Kingdom Holding soars on Shar'iah board formation
- Saudi Arabia: Tuesday, January 29 - 2013 at 17:24
The Saudi Stock Exchange closed 0.10% higher at 7,027.81 points Tuesday. The shares of Kingdom Holding Co., the investment vehicle of Saudi billionaire Prince Al Waleed Bin Talal gained two percent to reach SR19.65. Earlier in the day, Kingdom Holding said the board of directors has approved for the formation of the Shari'ah Committee that will be headed by Sheikh Abdullah Sulaiman Al Manee'a, Advisor to the Royal Court and Senior Ulama Board and Ifta Member. The Shar'iah Committee consists of the following Islamic law scholars: Sheikh Abdullah Sulaiman Al Manee'a (Chairman), Sheikh Mohamed Ali Elgari (Member), Sheikh Ali Abdulaziz AlNashwan (Member), Dr. Abdulah Salim AlGhamdi (Secretary General). The Shar'iah Committee was established to study the gradual conversion of future sources for loans for the company to be Shar'iah compliant, said the investment firm.
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