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Banan Real Estate Co. Announces regarding the legality of the shares.


Element List Explanation
Announcement Detail In line with the transparency principle that Banan Real Estate Company applies with its shareholders and the public regarding all financial and non-financial data that may affect their investment decisions in the company, and with reference to what has been announced regarding the company's classification (mixed) from a Sharia perspective, the company would like to inform its shareholders and the public that its shares are Sharia-compliant and not mixed. This is based on the Sharia classification criteria for companies adopted by the entity that published the incorrect classification, as follows:    - Banan Real Estate Company works in the real estate field, which is a permissible field that is not forbidden. - Banan Real Estate Company confirms to its shareholders and the public that all company loans and facilities was obtained through the Islamic Murabaha approach. - The company has previously disclosed its Sharia compliance commitment in its Board of Directors' report for the year 2022, regarding its investments and loans. - The company has provided all information to several Sharia classification bodies and investment funds interested in the Islamic legitimacy of companies’ shares, which seek accuracy in their decisions and classifications, in commitment to the company’s transparency and disclosure.   The company has not received any inquiry from the entity that published the incorrect classification, which issued its judgment based solely on the financial statements as the only source for preparing its classification without referring to other disclosure means according to their admission, despite the availability of subsequent data proving the incorrect classification, which led to presenting conflicting data with the objectives of Sharia classification. Noted that they were contacted by the company and provide all the data needed to clarify the mistake of the classification.