2. Brief on the formation of the Group’s Compliance and Corporate Governance Department:

# Name Job Title Date of Appointment Academic Qualification Work Experience Alternate Employee
1. Manaf Farhan Al Mutairi Deputy Manager 14/02/2021
  • Master’s degree in business administration
  • Bachelor of Finance
10 years in the private sector (banking and insurance sector) Youssef Ghazi Al Naqi
2. Youssef Ghazi Al Naqi Supervisor 14/03/2021
  • Bachelor of Accounting
9 years in the private sector (banking and insurance companies) Manaf Farhan Al Mutairi

2.1 Brief description of the work and requirements of the Compliance Unit.

The Group has a Compliance Department, which is responsible for ensuring compliance with internal and external rules and regulations, including regulatory laws, internal policies, and ethical standards governing the Group’s work, in accordance with the requirements of relevant regulatory authorities.

2.2 Reports submitted to the Audit Committee/Board of Directors:

  • During 2024, several reports were issued to the Audit Committee, which were conducted in accordance with the company’s compliance risk assessment and included 4 reports. These reports included, but were not limited to, the following:
  • Evaluating the performance of various departments of the company.
  • A presentation of the latest regulatory developments from all relevant authorities and the company’s compliance with these developments.
  • Anti‑money laundering and counter‑terrorism financing (AML/CTF) reports.

2.3 Number and dates of meetings with the Audit Committee during the year.

  • During 2024, (4) meetings were held with the Audit Committee.
  • Details of these meetings are stated in point 2.4.1.2.

2.4 A brief report on the company’s work in implementing internal policies and the extent of its compliance with relevant external laws.

The Company’s Compliance and Governance Department confirms that the compliance rate with the recommendations of the Compliance Department and the Audit Committee is valued very good and that the department continuously monitors and holds periodic meetings with executive management to ensure the implementation of recommendations and compliance.