The extraordinary general assembly of International Leasing and Investment Company ( ILIC) , held on December 22, 2024, has approved the deletion and amendment of several articles in its Article of Association and Articles of incorporation, including the following:
Amendment to Article 7 of the Article of Association and Article 6 of the Articles of incorporation:
Text Before Amendment:
•    The purposes for which the company was established must be exercised in accordance with the principles of Islamic Sharia, and the company is prohibited from engaging directly or indirectly in any transaction that involves Riba (usury or interest) or contradicts the provisions of Islamic Sharia.
Text After Amendment:
•    Deletion of Article 7 from the Articles of Association.
•    Deletion of Article 6 from the Articles of incorporation.
The assembly also approved amendments to Article 8 of the Articles of Association and Article 7 of the Articles of incorporation:
Text Before Amendment:
•    The authorized and subscribed capital of the company was set at USD 104,350,400 (One Hundred Four Million Three Hundred Fifty Thousand Four Hundred USD), divided into 311,051,200 shares (Three Hundred Eleven Million Fifty-One Thousand Two Hundred Shares), with a value of USD 0.33 (One Third of a USD) per share.
Text After Amendment:
•    The company's authorized, issued, and paid-up capital is set at KWD 31,305,120 (Thirty-One Million Three Hundred Five Thousand One Hundred Twenty Kuwaiti Dinars), with 313,051,200 shares (Three Hundred Thirteen Million Fifty-One Thousand Two Hundred Shares), each with a value of 100 Fils (Kuwaiti currency), and all shares are cash.