The Designation of Mr. Issa Hassan Ali Al-Kandari - Manager of Investment and Assets Management amended to "Vice President – Investment and Assets Management". effective from November 1, 2025.
With reference to the above subject, and in accordance with the provisions of Chapter Four of Book Ten "Disclosure and Transparency" of the Executive Regulations of the Capital Markets Authority Law No. 7 of 2010 concerning the establishment of the Capital Markets Authority and the regulation of securities activities and its amendments.
Referring to the email sent by Kuwait Stock Exchange requesting clarification for the unusual shares trading activities during today's session, Wednesday, October 22, 2025.
Amar would like to inform that there have been no recent developments that could affect the company in a way that would result in this unusual trading activity, and no material information requiring disclosure in accordance with the applicable executive instructions, laws and regulations.
With reference to the above subject, and in accordance with the provisions of Chapter Four of Book Ten "Disclosure and Transparency" of the Executive Regulations of the Capital Markets Authority Law No. 7 of 2010 concerning the establishment of the Capital Markets Authority and the regulation of securities activities and its amendments.
Referring to the email sent by Kuwait Stock Exchange requesting clarification for the unusual shares trading activities during today's session, Thursday, October 9, 2025.
Amar would like to inform that there have been no recent developments that could affect the company in a way that would result in this unusual trading activity, and no material information requiring disclosure in accordance with the applicable executive instructions, laws and regulations.
The board members agreed to accept the resignation request submitted by the Commercial Real Estate Company and its representative Mr. Abdulmutaleb Abdulmanaf Marafie from the Board of Directors of Ammar Finance and Leasing Company. The board also decided that the current members will continue to carry out their duties until the end of the current term.
We would like to inform that we have received a resignation letter from one of Amar’s board members, The Commercial Real Estate Company, represented by Mr. Abdulmutalib Abdul Manaf Mohamed Rafi' Ma'rifi, effective as of today, Monday, October 6, 2025. Amar Board of Directors will take the necessary actions in accordance with the applicable laws and regulations in this regard.
With reference to the above subject, and in accordance with the provisions of Chapter Four of Book Ten "Disclosure and Transparency" of the Executive Regulations of the Capital Markets Authority Law No. 7 of 2010 concerning the establishment of the Capital Markets Authority and the regulation of securities activities and its amendments.
Referring to the email sent by Kuwait Stock Exchange requesting clarification for the unusual shares trading activities during today's session, Wednesday, October 1, 2025.
Amar would like to inform that there have been no recent developments that could affect the company in a way that would result in this unusual trading activity, and no material information requiring disclosure in accordance with the applicable executive instructions, laws and regulations.
Amar Board of Directors’ Meeting no.04/2025 was held today Wednesday, August 06, 2025, at 1:00 PM, and the financial statements for the period ended June 30, 2025, were discussed and approved.
The Fourth board meeting of 2025 for Amar has been scheduled on Wednesday, August 06, 2025, at 1:00 PM, at the company's meeting room to discuss and approve the financial statements for the period ended on June 30, 2025, along with other items
The Court of First Instance ruled in case number 2024/17586 – automated number 243010480 regarding the liability of the board members and the extension of the effect of ruling number 11035/2021 Commercial General/48 and appeal number 2021/7736 in favor of Amar Finance and Leasing Company.
Firstly: It established the abandonment of the case against the second and third defendants and ordered the plaintiff to bear the costs of the abandonment and to pay the third defendant the amount of -/50 K.D. (only fifty Kuwaiti Dinars and no more) as actual attorney fees.
Secondly: It ruled that the claim was not accepted for being filed against a party without legal standing regarding the sixth defendant (Amar Finance and Leasing Company).
Thirdly: It obligated the s econd defendant in person and in his capacity, the third defendant in person and in his capacity, the fourth defendant in person and in his capacity, and the fifth defendant in person and in his capacity to jointly pay the financial amount ruled in case number 2021/11039 Commercial General 48 and its appeal, while also obligating them to bear the costs. The financial impact on the company can only be determined upon the execution of the rulings.
The Court of Appeal ruled in case number 1350 + 1360 – 2025 concerning (the action for non-enforceability of a transaction) to accept both appeals in form and to reject the second appeal in substance. The appellant was obligated to pay expenses and one hundred dinars for actual attorney fees. Regarding the second appeal, the court partially amended the appealed ruling to declare the non-enforceability of the sale contract for the disputed property located in Salmiya, plot 37, parcel 2, plan number M/12333, registered with the Real Estate Registration Department under document number 5557/2019 dated 20/5/2019. The ruling stated that all consequences should revert the status to what it was before this sale, and to erase and cancel the registration of document number 5557 dated 20/5/2019, considering it as it never existed. The first appellant was obligated to pay expenses and one hundred dinars for actual attorney fees. The financial impact on the company cannot be determined at this time except upon the execution of the rulings.
Amar Board of Directors’ Meeting no.03/2025 was held today Wednesday, May 14, 2025, at 1:00 PM, and the financial statements for the period ended March 31, 2025, were discussed and approved.
The schedule for the stock entitlement related to the distribution of a cash dividend of 3% of the nominal value per share (equivalent to three fils per share) for the fiscal year ended in December 31, 2024, has been confirmed.
The third board meeting of 2025 for Amar has been scheduled on Wednesday, May 14, 2025, at 1:00 PM, at the company's meeting room to discuss and approve the financial statements for the period ended on March 31, 2025, along with other items.
The Ordinary General Assembly Meeting of Amar Finance and Leasing Company for the fiscal year ended in December 31, 2024, was held today, Monday, May 5, 2025, at 10:30 AM at the headquarters of Al Ahleia Insurance Company – 2nd floor meeting room. The attached are the AGM minutes of meeting, the disclosure form for Shares Records, and the quorum report, All agenda items were approved during the meeting.
The Ordinary General Assembly meeting of Amar Finance and Leasing Company has been scheduled for Monday, May 5, 2025, at 10:30 AM, and will be held in the meeting room at the headquarters of Al-Ahli Insurance Company – second floor – Ahmed Al-Jaber Street – Sharq – Kuwait City.
The final date to purchase the company’s shares for registration in the General Assembly attendance record is April 22, 2025, while the record date for the right to attend the General Assembly is April 27, 2025, which also marks the beginning of the availability period.
In case the legal quorum is not met, the postponed General Assembly meeting will be held on Tuesday, May 13, 2025.
Amar Board of Directors’ Meeting no.02/2025 was held Sunday, March 23, 2025, at 2:00 PM, where the approval was granted for all items on the agenda, and the following are the key points:
The work plan for 2025-2027 was discussed and approved.
The consolidated financial statements for the period ending December 31, 2024, were discussed and approved.
The Board of Directors recommended to the General Assembly the approval of a cash dividend distribution for the fiscal year ending December 31, 2024, at a rate of 3% (three percent) of the nominal value of each share (i.e., three fils per share), for the shareholders registered in the company's shareholder records as of the end of the Record date
The Board of Directors recommended not to distribute remuneration to the members of the Board of Directors.
The Board of Directors recommended the appointment of Mr. Abdul Latif Mohammed Al-Aiban from Grant Thornton - Al-Qatami and Al-Aiban as the company’s auditor for the fiscal year ending December 31, 2025.
The Board of Directors recommended the reappointment of Osol Islamic Financial Consulting as the external Sharia audit office for the company for the fiscal year ending December 31, 2025.
The Board of Directors recommended the reappointment of Dr. Abdul Aziz Al-Qassar, Dr. Issam Al-Anzi, and Dr. Ali Ibrahim Al-Rashed from the Islamic Financial Industry House as the Sharia Supervisory Board for the fiscal year ending December 31, 2025.
Approval of the call for the ordinary General Assembly meeting and approve the agenda.
The First Instance Court ruled in case number 4729/2024, Commercial Civil Case Government/28, filed by Amar Financing and Leasing Company against the International Group for Real Estate Projects Company and Grovast Real Estate Company, along with the Undersecretary of the Ministry of Justice for Real Estate Registration and Documentation Affairs in his capacity, declaring the invalidity of the sales contract issued by the first defendant to the second defendant, registered with the real estate registration under document number 5557/2019 dated 20/05/2019, for the property located in Salmiya Area, Plot 37, Block 2, Plan No. M/21333. The court ordered the first and second defendants to pay the costs and an amount of one hundred dinars for actual legal fees, and there was no financial effect on the company as a result of the ruling
The second 2025 board meeting for Amar has been scheduled on Sunday, March 23, 2025, at 2:00 PM, at the company's meeting room to discuss and approve the 2025-2027 work plan, as well as the financial statements for the period ending December 31, 2024, along with other items.
