KINGDOM Holding Co, the international investment firm of Saudi billionaire Prince Alwaleed bin Talal, has formed a syariah board of prominent scholars in order to raise more of its funding through Islamic finance.
The decision by one of the most prominent investment firms from the Gulf is likely to be seen as a boost to the Islamic finance industry, which obeys religious principles such as bans on interest payments and pure monetary speculation. "The syariah committee was established to study the gradual conversion of future sources for loans for the company to be sharia-compliant," Kingdom said in a brief statement.
Syariah boards decide whether products and activities obey Islamic principles. Kingdom's four-member sharia board includes high-profile Saudi scholars Sheikh Mohamed Ali Elgari and Sheikh Abdullah Sulaiman Al Manee'a, who will serve as chairman.
Reuters
Thursday, January 31, 2013
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