Kingdom Holding Company (KHC), the investment company chaired by Saudi Prince Alwaleed, said it has set up a new sharia committee based on the recommendation of KHC board members.

The new sharia committee will help study the gradual conversion of future sources for loans for the company to be Shariah compliant, said a KHC statement.

Sheikh Abdullah Sulaiman Al Manee'a, the advisor, Royal Court and senior Ulama board and Ifta member has been named the new chairman, of the committee, while Dr Abdulah Salim Al Ghamdi will be the new secretary general.

The other committee members include Sheikh Mohamed Ali Elgari and Sheikh Dr Ali Abdulaziz AlNashwan, religious advisor to Prince Alwaleed.

The first committee meeting, which was attended by Prince Alwaleed and the members at KHC’s headquarters in Riyadh, decided to prepare an integrated strategic plan for the conversion of future loans in accordance with the Islamic Shariah.-TradeArabia News Service