The Court of Cassation ruled in case number 2411/2023 Commercial Cassation / 5 concerning a claim for a debt amount and compensation filed by Amar Financing and Leasing Company against the International Group for Real Estate Projects and others on February 18, 2025, as follows: The three appeals were accepted in form, the appeals 2189 and 2318 / 2023 were rejected, and each appellant bearing their own expenses and 20 dinars for legal fees, and the bail in these cases was forfeited. Regarding the appeal 2411/2023 T 5, was partially distincted in accordance with the reasons stated in this ruling, and Amar was ordered to pay the expenses and 20 dinars for legal fees. In the matter of appeal 54/2023 Commercial, it was distincted by canceling the contested ruling regarding the obligation of Amar to pay interest on the amount awarded at 7% annually from 2/3/2014, the court ruled again to reject this request and canceled the part concerning the rejection of the appellant's request to refund the paid installments, ordering again that Amar must pay the appellant 97,500 K.D. Amar was also ordered to pay the expenses and 20 dinars for legal fees.
The first 2025 board meeting for Amar has been scheduled on Monday, February 3, 2025, at 1:30 PM, at the company's meeting room to discuss and approve the Work Plan and 2025 Estimated Budget, in addition to other items
The contract period with Shura Sharia Consultancy, the external entity performs the tasks of the Sharia Audit Officer for Amar, has officially ended on December 31, 2024, and It has been approved to appoint Global for Shari'a Consultation Company as external entity to perform the tasks of the Internal Sharia Audit Officer for the period from January 1, 2025, to December 31, 2025.
Shura Sharia Consultancy. will continue as an Insider for Amar’s Information until the preparation and approval of the Financial Report of December 31, 2024
Amar Finance & Leasing Company’s Board of Directors Meeting no.06/2024 was held today Monday, November 11th, 2024, at 1:00 PM. During the meeting, the interim financial information for the period ended September 30th 2024, was discussed and approved.
Amar Finance & Leasing Company’s Board of Directors will have a meeting on Monday, November 11th, 2024, at 1:00PM at company’s premises to discuss and approve the interim financial information for the period ended September 30th 2024.
Amar Finance and Leasing Company announces that Mr. Issa Hasan Al-Kandari has been registered with CMA as a Collective Investment Scheme Manager, starting today Sunday, 01/09/2024.
Amar Finance and Leasing Company announces that it has been licensed to practice the activity of “Collective Investment Scheme Manager” for a renewable period of three years starting on 27/8/2024.
Amar Board of Directors’ Meeting no. 05/2024 was held today, Monday, August 12, 2024, at 1:00 PM. During the meeting, the interim financial information for the period ended June 30, 2024, was discussed and approved.
Amar Finance & Leasing Company’s Board of Directors will meet on Monday, August 12, 2024, at 1:00 PM at Amar Premises to discuss and approve the interim financial information for the period ending on June 30, 2024.
Following our previous disclosure dated July 17, 2024, regarding the results of the Extraordinary General Assembly Meeting, we are attaching the minutes of the Assembly Meeting approved by the Ministry of Commerce and Industry.
The Extraordinary General Assembly of Amar Finance and Leasing Company in 2024 took place at the head office of Al-Ahleia Insurance Company on Wednesday, July 17, 2024, at 10:30 AM. During this assembly, shareholders holding 161,396,138 shares (representing 82.669% of the company’s capital) approved amendments to Article 5 of the Articles of Association and Article 4 of the Memorandum of Association. These amendments included adding the activity of a Collective Investment Scheme Manager
The extraordinary general assembly meeting was scheduled to be held at 10:30 Am. on Wednesday, July 17, 2024, at the headquarters of Al-Ahlia Insurance Company - second floor - Ahmed Al-Jaber Street - Sharq - Kuwait City.
Amar Finance and Leasing Company's logo has been updated effective today, Wednesday, June 19, 2024.
The Board of Directors agreed to invite the company’s shareholders to an extraordinary general assembly meeting and approved its agenda. The Board also approved the updated organizational structure
Mr. Fahad Waleed Al-Sharhan has been appointed to the position of Vice President - Support Services Department at Amar Finance and Leasing Company, as of today Sunday, June 2, 2024.
Amar Finance and Leasing Company announces that it is in the process of completing the necessary procedures to move the company’s headquarters from its current headquarters located in Sharq area - Ahmed Al Jaber Street - Al Budoor Tower to the new location in Al Rayhan Tower - Seventh Floor - Ali Al Salem Street, Block 3 - Al Qibla - Kuwait City, as of May 19, 2024. There will be no change to the contact numbers.
Amar Finance and Leasing Company announces that it has obtained an initial and renewable approval from Capital Markets Authority (CMA) to license the activity of a Collective Investment Scheme Manager, starting from May 14, 2024, and ending on November 13, 2024.
Amar Board of Directors’ meeting no.03/2024 was held today, Sunday, April 28, 2024, at 1:00 PM. During the meeting, the organizational structure was discussed and approved. Additionally, the termination of Mr. Khaled Al-Rabbab’s services in Amar was approved. Mr. Al-Rabbab served as the Executive Vice President of the Support Services Department and Subsidiary Companies. His last working day will be on Wednesday, July 28, 2024."
Amar Finance & Leasing Company Board of Directors will have their meeting at 1:00 PM in Sunday, April. 28, 2024 in the company's meeting room, to discuss and approve the Organizational Structure in addition to other items.
Amar Finance and Leasing Company announces that BDO for Economic, Administrative, Industrial and Computer Consultations and establishing of private training institutes, has been assigned to carry out the duties of the Internal Audit Officer for Amar Company, starting from Wednesday, April 10, 2024, and registered as the Internal Audit Officer in CMA list of Registered Employment Positions, and the registration of Mr. Bassem Jamal Andraos - Internal Audit Officer, has been canceled from the list of Registered Employment Positions of the company from the date.
Amar Finance and Leasing Company announces that the General Assembly of Amar Finance and Leasing Company for the fiscal year ending on December 31, 2023, was held today, Wednesday, April 3, 2024, at 11 am, in the head office of Ahlia Insurance Company -2 nd Floor, in the meeting room. Shareholders who attended the meeting own 158,694,636 shares, presenting 81.285% of the company’s shareholders, all agenda articles were approved according to the following:
Amar Finance and Leasing Company announces that GRC Consulting Company has been assigned to perform the task of Risk Management Manager for Amar starting from today Monday, April 1, 2024, and registering GRC as Risk Management Manager in the list of Registered Employment Positions of Capital Market Authority.
The Registration of Mrs. Hanan Abdul Karim Al-Mansour – Risk Management Manager has been removed from CMA’s list of Registered Employment Positions, to start handling the tasks of Operations and Settlements Manager in the company from today.
Amar Company announces that the Capital Markets Authority Resolution No. (28) of 2024 has been issued regarding the renewal of Amar’s securities activities license with the Capital Markets Authority to practice the activity of a securities broker not registered on the stock exchange, provided that the license period is three years starting from May 12, 2024.
Amar Company announces that the contract with Mrs. Nemat Al-Halabi to perform the work of the company’s consultant has been terminated, from today, Sunday, March 10, 2024.
The Ordinary General Assembly meeting for Amar Finance and Leasing Company has been scheduled at 11:00 am on Wednesday April 03, 2024, at Ahlia Insurance Company meeting room, 2nd floor, Ahmed Al Jaber Street, Sharq Area, Kuwait City.
Amar Board of Directors’ (BOD) meeting no.02/2024 was held today Tuesday, February 20, 2024. at 1:00 PM, and the following were discussed :
Discussing and approving the audited financial statements for the financial year ending on December 31, 2023.
Approved the articles included in the agenda of the Ordinary General Assembly meeting and start preparing for the Ordinary General Assembly meeting of the fiscal year ending on December 31, 2023 during specified period.
Recommendation to the Ordinary General Assembly not to distribute dividends to the company’s shareholders.
Recommending the reappointment of the external auditor, Mrs. Hind Abdullah Al-Sari’i from the office of Grant Thornton - Al-Qatami, Al-Aiban & Partners, as an external auditor of the company’s financials for the fiscal year December 31, 2024.
Recommending the reappointment of the external Sharia audit office, Messrs. Osool Sharia Consulting Company, as an external Sharia audit office for the fiscal year ending on December 31, 2024.
Recommendation for the reappointment of the Sharia Supervisory Board the Office of the House of Islamic Financial Industry (Prof. Dr. Abdulaziz Khalifa Al-Qassar, Dr. Issam Ibrahim Al-Anzi, Dr. Ali Ibrahim Al-Rashed)
Approval to develop the company’s logo
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:00 PM On Tuesday, February. 20, 2024 in the company's meeting room, to discuss and approve the Following Items:
Financial statements of December 31, 2023.
