Logo of Ladun Investment Co.
Ladun Investment Co. acknowledged that every individual transactions and financing sources are Shariah-compliant, through Islamic finance merchandise, in response to the corporate’s articles of association and board choices.
The corporate’s acknowledgment came in response to details disseminated on social media and shareholder inquiries in regards to the legality of its actions and financing sources, in step with a bourse submitting.
Ladun contacted the entity that assessed its transactions to know the explanations within the wait on of classifying Ladun as a mixed company. This entity explained that its seek for change into in step with the grounds that Ladun introduced in 2021 obtaining a protracted-period of time loan, valued at SAR 300 million from Bank Albilad, which change into described as “loans from local banks”. The entity added that Ladun neither talked about the financial institution’s title nor labeled the financing as Shariah-compliant.
The entity confirmed its seek for change into in step with the corporate’s financial statements and that it’s a long way prepared to alter Ladun’s classification, if this inform is addressed, Ladun added.
Ladun, on the opposite hand, acknowledged the loan small print will seemingly be amended within the consolidated financial statements for H1 2022.