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Saudi financial firms strive to overcome the turmoil

Saudi Arabia: Sunday, July 19 - 2009 @ 11:54

In addition, a large number of Saudi companies, especially those in the banking and investment sectors, operate under the Sharia’a principals, which have effectively shielded them from the negative effects of the global financial downturn and have helped them maintain the needed capital and the right personnel.

In this context, Ammar Ahmed Shata, the Executive Director of Al-Khabeer – Saudi financial and Investment Sharia’a complaint firm, mentioned that the extraordinary general assembly of Al-Khabeer recently held its first meeting in Jeddah, headed by H.E. Mr. Saleh Bin Mohammed Bin Laden, Chairman, and attended by at least 95% of its shareholders.

He added:

“Despite the economic conditions of the global financial crisis the company has overcome the challenges, and it is currently operating at full capacity in terms of human and financial resources.”

The meeting’s agenda covered various topics, while there were announcements about several decisions that were made unanimously, including changing the name of the company from Al-Khabeer Merchant Finance Corporation to Al-Khabeer Capital. In addition, the assembly also approved the chairman as well as the auditor’s report for the fiscal year ending December 31, 2008. While the board members were also cleared of their responsibilities, the new auditor for the fiscal year 2009 was also appointed.

Ammar Ahmed Shata, Executive Director, said: “The adoption of the extraordinary general assembly’s decisions as well as the recommendations and the continuous support of the shareholders will give a strong impetus for the company to implement its current, future plans and strengthen its position in providing financing solutions that are compliant with Sharia’a principals, consequently, we are perfectly capable of achieving the desired results in 2009.”

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Sunday, July 19- 2009 @ 11:54 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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