The agenda of the Ordinary General Assembly for the fiscal year ended on December 31, 2023.
Board of Directors’ report for the financial year ending December 31, 2023.
Corporate Governance Report, Audit Committee Report, Remuneration Report for the fiscal year ending December 31, 2023.
Appointment/reappointment of the External Financial Auditor.
Appointment/reappointment of the External Sharia Audit Office.
Appointment/reappointment of the Sharia Supervisory Board.
Other items.
Amar Board of Directors’ (BOD) meeting no.01/2024 was held today Wednesday, January 24, 2024. at 1:00 PM, where the estimated budget and work plan for the year 2024 have been Discussed and approved, approving the renewal of a license to practice the activity of a securities broker not registered in stock exchange, and postponing the decision on discussion of the company’s logo development.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:00 PM In Wednesday, January. 24, 2024 in the company's meeting room, to discuss and approve the estimated budget and business plan for 2024, renewal of securities activities license, development of the company logo.
Amar announces that the contract period with Sharia’s Audit House Office, the internal Sharia Audit Officer, for Amar Finance and Leasing has ended on December 31, 2023. The appointing of Shura Sharia Consulting Company has been approved as the Sharia’a audit officer starting on 01/01/2024.
We would also like to inform you that the Sharia Audit House Office is a person familiar with the internal information of Amar Finance and Leasing Company until the completion of preparing and submitting the Fourth Quarter Report of 2023.
In addition to our previous disclosure dated June 11, 2023, Kindly note that the Court of Appeal in Case No. 1003/2023 at the Court of First Instance, Circuit No. 10, and No. 2712/2023 in the Court of Appeal, for the issues regarding the stay of execution of Case No. 505/2019, Total Commercial / 4, filed by the group of International Real Estate Projects and others against Amar Finance and Leasing Company, in which a ruling was issued in yesterday’s session, Sunday, December 3, 2023, with a ruling in favor of Ammar Finance and Leasing Company, considering the appeal as if it has not occurred and obligating the appellant with the expenses, and there is no financial impact on the company.
The First Instance Court ruled rejecting the case and keep it pending, until a discrimination decision under No. 2411/2023 Commercial/5, and, deferred judgement on expenses.
Amar Finance and Leasing Company announces that Mrs. Nour Allah Nabil Ashqir has been registered with the Capital Markets Authority as “Securities Broker Not Registered In The Stock Exchange” starting Tuesday, November 28, 2023.
Amar Board of Directors’ (BOD) meeting no.06/2023 was held today Monday, November 06, 2023 at 1:30 PM, where the financial statements for the period ending on September 30, 2023.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:30 PM on Monday, November. 06, 2023 in the company's meeting room, to discuss and approve the Financial statements for the period ending on September 30, 2023.
Amar Board of Directors’ (BOD) meeting no.05/2023 was held today Wednesday, August. 09, 2023 at 1:30 PM, where the financial statements for the period ending on June 30, 2023.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:30 PM on Wednesday, August. 09, 2023 in the company's meeting room, to discuss and approve the Financial statements for the period ending on June 30, 2023.
The First Instance Court ruled in favor of Amar Finance and Leasing Company, rejecting the case and obliging the plaintiff to pay the expenses and an amount of KD 50/- being actual attorney’s fees. Accordingly there is no financial impact.
The First Instance Court ruled to annul the “stay of execution” request and consider it null and void. The judgment obliged the appellant to pay the expenses, and an amount of KD 100/- being actual attorney’s fees.
Based on this judgment, the execution of Case 505/2019 and the relevant appeal were annulled in favor of Amar Finance and Leasing Company against the International Real Estate Projects Group, with regards to the amount of KD 980,056.202, including judicial expenses
The Execution Department at the Ministry of Justice performed the following legal set-off in favor of Amar Finance and Leasing Company against The International Real Estate Projects Group for its debts to Amar finance and Leasing company as per the aforementioned judgments and amounts in addition to the debt of KD 735,756.515, based on The Court of Cassation judgment:
1- Deducting the amount of KD 735,756.515 that was issued by a judgment against Amar Finance and Leasing Company in favor of The International Real Estate Projects Group, from the amount of KD 980,056.202 that was issued by a judgment in favor of Amar Finance and Leasing Company. This amount shall be recorded as a collected profit from bad debts.
2- Closing the execution file for the value of KD 735,756.515, including judicial fees and expenses, issued against Amar Finance and Leasing Company, for which a provision has been taken and recorded previously in the company's records.
Accordingly, the financial impact will be reflected in decreasing the company's obligations by closing the provision allocated for the Cassation case, and in recording the incurred profit from collecting bad debts in the 2023 second quarter statement.
As for the temporary execution dispute, the First Instance Regional Court- Urgent 1- ruled to accept the “stay of execution” request in form and to suspend the sentence on merits, with regards to the amount of KD 728,884.500 deposited in the execution file, and to continue execution of other rulings. The court also ruled to oblige the first Respondent to pay the expenses, and an amount of KD 20/- (Kuwaiti Dinars Twenty only) being actual attorney’s fees.
Accordingly, there shall be no current financial impact on the company until after litigation levels are completed.
Further to our previous disclosure on March 27, 2023, Please be informed that the Court of Appeal Judgment has been issued for Case No. 2478/2023. The court ruled to reject the first appellant's request, to accept the second request in form, and to reject it on merits, to affirm the appealed judgment and to obligate the appellant to pay the amount of KD 20/- (Kuwaiti Dinars Twenty only) being actual attorney’s fees.
Amar Board of Directors’ (BOD) meeting no.04/2023 was held today Thursday, May. 11, 2023 at 1:00 PM, where the financial statements for the period ending on March 31, 2023.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:00 pm on Thursday, May. 11, 2023 in the company's meeting room, to discuss and approve the Financial statements for the period ending on March 31, 2023 in addition to Other items.
Amar Board of Directors’ (BOD) meeting no. 03/2023 was held today Tuesday, April 13, 2023 at 1:30 PM, Where the company's board of directors for the next three years (2023-2025) was formed as follows:
Mr. Abdullah Rashed Salem Boqammaz – Chairman
Mr. Bader H A Alrabiah – Vice Chairman
Mr. Hamad Mohammad Abdullah Alsaad – Board Member
Mr. Abdulmutaleb A M R Marafie
– Board Member
Mr. Anwer Ahmad Abdullah Alhunaidi - Independent Member
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:30 pm on Sunday, April. 13, 2023 in the company's meeting room, to form the Board of Directors for its new session (2023-2025).
The Ordinary and Extraordinary General Assembly Meeting of Amar Finance and Leasing Company was held today, Monday, April 10th, 2023 at 10:30 am at Al-Ahlia Insurance Company meeting room, 2nd Floor, Ahmed Al Jaber Street, Sharq Area, Kuwait City. All agenda articles were approved during the meeting.
Kindly be advised that Mr. Eissa Hasan Alkandari has started his duties as Investment Department Manager effective today, April 10, 2023.
Amar Finance and Leasing Company announces that Mr. Abdullah Yousef Al-Hajri - Investment Manager and registered with the Capital Markets Authority as “Securities Broker Not Registered In The Stock Exchange” has submitted his resignation from his position. His resignation was approved today, March 29, 2023, and his last working day will be Thursday, June 22, 2023.
The Regional Court ruled the following First Instance judgment in favor of the International Real Estate Projects Group and other parties, in respect of the request for “a stay of execution” in relation to the execution of Case No. 2920/2020:
The court judgment in respect of the temporary execution dispute, was to accept the “stay of execution” request in form and to reject it on merits, to continue with the execution, and to oblige the Respondent to pay the expenses, and an amount of KD 10/- (Kuwaiti Dinars Ten only) being actual attorney’s fees. Moreover, the court ruled the forfeiture of the bail.
The temporarily suspension of the execution procedures through the General Administration of Execution shall have no current financial impact on the company due to its connection to other rulings issued in favor of Amar Finance and Leasing Company.
In addition to our previous disclosure dated 06 December 2022, we inform you that the Court of Appeal in Cases No. 15/2023, 54/2023, 24/2023, 42/2023 Commercial Appeals / 05 filed by the International Group for Real Estate Projects and others against Amar Finance and Leasing Company related to Case No. 505/2019, general commercial, in which a judgment was issued in yesterday’s session, Wednesday, March 15, 2023. The court judged as follows:
First: The appeal was accepted on Wednesday in form.
Secondly, in the matter, by rejecting it, upholding the appealed ruling, obliging each appellant to pay the expenses of his appeal, and the court ordered a set-off in attorney’s fees.
