to be the one of largest district cooling providers and operates the cooling systems for many of Dubai's largest developments, including Downtown Dubai, Business Bay, Palm Jumeirah, and Dubai International Financial Centre. The company is majority-owned by the Government of Dubai. District cooling services are a permissible business activity under AAOIFI standards. Empower passes AAOIFI screening standards as applied on the Musaffa platform as of May 2026. This screening result reflects a point-in-time assessment and does not constitute a recommendation to invest.

6. Parkin Company (DFM: PARKIN)

• Sector: Transportation (Public Parking Operator)
• Exchange: Dubai Financial Market (DFM)

Parkin Company is the exclusive provider of public parking facilities and services in Dubai, operating tens of thousands of paid parking spaces across the emirate under a long-term concession agreement. Parking infrastructure is a permissible business activity under AAOIFI standards. Parkin passes AAOIFI screening standards as applied on the Musaffa platform as of May 2026. This screening result reflects a point-in-time assessment and does not constitute a recommendation to invest.

Notable DFMGI names that may not pass

Even within the predominantly halal-friendly Dubai market, several DFMGI heavyweights do not pass AAOIFI screening on the Musaffa platform. The screening results below reflect a point-in-time assessment and do not constitute an investment recommendation.

Emirates NBD, the largest single weight in the DFMGI, is a conventional bank. Although it operates Emirates Islamic as a separate subsidiary, the parent entity earns from conventional interest-based banking activities and fails the AAOIFI business activity screen.

Mashreqbank is a conventional bank that operates Mashreq Al Islami as a separate Islamic division. The parent group fails the AAOIFI activity screen for the same reason as Emirates NBD.

Commercial Bank of Dubai (CBD) is a conventional bank without a primary Islamic banking model and does not pass the AAOIFI activity screen.

Conventional insurance companies that have not adopted full Takaful structures may fail the activity screen under AAOIFI standards.

Some smaller real estate and hospitality firms with meaningful conventional debt or with hotel revenue that includes alcohol-related income may fail either screen under AAOIFI standard

Verify the latest status on the Musaffa platform that uses AAOIFI screening standards.

How AAOIFI screening works for UAE stocks

AAOIFI screening combines two layers. The activity layer excludes companies whose core business is conventional banking, conventional insurance, alcohol, gambling, pork, tobacco, weapons, or adult entertainment. The financial ratio layer then checks three thresholds:

1. Income from non-permissible sources stays under 5 percent of total income
2. Interest-bearing debt stays under 30 percent of market capitalisation (using a 36-month average)
3. Interest-bearing assets stay under 30 percent of market capitalisation

These checks are recalculated every quarter. UAE companies file quarterly results in line with DFM listing rules. The UAE's well-developed Sukuk market means many capital-intensive UAE firms can refinance into Islamic structures, helping them stay within AAOIFI debt limits more easily than equivalent firms in non-Muslim markets.

Sector view of halal DFMGI stocks

The halal slice of the DFMGI clusters across five main sectors that anchor the Dubai economy.

Real estate is the largest halal cluster. Emaar Properties and Emaar Development together represent a substantial weight in the index, both financed through Islamic structures. Other DFM-listed real estate names like Dubai Investments and select REITs also typically pass.

Islamic banking is anchored by Dubai Islamic Bank, the world's first Islamic bank and one of the largest in the GCC. DIB is the main halal entry point to the UAE banking sector.

Utilities and infrastructure is anchored by DEWA, Empower, and Salik. These names provide exposure to Dubai's electricity, water, district cooling, and toll road infrastructure under long-term government concessions.

Telecommunications is represented by du.

Transportation and logistics is represented by Air Arabia, Parkin, and Aramex, plus the recently listed Dubai Taxi Company.

The conventional banking, conventional insurance, and hospitality-with-alcohol-revenue segments are the main exclusions.

