Explanatory announcement from Mohammed Hassan Al Naqool Sons Company regarding the legality of the shares
| Element List | Explanation |
|---|---|
| Announcement Detail | Proceeding from the principle of transparency and diligence pursued by Mohammad Hassan Al-Naqool Sons Company with its shareholders and the general public regarding all financial and non-financial data that may affect their decisions related to investment in the company, and with reference to what has been circulated regarding the classification of the company’s share as (mixed) from the Sharia point of view, the company would like to inform its shareholders and the general public that the company’s share is a share (Sharia’a pure) and not mixed, based on the Sharia classification criteria for companies and approved by the entity that published the wrong classification, as follows:
- The activity in which Mohammad Hassan Al Naqool Sons Company operates is a legally permissible activity, and the company does not have any prohibited dealings in investment, revenue, or loans.
The company would like to assure its shareholders and the general public:
- All of the company's four loans that were disclosed are Murabaha loans that comply with Islamic Sharia
- The company is committed to providing all information to many legitimate rating agencies and investment funds interested in the legitimacy of stocks, which seek accuracy in their decisions and classifications, as the company is committed to transparent disclosure.
- The company did not receive any inquiries from the party that published the wrong classification, which issued its judgment relying on the financial statements only as a sole source for preparing its classification without referring to other means of disclosure according to their approval, despite the availability of subsequent data proving the classification error, which led to the submission of data that contradicts the objectives of the Sharia classification in the discharge of responsibility knowing that they were contacted by the company and provided all the data that prove the classification error. |
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