This is based on the ruling issued by the Court No. 505/2019 General Commercial /4
There is no current financial impact on the company, except after the end of the litigation.
The Ordinary and Extraordinary General Assembly meetings for Amar Finance and Leasing Company has been set at 10:30 am on Monday April 10, 2023, at Ahlia Insurance Company meeting room, 2nd floor, Ahmed Al Jaber Street, Sharq Area, Kuwait City
Further to our previous disclosure on March 01, 2023, kindly Note that Amar Finance and Leasing Company signed today, Tuesday, March 07, 2023, a Credit Limit Agreement for the amount of KD 3,250,000/- (three million two hundred and fifty thousand Kuwaiti Dinars only) with a local Islamic bank. The purpose of the limit is to finance the company's investment activities. The financial impact will be reflected later on the financial statements, based on the used amounts of those facilities
Amar Board of Directors’ (BOD) meeting no. 02/2023 was held today Tuesday, Feb. 28, 2023 at 1:30 PM, where the following recommendations were approved :
- The financial statements for the period ending on December 31, 2022.
- Approval of the invitation to convene the Ordinary and Extraordinary General Assembly meetings.
- Recommending not to distribute dividends to company's shareholders.
- Recommend the re-appointment of the external auditor.
- Recommend the re-appointment of the external Sharia audit office.
- Approving signing a credit facilities contract with a local bank at a value of KD 3,250,000
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:30 pm on Tuesday, Feb. 28, 2023 in the company's meeting room, to discuss and approve the following items:
- The Financial statements for the period ending on December 31, 2022.
- Discussing the agendas of the Ordinary and Extraordinary General Assembly meetings.
- Discussing the Board of Directors' report.
- Discussing the governance report and the audit committee report.
- Discussing the rewards report.
- Other items.
Amar Board of Directors’ (BOD) meeting no. 01/2023 was held today Sunday, Feb. 05, 2023 at 1:15 PM, where the Board has discussed and approved the company’s strategy and the estimated budget for 2023.
Amar Finance & Leasing Company Board of Directors will its meeting at 1:15 pm on Sunday, Feb. 05, 2023 in the company's meeting room, to discuss and approve the company's strategy and the estimated budget for the year 2023 in addition to other items.
The opening of the nomination for the company board membership including Independent Board Member for the next three-year term, for a period of two weeks starting 2nd January, 2023. Those wishing to run for the Board of Directors membership should apply to the Board Secretary at the company’s headquarters located in Sharq - Ahmed Al-Jaber Street - Al Budoor Tower - second floor, during official working hours from Sunday to Thursday from 7:30 am to 3:30 pm.
Amar Board of Directors’ (BOD) meeting no. 06/2022 was held today Wednesday, Dec. 28, 2022 at 1:30 PM, where the Board has discussed and approved the estimated budget for 2023.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:30 pm on Wednesday, Dec. 28, 2022 in the company's meeting room, to discuss and approve its Estimated budget for 2023, in addition to other items.
Further to our previous disclosure dated September 08, 2020, please be informed that the Court of Cassation ruled in its session on 20 December 2022 to accept appeal No 2920/2020 for partial cassation of the judgment in respect of rejecting the appeal, and obliged the Respondent to pay the court’s cost and an amount of KD 20 as attorney's fees. As for Appeal no. 4186/2015, the ruling annulled the appealed judgment and re-ruled a judgment obliging the Respondent Amar Finance and Leasing Company to pay the Claimant Company the amount of 728842.500 and to pay the court’s cost for the two degrees of litigation and KD 20 as attorney's fees. Moreover, kindly note that there is no impact on the financial position of the company as a provision of the full amount has been taken previously.
The Regional Court ruled a First Instance judgment in lawsuit No. 505/2019 in favor of Amar Finance and Leasing Company the following:
First: obligating the original first defendant to pay the amount of KD 975,000/- and legal interest an annual rate of 7% from the due date 02/03/2014 until full payment. Moreover, the court rejected all other requests and obliged the Defendant and the First Defendant to pay the case expenses equally and ordered a set-off with regard to actual attorney's fees.
Second: Accepting the subsidiary case filed by the First Defendant, in form and rejecting it on merits, and obliging the Respondent to pay the expenses thereof, and an amount of KD 200/- (Kuwaiti Dinars two hundred only) being actual attorney’s fees.
Third: accepting the subsidiary case filed by the Fourth Defendant, in form and rejecting it on merits, and obliging the Respondent to pay the expenses and an amount of KD 200/- (Kuwaiti Dinars two hundred only) being actual attorney’s fees
Amar Finance and Leasing Company announces that Mr. Mishaal Abdullah Al-Bader - Executive Vice President - Finance and Investment Department and registered with the CMA as Senior Executives has submitted his resignation from his position due to retirement, and his resignation was accepted today, November 09, 2022, and his last working day shall be on Monday, February 06, 2023.
Amar Board of Directors’ (BOD) meeting no. 05/2022 was held today Tuesday, Nov. 08, 2022 at 1:30 PM, where the Board has discussed and approved the financial statements for the period ended September 30, 2022. Moreover, the Board discussed the company’s strategy for the year 2023 and recommended to prepare an estimated budget and submit for approval.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:30 pm on Tuesday, Nov. 08, 2022 in the company's meeting room, to discuss and approve its financial statement for the period ending on September 30, 2022, the company’s strategy, in addition to other items.
Further to our previous disclosure dated June 29, 2021, regarding one of Amar finance and leasing company 100% owned subsidiaries which has concluded a preliminary agreement to sell an investment property for the total value of KD 1,520,000, please be informed, that all necessary legal procedures to sell the property have been completed. Accordingly the company will record a loss of KD 70,000. This impact will appear on the financial statements for the fourth quarter of 2022.
Amar Finance and Leasing Company announces that Mr. Nawaf Ali Jalloud - Sharia Audit Officer has resigned from his position. His resignation was approved on August 22, 2022, while his last working day shall be on Monday, October 31, 2022.
Amar Board of Directors’ (BOD) meeting no. 03/2022 was held today Tuesday, August 09, 2022 at 1:00 PM, where the Board discussed and Approved the financial statements for the period ended on June 30, 2022. Moreover, the Board approved updating the estimated budget by redistributing some estimated cost items to increase the cost of information systems.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:00 pm on Tuesday, August 09, 2022 in the company's meeting room, to discuss and approve the financial statement for the period ending on June 30, 2022 in addition to other items.
The ruling of Kuwait Society of Lawyers -Arbitration Center in lawsuit No. 27/2022 filed by AMAR against other parties regarding claiming the amount of KD 116,375, was as follows:
First: Obligating the first respondent to pay the Claimant (AMAR Finance and Leasing Company) the amount of KD 114,250 being the due amounts owed by the first respondent.
Second: Obligating the first respondent to pay KD 15,571.250 for the expenses, and arbitration fees.
The financial impact will be determined based on what is collected when the judgment is executed, as previous provisions for this indebtedness have been allocated.
Further to our previous disclosure dated June 15, 2021, regarding Case No. 16042/2019, commercial, and related to Lawsuit No. 538,537/2015, Civil /3, Please be informed that the amount of KD 86,553.794, being the legal fees and expenses for Case No. 2613/2021- commercial Cassation, have been paid, and a provision of KD 4,446.206, being the difference between the provision taken previously for the aforementioned case and the paid amount, will be reversed. This effect will be positively reflected in the financial statements for the third quarter of 2022
One of Amar Finance and Leasing Company 100% owned Subsidiaries reached a preliminary agreement to sell an investment property for the total value of KD 1,520,000. The financial impact of the transaction will be reflected in the consolidated financial statements after the completion of the deal and the legal procedures.
Further to our previous disclosure dated August 31, 2021, regarding Case No. 16042/2019, commercial, and related to Lawsuit No. 538,537/2015, Civil Cassation/3
Kindly note that the Court of Cassation has issued a judgment in respect of Case No. 2613/2021, Commercial Cassation. The Judgment ruled not to accept the appeal of cassation filed by Amar Company and obligated the company to pay the legal fees and expenses.
A new disclosure will be released later when the final amount is determined.
There is no impact on the company’s financial position, as there is a previous provision covering legal fees and expenses.
Amar Board of Directors’ (BOD) meeting no. 02/2022 was held today Wednesday, May 11, 2022 at 1:00 PM, where the Board Has discussed and Approved the financial statements for the period ended march 31, 2022.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:00 pm on Wednesday, May 11, 2022 in the company's meeting room, to discuss and approve its financial statement for the period ending on march 31, 2022 in addition to other items.
