Kingdom Holding Board forms Shariah committee

The committee was headed by Sheikh Abdullah Sulaiman Al Manee'a, Advisor, Royal Court and Senior Ulama Board and Ifta Member.

The Shariah committee consists of:

1. Sheikh Abdullah Sulaiman Al Manee'a, Advisor, Royal Court and Senior Ulama Board and Ifta Member (Chairman)
2. Sheikh Mohamed Ali Elgari (Member)
3. Sheikh Dr. Ali Abdulaziz AlNashwan, Religious Advisor to HRH Prince Alwaleed (Member)
4. Dr. Abdulah Salim AlGhamdi (Secretary General)

The Shariah committee was established to study the gradual conversion of future sources for loans for the company to be Shariah compliant. The first committee meeting was held in the presence of HRH Prince Alwaleed at Kingdom Holding Company's Headquarters and committee members on Wednesday 26th December 2012.

It was decided during the committee meeting that the Secretary General with the support of the executive management at Kingdom Holding Company, prepare an integrated strategic plan for the conversion of future loans in accordance with the Islamic Shariah.

Founded in 1980, KHC is a publicly traded company which was listed on Tadawul (the Saudi Stock Exchange) in 2007. KHC is one of the world's most successful and diversified business organizations, highly respected in the field of investments and recognized as an elite player in the Arabian Gulf region, and internationally.

KHC's portfolio has its main interest in landmark hotel properties and hotel management companies, real estate development in Jeddah and Riyadh, financial services, technology and media, manufacturing, aviation and agriculture.