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Kuwait-listed IFA Hotels and Resorts Company has decided to shift to Shariah-compliant Islamic activities following discussions over the past months.
The company said in a bourse statement on Wednesday that its board of directors approved the switch at a meeting in Kuwait City.
“The Company shall conduct its activities in accordance with Islamic Sharia and shall be bound in all its transactions by the provisions of Islamic Sharia,” IFA said in a disclosure statement on Kuwait bourse.
The statement said Ifa would form an independent “Sharia Supervisory Board” to advise on the new character and verify the company’s compliance with the provisions of Islamic Sharia.
“The decision reflects our commitment to building a stronger and more sustainable business model. We are confidently moving towards a future that balances innovation in the real estate development sector with adherence to Islamic values, enhancing investor confidence and supporting the company’s leading position on the regional and international scene,” its chairman Khaled Esbaitah said.
(Writing by N. Saeed; Editing by Anoop Menon)
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