Further to our previous disclosure dated December 29, 2021 regarding the results of BOD meeting no. 08/2021, Kindly be advised that Mr. Muhammad Abdullah Al-Saad has started his duties as company CEO effective today, Sunday, March 06, 2022
The annual general assembly meeting for Amar Finance and Leasing Company (AGM) has been set at 10:00 am on Wednesday March 16, 2022, at Ahlia Insurance Company meeting room, 2nd floor, Ahmed Al Jaber Street, Sharq Area, Kuwait City.
Amar Board of Directors’ (BOD) meeting no. 01/2022 was held yesterday Monday, February 21, 2022 at 1:00 PM, where the Board Has taken the following decisions :
- Approval of the financial statements for the period ended December 31, 2021
- Calling for the ordinary General Assembly meeting.
- Recommendation to amortize the accumulated losses amounting to KD (229,658) as at December 31, 2021 from the voluntary reserve.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:00 pm on Monday 21 February 2022 in the company's meeting room, to discuss and approve its financial statement for the period ending on December 31, 2022 in addition to other items.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:00 pm on Monday 21 February 2022 in the company's meeting room, to discuss and approve its financial statement for the period ending on December 31, 2022 in addition to other items.
Amar Finance and Leasing Company's Board of Directors Meeting was held on Wednesday 29th December 2021 at 1:00 PM where the Board approved the appointment of Mr. Mohammad Abdullah Al-Saad as company CEO effective March 01, 2022
Amar Finance & Leasing Company Board of Directors will hold its meeting on Wednesday 29th December 2021 at 1:00 pm to consider executive management appointments.
Further to our previous disclosure dated December 06th ,2021 regarding lawsuit No. 10232/2017, and the court decision to acquit the defendant, a court judgment was passed in lawsuit 1521/2021 not to accept the appeal as it was filed after the set date. Accordingly, this case ended in favor of the defendant
Further to our previous disclosure dated September 16th ,2020 regarding lawsuit No. 10232/2017, the Court decided on 12/5/2021 to withhold Case No. 1521/2021 Misdemeanors / Appeal / 6 for judgment during the session to be held on 12/12/2021
Amar Finance and Leasing Company's Board of Directors Meeting was held on Wednesday 01 December 2021 at 1:00 PM where the following was done:
- Discussing and approving Budget and Strategy for the year 2022.
- Mr. Hamad Mohammed Al-Saad submitted his resignation from his position as company CEO effective from the end of Monday, February 28, 2022 for personal reasons, The Board of Directors has approved the resignation request.
Amar Finance & Leasing Company Board of Directors will hold its meeting on Wednesday 01 December 2021 at 1:00 pm to discuss and approve the Budget & Strategy for the year 2022 .
Amar Finance and Leasing Company's Board of Directors Meeting was held on Wednesday 03 November 2021 at 1:00 pm. The Board approved the financial statements for the period ended 30 September 2021.
The Board of Directors of Amar Finance & Leasing Company will hold its meeting on Wednesday 03 November 2021 at 1:00 pm to discuss and approve its interim financial statement for the third quarter ended 30/09/2021.
Kindly note that the capital shares distribution for Lulu Al Wattan Real Estate Company, one of the subsidiaries of Amar Finance and Leasing Company, has been amended, with the exit of a partner representing 1% of the company’s capital. Accordingly, Lulu Al Wattan Real Estate Company becomes 100% owned by Amar Finance and Leasing Company.
The effect of this exit shall be an increase in Amar Finance and Leasing Company’s ownership in Lulu Al Wattan Real Estate Company’s capital by 1%
Further to our previous disclosure dated June 09, 2021, regarding lawsuit No. 16402/2019, commercial, related to lawsuit No. 538,537/2015, civil cassation/3, which obligated Amar Finance and Leasing Company to pay an amount of KD 350,000, being judicial fees and expenses.
Kindly note that the request to suspend the sentence has been accepted and the said amount has been modified to KD 91,000.
The company will refund (KD 259,000) being the amount difference from the provision formed, and hence the impact will appear on the financial statements for the third quarter of 2021.
The job titles of the following employees have been changed effective from 30/08/2021:
Amar Board of Directors (BOD) meeting no. 05/2021 was held today Wednesday, August 04, 2021 at 1:00 PM, where BOD discussed and approved the financial statement for the second quarter of 2021.
Amar Finance & Leasing Company Board of Directors will hold its meeting on Wednesday, August 04, 2021 at 1:00 PM to discuss and approve the financial statement for the second quarter of 2021.
Amar finance and leasing company has appointed Mr. Nawaf Ali Jaloud as Sharia Audit Officer.
Amar Board of Directors (BOD) meeting no. 04/2021 was held today Wednesday, June 30, 2021 at 1:00 PM, where BOD approved updated internal policies and procedures.
Amar Finance & Leasing Company Board of Directors will hold its meeting on Wednesday, June 30, 2021 at 1:00 PM to discuss and approve updated internal policies and procedures.
A defaulting Islamic finance customer has paid KD 341,000, being the value of the entire indebtedness in addition to profits. This will be reflected in the financial statements for the second quarter of 2021 by refunding KD 276,000 being the provision for the Islamic finance principal.
The Court of Appeals issued a verdict in Case No. 4859/2020- commercial obligating Amar Finance and Leasing Company to pay the amount of KD 350,000, which represents judicial fees and expenses.
Amar Board of Directors (BOD) meeting no. 03/2021 was held today Monday, May 03, 2021 at 1:30 PM, where the Board approved the financial statements for the period ended March 31, 2021
The Board of Directors of Amar Finance & Leasing Company will hold its meeting on Monday, May 03, 2021 at 1:30 pm, to discuss and approve its financial statement for the period ending on March 31, 2021.
The Ordinary General Assembly Meeting of Amar Finance and Leasing Company was held today, Monday, March 29th, 2021 at 10:30 am at Al-Ahlia Insurance Company meeting room, 2nd Floor, Ahmed Al Jaber Street, Sharq Area, Kuwait City. All agenda articles were approved during the meeting.
The services of Mr. Abdulrahman Muhammad Al-Belkasi - Sharia Audit Officer at Amar will end at the end of the working day of Thursday, June 18th, 2021
The annual general assembly meeting for Amar Finance and Leasing Company (AGM) has been set for the Monday, 29th March 2021, at 10:30 am at Ahlia Insurance Company meeting room, 2nd floor, Ahmed Al Jaber Street, Sharq Area, Kuwait City.
Amar Board of Directors (BOD) meeting no. 02/2021 was held today Monday, March 01, 2021 at 1:00 PM, where the Board approved the financial statements for the period ended December 31, 2020 and approved calling for the ordinary General Assembly meeting.
The Board of Directors of Amar Finance & Leasing Company will hold its meeting on Monday 01 March 2021 at 1:00 pm in the company's meeting room, to discuss and approve its financial statement for the period ending on December 31, 2020.
The ownership of the property located in Kuwait City - Al Qibla region, has been transferred from Amar Finance and Leasing Company to Rayhan Real Estate Company (a subsidiary fully owned by Amar Finance and Leasing Company)
Amar Board of Directors (BOD) meeting no. 01/2021 was held today Monday, February 01, 2021 at 1:00 PM, where BOD approved to renew CMA security activity license.
Amar Finance & Leasing Company Board of Directors will hold its meeting on Monday, February 01, 2021 at 1:00 PM to discuss the renewal of CMA securities activity license
Amar Finance and Leasing Company announces that Mrs. Hanan Abdul Karim Al Mansour will be appointed as Risk Management Officer, starting January 04, 2021
The registration of Mr. Hisham Bader Al-Zayed from the position of Risk Management Officer will also be canceled, effective January 04, 2021
The Board of Directors (BOD) meeting no. 01/2020 was held on 12/02/2020 where :-
- The financial statements for the period ended December 31, 2019 was approved.
- The proposal for reducing the capital to extinguish losses was discussed, and consequently, a recommendation was issued to submit the proposal to the extraordinary general assembly meeting for approval.
The Board of Directors (BOD) meeting no. 06/2020 was held on 09/12/2020 where the Budget and strategy for the year 2021 was approved.
Amar Finance & Leasing Company Board of Directors will hold its meeting on Wednesday 09/12/2020 at 1:00 pm to discuss and approve its Budget and strategy for the year 2021
Mr. Issa Zaki Shakra submitted his resignation from Amar Finance and Leasing Company Sharia Board effective 16th February 2020
Amar Finance and Leasing Company's Board of Directors Meeting was held on Wednesday 04 November 2020 at 1:00 pm. The Board approved the financial statements for the period ended 30 September 2020.
