INOVEST B.S.C.
SHARI'A SUPERVISORY BOARD REPORT, INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2023 (REVIEWED)
Inovest B.S.C.
Administration and contact details as at 31 March 2023
Commercial registration number | 48848 obtained on 18 June 2002 |
Board of Directors | |
Mohammad Hamed Al-Shalfan | - Chairman |
Mohammad Salah Al-Ayoub | - Vice-Chairman |
Abdulaziz Asaad Al-Sanad | - Director |
Mohamed Abdulwahab Al Matook | - Director |
Abdullah Mohammed Al-Abduljader | - Director |
Dr. Abdulaziz Fahad Al Dakheel | - Director |
Ausama Abdulrahim Al-Khaja | - Director |
Chief Executive Officer | |
Yaser Hamad Al-Jar | |
Board Secretary | |
Riyadh Mahmood Mulla Ahmed | |
Sharia'a Supervisory Board | |
Sheikh Dr. Hamad Yousef Al Mazrouei | - Chairman |
Sheikh Dr. Abdulrahman Mohammad Al Baloul | - Vice-Chairman |
Mohammad Abdulrahman Al Shurafa | - Member |
Nomination and Remuneration Committee members | |
Mohammed Abdulwahab Al Matook | - Chairman |
Abdullah Mohammed Al-Abduljader | - Vice-Chairman |
Mohammad Hamed Al-Shalfan | - Member |
Corporate Governance, Audit and Risk Committee members | |
Ausama Abdulrahim Al-Khaja | - Chairman |
Mohammad Salah Al-Ayoub | - Vice-Chairman |
Abdullah Mohammed Al-Abduljader | - Member |
Registered head office | 35th floor, East Tower |
Bahrain Financial Harbour | |
P.O. Box 18334 | |
Manama | |
Kingdom of Bahrain | |
Telephone no. +973 1715 5777 | |
Bankers | Bahrain Islamic Bank B.S.C. |
Ithmaar Bank B.S.C. | |
Kuwait Finance House (Bahrain) B.S.C. (c) | |
Kuwait Finance House (Kuwait) K.S.C.P. | |
Boubyan Bank (Kuwait) | |
Khaleeji Commercial Bank B.S.C. | |
Al Baraka Islamic Bank B.S.C. (c) | |
Al Salam Bank, Bahrain B.S.C. | |
Auditors | Ernst & Young - Middle East |
P.O. Box 140 | |
10th Floor, East Tower | |
Bahrain World Trade Center | |
Manama, Kingdom of Bahrain | |
Share registrars | Bahrain Clear |
Bahrain Financial Harbour, Harbour Gate, | |
Level 4, P.O.Box 3203 | |
Manama | |
Kingdom of Bahrain | |
Kuwait Clearing Company S.A.K. | |
P.O. Box 22077 | |
Safat 13081 | |
State of Kuwait |
In the name of Allah,The Beneficent,The Merciful
Sharia Supervisory Board Report on the activities of INOVEST Company B.S.C For the three Months
Period Ended 31 March 2023.
All praise is due to Allah , Lord of the worlds, Prayers and Peace are upon the last messenger, our prophet Mohammed,his family and companions.
To the Shareholders of INOVEST B.S.C "the Company",
Acting as Sharia Supervisory Board "SSB" pursuant to the appointment resolution passed by the General Assembly of the Company and SSB meeting on Thursday 4th May 2023 in State of Kuwait, we are required to provide the following report:
The SSB has reviewed the Company's principles, contracts related transactions, and applications submitted by the Company's management for the Three months period ended 31 March 2023 , and based on the Sharia auditor presentation of the Company's activities for the abovementioned period, and comparing it with the fatwa and rulings issued.
The Company's management is responsible for ensuring that the Company conducts its business in accordance with the Islamic Shari'a Rules and principles. It is our responsibility to form an independent opinion, based on our review of the Company's operations and to report to you.
We planned and performed our review so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the Company has not violated Islamic Shari rules and principles.
In our opinion:
The contracts and transactions concluded by the Company during the three Months Period Ended 31 March 2023 that we have reviewed are in compliance with the Islamic Shari'a Rules and Principles.
Also, the SSB has approved the financial statements and concluded that it's prepared in an acceptable form from Islamic Sharia view. The respective report has been prepared based on the information provided by the Company.
Prayers and Peace are upon the last messenger, our prophet Mohammed, his family and companions.
Dr. Hamad Yusuf AlMazrouie
Chairman
Dr. Abdulrahman Mohamad Al-Baloul
Vice Chairman
Dr. Mohamad Abdulrahman AlShurafa
Member
Ernst & Young - Middle East | Tel: | +973 1753 5455 |
P O Box 140 | Fax: | +973 1753 5405 |
10th Floor, East Tower | manama@bh.ey.com | |
Bahrain World Trade Centre | C.R. No. 29977-1 | |
Manama | ||
Kingdom of Bahrain |
REPORT ON REVIEW OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TO THE BOARD OF DIRECTORS OF INOVEST B.S.C.
Introduction
We have reviewed the accompanying interim consolidated statement of financial position as at 31 March 2023 of Inovest B.S.C. (the "Company") and its subsidiaries (together the "Group"), the related interim consolidated statements of income, changes in owner's equity, cash flows and sources and uses of charity fund for the three month period then ended and explanatory notes. The Board of Directors is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with the accounting policies disclosed in note 2. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with the accounting policies disclosed in note 2.
10 May 2023
Manama, Kingdom of Bahrain
A member firm of Ernst & Young Global Limited
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Inovest BSC published this content on 11 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2023 06:46:06 UTC.