Ladun Investment confirms Sharia compliant of its activities and financing sources

Reference to what published and circulated in social media and calls from investors regarding company’s activities and its financing sources and whether it’s Sharia compliant. Ladun confirms that all transactions and financing activities comply with Sharia as it’s clearly written in article of association as well as whole board of directors decisions have imposed company’s representatives and delegated persons to use only Islamic products and Islamic financing.

Also, Ladun contacted third party who published its opinion and assessment of Ladun being Sharia Compliant to know reasons to put Ladun among mixed companies. Third party said that in Ladun’ consolidated financial statements ” long term loan value SR 300 million neither mentioned bank name nor it’s Islamic product ” and it rely on companies’ published financial statements to form opinion and the clarity is important. The above loan has been obtained from Albilad Bank and Ladun will correct wording in its announcement of first half of 2022 consolidated results. Third party said they will make required change to Ladun’ classification after amendment disseminated.