The Board of Directors of Amar Finance & Leasing Company will hold its meeting on Wednesday 04 November 2020 at 1:00 pm to discuss and approve its interim financial statement for the Third quarter ended 30/09/2020
Mr. Abdel Fattah Mohamed Rafea Marafie - Member of the Company's Board of Directors transferred ownership of 990,000 shares
The judgment was passed accepting the defendant’s objection (Amar finance and leasing Company), canceling the opposing judgment and acquitting the defendant in the two lawsuits No. 10323/2017 misdemeanor – 3 and 2351/2019 misdemeanor – 4
Rejection of the appeal in case No.4135, 4186/2015 commercial/13 pertaining to Amar Finance and Leasing Company's claim for the value of the property proceeds
The Board of Directors (BOD) meeting no. 03/2020 was held on 10/08/2020 where the financial statement for the period ending June 30, 2020 was approved and the decision for reducing the company's capital was postponed until the end of 2020.
The Board of Directors (BOD) meeting no. 03/2020 was held on 10/08/2020 where the financial statement for the period ending on March 31, 2020 was approved.
Amar Finance & Leasing Company Board of Directors will hold its meeting on Monday 10/08/2020 at 1:00 pm to discuss and approve its financial statements for the periods ending on March 31, 2020 and June 30, 2020 in addition to discussing the reduction of the Company’s Capital.
25/03/2020
Result of the Amar Board Meeting
The Board of Directors (BOD) meeting no. 02/2020 was held today Wednesday, March 25, 2020 at 1:00 PM, where the following decisions were made:
1)Restructuring the board of directors as follows:
Name
Title
Category
Mr.Abdulla Rashid Salim Bou-Qammaz
Chairman
Non-Executive Member
Mr.Abdulfatah Mohamed Rafie Marafi
Vice Chairman
Non-Executive Member
Mr. Hamad Mohamed Al-Saad
Board Member & CEO
Executive Member
Mr. Khaled Abdulazeez Abdullah Alghanem
Board Member
Non-Executive Member
Mr. Talal Sultan Ali AlShehab
Board Member
Independent Member
Mr. Anwar Ahmad Abdullah Alhunaidi
Board Member
Non-Executive Member
2)Re-appointment of Mr. / Mohammad Essam Faidi as Secretary of the Board Director
Amar Finance & Leasing Company Board of Directors will hold its meeting on Wednesday, March 25, 2020 at 1:00 PM to form the Board of Directors for its new session.
The ordinary general meeting of Amar Finance and Leasing was held today, Wednesday, March 18, 2020, at 10:00 AM at 10:00 am at Al-Ahlia Insurance Company meeting room, 2nd Floor, Ahmed Al Jaber Street, Sharq Area, Kuwait City. All agenda articles were approved during the meeting and the following names were elected as members of Amar Board of Directors for the next three years from 2020 to 2022: -
Mr.Abdulla Rashid Salim Bou-Qammaz - representative of Abdullah Al-Saad and Partners Company
Mr.Abdulfatah Mohamed Rafie Marafi - Representative of Commercial Real Estate Company Mr. Hamad Muhammad Al-Saad
Mr. Talal Sultan Al-Shehab.
Mr. Khaled Abdulaziz Abdullah Al-Ghanem.
Mr. / Anwar Ahmed Abdullah Al-Huneidi.
Mr. Ayman Muhammad Abdullah Al-Nassar – first Reserve member
Mr. / Ibrahim Ismail Mohamed Al-Kandari - second reserve member.
Amar Finance and Leasing Company announces the closure of the shopping centers located in lulu Al-Watan Complex, which is owned by one of Amar subsidiaries (lulu Al-Watan Real Estate Company), temporarily until further notice.
Al-Mashoora and Al-Raya for Islamic Financial Consulting – the shariah advisory board for Amar Finance and Leasing Company – declared that the zakat due on Amar shares as at 31 December 2019 is 0.00095 Kuwaiti Dinar/ share.
The annual general assembly meeting for Amar finance and Leasing Company (AGM) has been set for the Wednesday, 18 March 2020, at 10:00 am at Ahlia Insurance Company meeting room, 2nd floor, Ahmed Al Jaber Street, Sharq Area, Kuwait City.
Amar Finance & Leasing Company Board of Directors will hold its meeting on Wednesday 12/02/2020 at 1:30 pm to discuss and approve its financial statement for the period ending on December 31, 2019.
The opening of the nomination for the company board membership including Independent Board Member for the next three-year term, for a period of two weeks starting 2nd January, 2020.
Further to the previous disclosure dated 08 December 2019 regarding settlement the debts of two of Amar Commercial Finance clients, Amar Finance and Leasing announces that a settlement contract was signed with one of the debtors and the settlement amount of KD 461,000 was received.
Further to our previous disclosure dated 05 December 2019 regarding the results of BOD meeting, kindly note that the total accumulated debt for the two clients subject to settlement amounts to approximately 1,300,000 Kuwaiti dinars.
The settlement procedures are being processed with the aforementioned clients, and will be disclosed upon signing the final settlements
The Board of Directors (BOD) meeting no. 07/2019 was held on 05/12/2019. BOD agreed to settle the debts of two Commercial Finance clients.
Amar Finance & Leasing Company Board of Directors will hold its meeting on Thursday 05/12/2019 to discuss settlement of some Commercial Finance clients’ debts.
The Board of Directors (BOD) meeting no. 06/2019 was held on 27/11/2019 where: -
- Estimated budget and work plan for 2020 was approved.
- The proposal to reduce the capital was rejected at the present time.
Amar Finance & Leasing Company Board of Directors will hold its meeting on Wednesday 24/11/2019 to discuss and approve the following points: -
- Estimated budget and work plan for 2020
Amar Finance and Leasing Company's Board of Directors Meeting was held on Thursday 31 October 2019 at 1:00 pm. The Board approved the financial statements for the period ended 30 September 2019.
The Board of Directors of Amar Finance & Leasing Company will hold its meeting on Thursday 31 October 2019 at 1:00 pm to discuss and approve its interim financial statement for the Third quarter ended 30/09/2019.
Case No. 2351/2019 Municipal Misdemeanors - 4 has been joined to the previous case no. 10232/2017 Municipal Misdemeanors - 3, and was transferred to Experts Department.
The Second Quarter Interim Financial Statement for Amar Finance and Leasing Company (Amar), has been approved by Amar Board of Director in board meeting no. 4/2019 dated 07th August, 2019.
Mr. Abdulrahman Mohammad Albelqasi is appointed to perform the duties of Sharia Audit Officer
The Annual General Assembly Meeting of Amar Finance and Leasing Company for the fiscal year ended 31/12/2018 was held on Thursday, 13 June 2019, at 10:00 am at Al-Ahlia Insurance Company meeting room, 2nd Floor, Ahmed Al Jaber Street, Sharq Area, Kuwait City. All agenda articles were approved during the meeting except the article of voluntary withdrawal from Boursa Kuwait
The meeting for Amar Finance and Leasing Company Annual General Assembly (AGM) has been set for Thursday, 13 June 2019, at 10:00 am at Al-Ahlia Insurance Company meeting room, 2nd Floor, Ahmed Al Jaber Street, Sharq Area, Kuwait City.
Amar Finance and Leasing Company's Board of Directors Meeting was held on Monday 13 May 2019 at 1:30 pm. The Board approved the financial statements for the period ended 31 March 2019 and agreed to raise the recommendation of maintaining the company’s financing activity to the Extraordinary General Meeting.
The Board of Directors of Amar Finance & Leasing Company will hold its meeting on Monday 13 May 2019 at 1:30 pm to discuss and approve its interim financial statement for the First quarter ended 31/03/2019 and the change of company's activity.
The Board of Directors (BOD) meeting no. 02/2019 was held on 14/03/2019 in which the proposal of voluntary withdrawal from Boursa Kuwait was approved.
Amar Finance & Leasing Company Board of Directors will hold its meeting on Thursday 14/3/2019 to discuss the proposal of voluntary withdrawal from the stock market
The Board of Directors (BOD) meeting no. 01/2019 was held on 07/03/2019. The following articles were approved:
• Financial statements for the period ended 31 December 2018.
• Recommendation to change the legal structure of the company to a holding company.
• Invitation to convene the ordinary and Extraordinary General Assembly meetings.
Amar Finance & Leasing Company Board of Directors will hold its meeting on Thursday 07/03/2019.
The company's headquarters is moved from the Ground Floor to the Mezzanine Floor in the same previous address “Kuwait City - Sharq - Ahmed Al Jaber Street - Al-Bdour Tower.
Resignation of Mr. Omar Mohamed Fouda - Broker Not-Registered in the Exchange. His last working day shall be Sunday, March 24, 2019.
