Extraordinary GM meeting approves transforming Aafaq to Public Shareholding Company

Extraordinary GM meeting approves transforming Aafaq to Public Shareholding Company

The Islamic Finance Company PJSC (Aafaq) was established in 2006 with capital of AED 600 million.

February 25, 2011 11:55 by Rasha Reslan

The Islamic Finance Company PJSC (Aafaq) recently held its extraordinary General Assembly meeting at the Jumeirah Beach Hotel, Dubai, under the chairmanship of H.E. Abduljaleel Alblouki, Member of the Board of Directors. Attendees included representatives from the UAE Ministry of Economy (MoE), share registrars at the National Bank of Abu Dhabi (NBAD), and the Aafaq auditor. The meeting unanimously approved the board of directors’ suggestion to transform the company into a Public Shareholding Company. The General Assembly has thus officially commissioned the Aafaq Board of Directors to carry out procedures as it sees fit to complete the transformation.

Alwaleed bin Hamad Al Mubarak, Managing Director of Islamic Finance Company PJSC (Aafaq) said: “This marks the next step after the company’s successful conformation to the requirements stipulated by the UAE Federal Companies Law for becoming a public shareholding company. Due steps will now be successfully completed as per standard regulatory procedures. This move is in the best interest of shareholders and stakeholders.”

The Islamic Finance Company PJSC (Aafaq) was established in 2006 with capital of AED 600 million. For the financial year 2008, Aafaq distributed 10% profits in cash dividends and 2.2% in share grants. This represented an increase over 2009, where the company distributed 7% of profit as cash dividends.