UAE-specific points to keep in mind

• Currency. The UAE dirham (AED) is pegged to the US dollar at approximately 3.67 AED per USD, which substantially reduces currency risk for USD-based investors. Residual risks, including the theoretical risk of a peg adjustment, should be considered alongside broader macroeconomic factors.
• Trading week and hours. The DFM operates Monday through Friday under the UAE's updated working week (effective 2022), with trading hours typically 10:00 to 14:00 UAE time.
• Dividends. Many DFMGI names are dividend-paying.. There is no UAE-level dividend withholding tax for foreign investors at the time of writing.
• Foreign ownership. Foreign ownership limits have been progressively relaxed across most DFM-listed companies. Most major names allow significant foreign ownership.
• Cross-listings. Some UAE companies are dual-listed on the Abu Dhabi Securities Exchange (ADX) or have UAE-wide presence. Be sure you are buying the DFM-listed line if that's your intent.
• Local Shariah supervision. Dubai is home to AAOIFI's Shariah Standards Committee and many internal Shariah supervisory boards at major banks. Local opinions may differ slightly from third-party screening platforms in edge cases.

Risks unique to UAE large-cap halal investing

UAE large-cap halal investing comes with risks every Muslim investor should understand.

• Quarterly status changes. UAE financial ratios can move on every quarterly report. Recheck on the Musaffa Stock Screener that uses AAOIFI standards. DEWA's screening status, for instance, sits close to AAOIFI debt thresholds and has been classified differently by different Shariah screeners at different points in 2025-2026.
• Real estate cycle exposure. Emaar Properties, Emaar Development, and several other halal DFMGI names are concentrated in Dubai real estate. The Dubai property cycle is meaningful for these names.
• Concentration in real estate and infrastructure. A halal DFMGI portfolio leans heavily on real estate, utilities, infrastructure concessions, and Islamic banking. Sector diversification looks different from a full-market portfolio.
• Oil price and regional macro. While the UAE is more diversified than Saudi Arabia, regional oil prices and geopolitics still affect tourism, real estate demand, and government spending.
• Liquidity in smaller names. Some smaller DFM-listed names trade with lower volumes than equivalent US or European stocks. Bid-ask spreads can be wider.
• No promise of returns. A halal large-cap stock can still fall in price. Faith and finance are separate questions.

For investors looking for diversified UAE or GCC exposure, halal-compliant GCC ETFs and Sukuk-based funds may be a simpler starting point. You can also explore options on the Musaffa ETF screener that bases its screening on AAOIFI standards.

A simple verification method for UAE stocks

To check the halal status of any name on this list, run these five checks:

• Open the stock page on the Musaffa Stock Screener and confirm halal status as of today in accordance with AAOIFI standards
• Read the firm's most recent quarterly financial report on the DFM website or the company's investor relations page. Pay special attention to financial ratios and Sukuk vs conventional debt mix.
• Confirm the stock is still listed on the DFM and that you are buying the correct line if dual-listed.
• Cross-check sector and product mix for any new haram revenue lines or conventional financial subsidiaries.
• Set a reminder to recheck halal status every three months.

Frequently asked questions

How many DFMGI stocks are halal in 2026?

Approximately half to two-thirds of DFMGI constituents typically pass AAOIFI screening on the Musaffa platform at any quarterly review as of May 2026. The exact number can change every quarter as financial ratios shift and as the DFMGI itself is rebalanced.

Is Dubai Islamic Bank halal?

Yes. Dubai Islamic Bank (DIB) is the world's first full Islamic bank, founded in 1975, and operates entirely on Shariah-compliant principles. It passes AAOIFI screening standards as applied on the Musaffa platform.

Is Emaar Properties halal?

Yes. Emaar Properties uses Islamic finance structures (Murabaha and Sukuk) rather than conventional interest-bearing debt and is currently screened as halal on the Musaffa platform as of May 2026. The company is also widely cited as Shariah-compliant by regional Islamic finance authorities.

Is Emirates NBD halal?