Resignation of Mr. Mohamed Saleem Rifai - Sharia Audit Officer. His last working day shall be Thursday 21 March 2019.
The accused shall be fined ten thousand dinars for each meter contrary to the order to remove the violations
The CEO of Amar Finance and Leasing Company was in violation of the municipality's fines
Further to our previous disclosure lawsuit No.537538/2015 on 25 January 2018, Please note that the report was booked on 26 December 2018.
The third quarter interim financial Statement for Amar Finance and Leasing (Amar), has been approved by Board of Director in board meeting no. 07/2018 dated 12th November, 2018.
Amar Finance & Leasing Company Board of Directors will hold its meeting on Monday 12/11/2017 to approve its interim financial statements for the third quarter of 2018.
Termination of Securities Activities
License for the following two securities activities has been terminated following Amar desire not to renew: -
• Investment Advisor
• Investment Portfolio Manager
Amar Finance & Leasing Company Board of Directors will hold its meeting on Sunday 30/09/2018 to discuss the future of the company.
The Board of Directors (BOD) meeting no. 06/2018 was held on 30/09/2018 as it was recommended to transfer the Company's activity to a holding company.
The second quarter interim financial Statement for Amar Finance and Leasing (Amar), has been approved by Board of Director in board meeting no. 4/2018 dated 05th August, 2018.
Amar Board of Directors was held on Sunday 08th August, 2018 and approved the interim financial Statement for the period ending 30/06/2018.
Amar Finance & Leasing Company Board of Directors will hold its meeting on Wednesday 07/08/2019.
Amar Finance & Leasing Company Board of Directors will hold its meeting on Sunday 05/08/2018 to approve its interim financial statements for the second quarter of 2018.
The Board of Directors of Amar Finance & Leasing Company will hold its meeting on Wednesday 16 May 2018 at 1:00 PM to approve its interim financial statement for the First quarter ended 30/03/2018.
Nomination and End of services of the following staff members who were registered persons:
End Services of Mr. Mohammad Omar Jasser - Sharia Audit Officer
Nomination of Mr. Mohammad Saleem alrefaie - Sharia Audit Officer
End of the services of Mr. Mohamed Omar Jasser from the position of Sharia Audit
Officer on 04 June 2018 and appointment of Mr. Mohamed Salim Al Rifai for that position on the same date.
31/06/2018
Amar Board of Directors Meets on 05 August 2018
The Board of Directors of Amar Finance & Leasing Company will hold its meeting on Sunday 05 August 2018 at 1:00 PM to approve its interim financial statement for the Second quarter ended 30/06/2018.
Amar Board of Directors was held on Wednesday 16 May 2018 and approved the first quarter interim financial Statement for the period ending 30/3/2018.
Further to the previous disclosure dated 08 December 2019 regarding settlement the debts of two of Amar Commercial Finance clients, Amar Finance and Leasing announces that a settlement contract was signed with one of the debtors and the settlement amount of KD 75,000 was received.
The request for “a stay of execution” for the amount of KD 2,621,000 in respect of cases 762/2018 urgent1, 538,537 / 2015 - Civil Cassation / 3 was rejected. Judgment shall be implemented in favor of the other parties.
The ordinary General Meeting of Amar Finance and Leasing Company for the fiscal year ended 31/12/2017 was held at 12:00 PM on Tuesday 17th April 2018 at main hall 3 in the Public Authority for Industry. All agenda article were approved during the meeting.
The AGM of Amar finance and leasing company for the fiscal year ended 31/12/2017 shall be held on Tuesday 17th April 2018 at 12:00 PM at the main hall 3 at Public Authority for Industry building.
The Board of Directors of Amar Finance and Leasing Company held its meeting on Thursday 01/03/2018 at which the following was discussed and approved:
Further to case No. 538,537 / 2015 civil / 3 appeal, we came to know that a judgment in favor of the other party was issued.
Further to the previous disclosure on 25 January 2018 in respect of lawsuit No. 538,537 / 2015, civil / 3 -Cassation for which a provision of KD 2,255,000 was allocated, please note that the issued judgment obliged the company to pay the amount of KD 2,621,000.
Further to the appeal judgment which obliged Amar Finance and Leasing Company with KD 2,255,000, and which was appealed to the Court of Cassation under No. 538,537 / 2015 Civil / 3,
The case is reserved for judgment on 24 January 2018. The related case No. 4186/2015 Commercial, pertaining to the claim for the value of renting the property subject of the case, will be viewed on 14/02/2018.
As for the relevant case No. 8636/2015 commercial, related to requesting an expert for the claim of the value of financing, which was rejected on 15/01/2018, however, the judgment will be appealed.
At the request of Amar Finance and Leasing Company, the Capital Market Authority approved the temporary suspension of the company’s Investment Adviser and Investment Portfolio Manager Activities.
Amar Board of Directors will meet today at 1:00 pm to discuss and approve the financial statements for the third quarter, 2017.
Amar Board of Directors will meet on Tuesday, 31 October 2017 at 1:00 pm, to discuss and approve the financial statements for the third quarter, 2017.
Amar Financial Analyst has resigned. His last working shall be 27th October 2017.
The ownership of the property located in Salmiya has been transferred for a total amount of KD 7,700,000. Amar will record a net profit of approximately KD 230,000 in the fourth quarter, 2017 financial statements
The Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) of Amar Finance and Leasing Company will be held on Sunday, November 26, 2017, at 11:00 am at the main hall (2) - Public Authority for Industry.
Complementary Disclosure regarding selling the property in Salmiya, Salem Al Mubarak St. Block (49) Plot (17).
Amar Finance & Leasing Company announces the sale of the property located in Salmiya - Salem Al Mubarak Street Block (49) Plot (17) with a total amount of KD 7,700,000 (Kuwaiti Dinars Seven Million Seven Hundred Thousand only).
Amar has allocated 1,451,123 of GFH Financial Group shares resulting from exchange of shares with GHF Financial Group based on its ownership in Morocco Gate Investment Company project and Mumbai Investment Company for Information and Communication Technology.
Resignation of the Executive Vice President of the Investment and Corporate Planning Department who is a registered person.
The second quarter interim financial Statement for Amar Finance and Leasing (Amar), has been approved by Board of Directors in Board Meeting no. 05/2017 dated 08th August, 2017.
The Board of Directors of Amar Finance & Leasing Company will hold its meeting on Tuesday 08 August2017 at 1:00 PM to approve its interim financial statement for the second quarter ended 30/06/2017.
The Board of Directors of Amar Finance and Leasing Company held its fourth meeting for 2017 and the Board of Directors was formed as follows:
- Mr. Abdullah Rashid Salim Bou-Qammaz - Chairman
- Mr. Bashar Naser Al-Tuwaijri - Vice Chairman
- Mr. Abdul Fatah Mohamed-Rafie Marafi - Board Member
- Mr. Abdullah Ali Abdullah Alsane - Board Member
- Mr. Talal Sultan Ali AlShehab - Board Member
- Mr. Hamad Mohamed Al-Saad - CEO and Board Member
Mr. Mohammad Essam Faidi was also reappointed Board Secretary
Amar Finance & Leasing Company Board of Directors will hold its meeting on Sunday 04/06/2017 to form the Board of Directors for its new session for the next three years 2017-2019
The Ordinary General Assembly of Amar Finance and Leasing Company for the fiscal year ended 31/12/2016 was held on Monday 29 May 2017 at Main Hall 2 in the Public Authority for Industry.
Reminder that the AGM of Amar Finance and Leasing Company will be held on Monday 29 May 2017 at 10:30 a.m.
The first quarter interim financial Statement for Amar Finance and Leasing (Amar), has been approved by Board of Director in board meeting no. 4/2017 dated 16th May, 2017.
The first quarter interim financial Statement for Amar Finance and Leasing (Amar), has been approved by Board of Director in board meeting no. 4/2017 dated 16th May, 2017.
The Board of Directors of Amar Finance & Leasing Company will hold its meeting on Tuesday 16 May 2017 at 1:00 pm to approve its interim financial statements for the first quarter ended 31/3/2017.
The AGM of Amar Finance and Leasing Company for the fiscal year ended 31/12/2016 shall be held on Monday 29 May 2017 at 10:30 A.M. at the main hall 2 at the Public Authority for Industry Building.
The first quarter interim financial Statement for Amar Finance and Leasing (Amar), has been approved by Board of Director in board meeting no. 4/2017 dated 16th May, 2017. Board of Directors (BOD) meeting no. 03/2017 was held on 07/5/2017. During the meeting, the interim financial statements of Amar Finance and Leasing Company for the period ended 31/3/2017 were reviewed and approved for submission to the regulatory authorities.
