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FINANCIAL NEWS
Saudi Kingdom Holding forms Sharia board
31 Jan 2013
(MENAFN) Saudi Kingdom Holding announced that it has established a sharia committee as the company plans to raise more of its funding through Islamic finance, reported Arabian Business.
The investment firm said that the board, formed of four prominent scholars, will be in charge of studying the gradual conversion of future sources for loans for Kingdom Holding to be sharia-compliant.
As the Islamic finance industry obeys religious principles, including the ban on interest payments and pure monetary speculation, the Sharia board will decide if products and activities comply with Islamic rules and principles.
It is worth noting that Kingdom Holding has stakes in major Western firms, including News Corp and Twitter.
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