"Al Mal " discusses amending its objectives on April 23

تم النشر على almowazi.com في 09 أبريل 2025
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Al Mal Investment Company will discuss in its upcoming extraordinary general assembly, scheduled for Wednesday, April 23, 2025, the amendment of Article (5) of its articles of incorporation and Article (4) of its articles of association, which will state the following after amendment:

•    Management office for holding activities.
•    Activities of holding companies.
•    Managing its subsidiaries or participating in managing other companies in which it has investments and provides necessary support to them.
•    Investing its funds in trading stocks, bonds, and other securities.
•    Owning the real estate and movable assets necessary to conduct its business within the limits permitted by law.
•    Financing or lending companies in which it owns shares or stakes and guaranteeing them to third parties, provided that the company’s share in the capital of the borrowing company is no less than twenty percent.
•    Owning intellectual property rights from patents, trademarks, industrial designs, and franchise rights, and exploiting and leasing these to its owned or other holding companies.
The assembly will also discuss adding a new purpose item to its founding contract according to Article (5) of its articles of incorporation and Article (4) of its articles of association, which states: 
•    The company shall conduct all its activities in accordance with the teachings and provisions of Islamic Sharia, and under no circumstances shall any of the purposes be interpreted as permitting the company to engage, directly or indirectly, in any usurious activities, whether in the form of interest or any specific aspect related to the company's dealings with financing, bonds, and securities.
Additionally, the upcoming "Al Mal" general assembly will also discuss adding a new Article (10) to the articles of incorporation and Article (54) to the company's articles of association as follows:
•    The company shall have a Sharia advisory and supervisory body consisting of at least three members specialized in Islamic jurisprudence and financial transactions. 
•    The members of this body will be appointed based on recommendations from the board of directors, subject to the approval of the ordinary general assembly, and the task of this body is to provide Sharia opinions on the company’s activities and operations and to verify the company's adherence to the principles and teachings of Islamic Sharia in conducting its objectives and ensuring that the company's operations do not contradict these provisions.
•    This body will submit an annual report to the ordinary general assembly that includes its opinions on the company's operations' conformity with Sharia provisions and outline any observations it has in this regard, and this annual report must be included for the company, with the body’s opinion being binding on the company’s management.

Assemblies
Modification of the company's purposes

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