Dubai Financial Market Company shareholders approve the financial statements for the year 2020
The General Assembly of the Dubai Financial Market Company, in its meeting today, approved the company's balance sheet for the fiscal year ending on December 31, 2020.
The shareholders approved both the Board of Directors' report on the company's activities and its financial position for the fiscal year ending on December 31, 2020, the external auditor's report, and the Fatwa and Sharia Supervisory Board report.
The meeting was held via electronic means of communication to enable shareholders to participate in the General Assembly's work and vote on its decisions remotely without personal presence, in accordance with the directives issued by the Securities and Commodities Authority in this regard and in compliance with the precautionary measures related to the containment of the "Corona" virus.
During the meeting, PwC was appointed to audit the accounts of the fiscal year 2021 and determine its fees, as well as absolving the members of the Board of Directors and the external auditor of the accounts for the fiscal year ending on December 31, 2020.
The shareholders agreed to appoint representatives of the shareholders and determine their fees in accordance with the requirements of Clause (4) of Article No. (40) of the Public Shareholding Company Governance Manual issued pursuant to the decision of the Chairman of the Board of Directors of the Securities and Commodities Authority No. (3 / R.M) of 2020.
The shareholders approved the appointment of the Fatwa and Sharia Supervisory Board for the year 2021.
According to the Fatwa and Sharia Supervisory Board report, the zakat on shares for the year 2020 was calculated according to the net assets zakat method at 8.18 dirhams per thousand shares.
The authority called on holders of shares for the purpose of acquisition to pay the zakat due on their properties accordingly.
The Authority has also counted the income that does not comply with Sharia within the company's operations during the year 2020, as the total of this income reached 31 million dirhams, including what the company deserves of similar income related to Nasdaq Dubai.
It is noteworthy that the net profit of the Dubai Financial Market Company, for the fiscal year ending on 31 December 2020, increased by 14% to 137.9 million dirhams, compared to 120.6 million dirhams in 2019.
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