No. Emirates NBD is a conventional bank and fails the AAOIFI business activity screen. While the group operates Emirates Islamic as a separate Shariah-compliant subsidiary, the parent entity earns from conventional banking activities.

Is DEWA halal?

DEWA is currently screened as halal on the Musaffa platform as of December 2025. However, its financial ratios sit close to AAOIFI debt thresholds, and other Shariah screeners have classified it differently in 2025 and 2026.

Is the DFMGI itself halal?

No. The full DFMGI contains conventional banks like Emirates NBD, Mashreqbank, and Commercial Bank of Dubai that fail the AAOIFI activity screen. Passive DFMGI trackers are not screened as fully halal on the Musaffa platform. Muslim investors who want broad UAE exposure may consider Shariah-compliant UAE or GCC ETFs, or build a custom portfolio of halal-screened names. You can review options on the Musaffa ETF screener that bases its screening on AAOIFI standards.

Can foreign investors buy DFMGI stocks?

Yes. Foreign ownership limits have been progressively relaxed across most DFM-listed companies, and most major names allow significant foreign ownership. International investors can access UAE stocks through international brokers, UAE-licensed brokers, or via UAE-focused ETFs.

How often should I recheck my UAE halal stocks?

At least every three months. UAE firms file quarterly results, and financial ratios can move at each filing point.

Final takeaways

The DFMGI is one of the most halal-friendly major stock market indices in the world, second only to Saudi Arabia's TASI among major markets. The UAE's strong Islamic finance infrastructure, Dubai's role as the home of the world's first Islamic bank, and the widespread use of Sukuk financing across real estate and infrastructure mean that a meaningful share of DFMGI constituents pass AAOIFI screening on the Musaffa platform.

The halal DFMGI universe spans the main pillars of the Dubai economy. Emaar Properties and Emaar Development anchor the real estate side. Dubai Islamic Bank anchors Islamic banking. DEWA, Empower, and Salik anchor utilities and infrastructure. du anchors telecommunications. Air Arabia, Parkin, and Aramex anchor transportation and logistics.

Conventional banks (Emirates NBD, Mashreqbank, Commercial Bank of Dubai) and a handful of other names fail the screen. So a halal DFMGI portfolio looks different from the full benchmark, but it covers most of the index by weight after excluding the conventional banking sector.

For Muslim investors looking for GCC exposure beyond Saudi Arabia, the DFMGI is a natural complement. With strong dividend yields, USD-pegged currency, and direct exposure to Dubai's real estate, infrastructure, and tourism growth, the index offers a useful diversifier within a halal portfolio.

Screen your stocks with Musaffa

Run any DFM ticker through the Musaffa Stock Screener to confirm halal status using AAOIFI standards. Compare halal stocks across sectors and countries. Find safer ways to screen halal ETFs on Musaffa. Your faith. Your money. One platform.

Disclaimer: The content is for educational purposes only and is not a substitute for personalized advice from Musaffa. It does not constitute fatwa, legal, or tax advice, an offer, or a solicitation to buy or sell any security or investment strategy. The information is believed reliable as of publication date but may not reflect recent changes, and Musaffa does not guarantee its accuracy, completeness, or timeliness. Musaffa's Shariah compliance screening is based on AAOIFI Shariah standards. Any methodologies or assessments presented are for informational purposes only and should not be relied upon as the sole basis for any investment decision. It is important to conduct your own research or consult with a financial advisor or tax professional before making any investment decisions. All investments involve risk, and the value of securities and other investments may fluctuate due to market conditions, economic factors, or other external influences. Past performance is not indicative of future results. The views expressed are those of certain Musaffa personnel as of the publication date, are for informational purposes only, and may change without notice. They may differ from views of other areas of the firm, and any forward-looking statements are not guarantees and may not come to pass. Logos, brand names and external links are used for identification only and do not imply endorsement. For additional information and statements, see our disclaimers: https://musaffa.com/disclaimer