The Shariah Committee of Kingdom Holding Company (KHC) holds its first meeting in the presence of KHC Chairman Prince Alwaleed Bin Talal in Riyadh. — Courtesy photo RIYADH — Based on recommendations of a board of directors meeting here in December, Kingdom Holding Company (KHC), chaired by Prince Alwaleed Bin Talal, has announced the formation of a Shariah committee. The committee is headed by Sheikh Abdullah Sulaiman Al-Manee'a, Adviser at the Royal Court and a member of the Board of Senior Ulema, as chairman. Dr. Abdullah Salim Al-Ghamdi will act as its secretary-general. Other members are Sheikh Mohamed Ali Elgari and Sheikh Ali Abdulaziz Al-Nashwan, religious adviser to Prince Alwaleed. The committee will study ways to gradually convert future financing sources of the company to be Shariah-compliant. The first meeting of the committee was held in the presence of Prince Alwaleed at the KHC headquarters in Riyadh on Dec. 26, 2012. It was decided at this meeting that the secretary-general, with the support of the executive management at Kingdom Holding, would prepare an integrated strategic plan for the conversion of future loans in accordance with the Islamic Shariah. Founded in 1980, the KHC is a publicly traded company listed on Tadawul (the Saudi Stock Exchange) since 2007. It 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 as well as globally. 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. — SG
