Nayifat Finance Announces Re-formation of Audit Committee

Nayifat Finance Co. announced on Thursday the Re-formation of the Audit Committee, in line with the main principles of governance issued by Saudi Central Bank, which stipulate that most members of the Audit Committee are from outside the Board

Accordingly, the Board of Directors decided to amend the formation of the committee’s membership in order to complete the current session until the date of 24 / 09 / 2022 and to comply with the requirements of Saudi Central Bank.

The new recommended composition will be as follow: Mr. Muhammad Ali Al Hokal will remain as Chairman of the Committee, and Mr. Abdullah Saleh Al Harbi will replace the member Mr. Muhammad Taher Al Lawzi, and Mr. Khalid Muhammad Al Bassam will replace the member Mr. Bandar Muhammad Al Baiz.

Brief Resume of the Appointed Member:

Mr. Khalid Muhammad Al Bassam, holds a Bachelor’s degree in Accounting from King Saud University, a Master’s degree from the United States of America and the Saudi Fellowship of Certified Public Accountants (SOCPA), a former member of BoD of Saudi Accounting Association, a lecturer at Imam Muhammad bin Saud University, Accounting Department, and a member of the Commission Saudi Chartered Accountants, a trainer in the fields of accounting and finance, a member of the audit committees for a number of companies, a licensed bankruptcy trustee, and a former financial manager, and he has 20 years of experience in financial management in major listed, semi-governmental and private companies, and he is currently working as a chartered accountant at Khaled Al-Bassam Company Chartered accountants and auditors.

Mr. Abdullah Saleh Al Harbi, holds a bachelor’s degree in accounting from the University of Applied Sciences in Jordan, a Master’s degree in Financial from Southampton University in England, and a fellowship of the Saudi Organization for Certified Public Accountants (SOCPA), and worked as an internal audit manager at Al Rajhi Bank, and a member of audit committees for a number of companies. He has 12 years of experience in financial management and internal audit. He is currently heading the Audit Services Department in Al-Awfi and Al-Harbi Company, chartered accountants and auditors (HCPA).