Amar Finance & Leasing Company Board of Directors will hold its meeting today Sunday 07/05/2017 at 01:00 P.M. to discuss the interim financial statements of Amar Finance and Leasing Company for the period ended 31/03/2017.
The Board of Directors of Amar Finance & Leasing Company will hold its meeting on Sunday 07 May 2017 at 1:00 p.m. to discuss the interim financial statements of the Company for the first quarter ended 31/3/2017.
End of services of the following staff members who were registered persons:
Mr. Nezar Bader Al Abdulrazzaq - Compliance Officer
Mr. Rahul Sagi - Investment Advisor Representative
The Board of Directors of Amar met on Monday 06/03/2017 and approved the financial statements for the year ended 31 December 2016
The Board of Directors of Amar shall meet on Monday 06/03/2017 to discuss the financial statements for the year ended 31 December 2016.
Amar announces the opening of the candidacy for membership of the Board of Directors for its new session (2017 - 2019). Applications for candidacy will be received within two weeks from the date of publication of the announcement in the newspapers and on company's website
Capital Markets Authority approves Amar’s request to trade in its treasury shares with a maximum limit of 08% of its capital for a period of six months with effect from the date of approval, taking into account that the total purchase amount will not exceed the amount of available funding based on articles of law No. 7 of 2010, its implementing policy and the relevant regulating resolutions and conditions issued by regulators.
The third quarter interim financial Statement for Amar Finance and Leasing (Amar), has been approved by Board of Director in board meeting (scrolling) no. 5/2016 dated 15th November, 2016.
Amar third quarter results for the period ended 30 September 2016
Amar has obtained CMA approval for the interim statements for the third quarter of 2016. Attached is the required form for the interim statements for the period ended 30/9/2016.
The Board of Directors of Amar shall meet today Tuesday 15/11/2016 to discuss 2016 third quarter interim financial Statement.
Amar has obtained CMA approval for the interim statements for the second quarter of 2016. Attached is the required form for the interim statements for the period ended 30/6/2016.
Amar Board of Directors recommends not to distribute dividends for the fiscal year ended 31/12/2015
Capital Markets Authority approves Amar’s request to trade in its treasury shares with a maximum limit of 10% of its capital for a period of six months with effect from 30/5/2016, taking into account that the total purchase amount will not exceed the amount of available funding based on articles of law No. 7 of 2010, its implementing policy and the relevant regulating resolutions and conditions issued by regulators.
Amar Ordinary and Extraordinary AGM for the fiscal year ended 31/12/2015 was held on Sunday 15 May 2016 at the Ministry of Commerce and Industry. The Ordinary AGM approved the following:
First: Not to distribute cash dividends for the financial year ended 31/12/2015.
Second: Not to distribute bonuses to Board members for the financial year ended 31/12/2015.
Third: Re- appointment of Mr. Waleed Abdullah Al Osaimi from Al Aiban, Al Osaimi & Co. as the Company's auditor and appointment of Mr. Mohamed Hamad Al Sultan from Baker Tilly Kuwait as Amar second auditor for the fiscal year ended 31/12/2015.
Fourth: The following personnel from Al Mashora and Al Raya for Islamic Financial Consulting were appointed to carry out Sharia auditing and supervision for the financial year ended 31/12/2015:
Dr. Abdul Aziz Al-Qassar
Dr. Issa Zaki Issa
Dr. Ali Ibrahim Al Rashed
Attached is the interim financial statements for the three month period ended March 31, 2016
The Annual General Meeting (ordinary and Extraordinary) of Amar Finance & Leasing Company for the fiscal year ended 31/12/2015 were set for Sunday 15 May 2016 at hall no. 8 at the Ministry of Social Affairs and Labor.
The Board of Directors of Amar shall meet today Tuesday 15/11/2016 to discuss 2016 31/3/2016 interim financial Statement.
The Annual General Meeting (ordinary and Extraordinary) of Amar Finance & Leasing Company for the fiscal year ended 31/12/2015 were set for Sunday 15 May 2016 at hall no. 8 at the Ministry of Social Affairs and Labor. (The Company was suspended from trading until the AGM was held).
An agreement to obtain bank financing in accordance with the provisions of the Islamic Shariah was concluded with a local bank for the value of KD 3,000,000 (only three million Kuwaiti Dinars) for a period of seven years for the purpose of financing the real estate activities of the Company.
Following its previous announcement on 25-11-2015, regarding the approval by the Capital Markets Authority of Amar request to buy or sell its shares, Kuwait Stock Exchange (KSE) announces based on information received from Amar that CMA approved Amar’s request to trade in its treasury shares with a maximum limit of 08% of its capital for a period of six months with effect from 22/11/2015, taking into account that the total purchase amount will not exceed the amount of available funding based on articles of law No. 7 of 2010, its implementing policy and the relevant regulating resolutions and conditions issued by regulators.
Kuwait Stock Exchange (KSE) announces that CMA approved Amar’s request to trade in its treasury shares with a maximum limit of 10% of its capital for a period of six months with effect from 22/11/2015, taking into account that the total purchase amount will not exceed the amount of available funding based on articles of law No. 7 of 2010, its implementing policy and the relevant regulating resolutions and conditions issued by regulators.
Amar losses reached KD 655 thousand for the nine months ended 30-09-2015.
Amar losses reached KD 506 thousand for the 6 months ended 30-06-2015.
Amar losses reached KD 938 thousand for the three months ended 31-03-2015.
CMA approved Amar’s request to trade in its treasury shares with a maximum limit of 10% of its capital for a period of six months with effect from 11/05/2015, taking into account that the total purchase amount will not exceed the amount of available funding based on articles of law No. 7 of 2010, its implementing policy and the relevant regulating resolutions and conditions issued by regulators.
Kuwait Stock Exchange (KSE) announces that Amar AGM will be held on Thursday, 23/4/2015 at 10:00 am at the Ministry of Commerce and Industry. The Board of Director’s recommendation not to distribute dividends for the financial year ended 31/12/2014 will be discussed. This recommendation shall be subject to approval by the AGM, the Board of Directors and the Supervisory Authorities. Other agenda items will also be discussed. Note that the company is suspended from trading in accordance with the decision of Market Committee No. 4 of 2007 regarding the dates of the AGMs of listed companies and will be able to trade again in its treasury after holding its AGM.
Kuwait Stock Exchange (KSE) announces that Amar AGM was held on Thursday, 23-04-2015. The AGM agreed not to distribute profits for the financial year ended 31/12/2014.
Following its previous announcement on 25-11-2015, regarding Amar AGM, and in accordance with the decision of the Market Committee No. 4 of 2007 regarding the dates for holding AGMs of Listed Companies which stipulates that listed companies should hold its AGM within 45 days from the date of CMA approval of their annual financial statements. The trading in the Company's shares will be suspended as of Thursday 16/4/2015 until its general assembly convenes.
Kuwait Stock Exchange (KSE) announces that Amar AGM will be held on Thursday, April 23, 2014 at 10:00 am at the Ministry of Commerce and Industry. The Board of Directors will discuss the Board's recommendation not to distribute dividends for the year. Financial ended 31/12-2014. This recommendation shall be subject to approval by the AGM, the Board of Directors and the Supervisory Authorities. Other agenda items will also be discussed.
Amar Finance and Leasing Company declares the issuance of appeal judgment in case No. 3137/2014 civil appeal / 12 filed by a customer against the company with regard to the legitimacy of a primary sale contract (real estate). The Judgment obliged Amar Finance and Leasing Company to pay Kuwaiti Dinar Two Million Two Hundred and One Thousand being sale price and compensation fee.
Accordingly, Amar Finance and Leasing Company has taken measures to present the case before the Court of Cassation with a request to suspend execution until final judgment issued in the following related cases: Commercial/17 No: 6434/2012, commercial/2 No.: 6772/2013, Commercial/ 9 No.: 5226/2014, Commercial/4 No.: 3912/2014.
Amar Finance and Leasing Company declares the issuance of appeal judgment in case No. 3137/2014 civil appeal / 12 filed by a customer against the company with regard to the legitimacy of a primary sale contract (real estate). The Judgment obliged Amar Finance and Leasing Company to pay Kuwaiti Dinar Two Million Two Hundred and One Thousand being sale price and compensation fee.
Accordingly, Amar Finance and Leasing Company has taken measures to present the case before the Court of Cassation with a request to suspend execution until final judgment issued in the following related cases: Commercial/17 No: 6434/2012, commercial/2 No.: 6772/2013, Commercial/ 9 No.: 5226/2014, Commercial/4 No.: 3912/2014.
Amar Finance and Leasing Board recommends not to distribute dividends.
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