Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Now you know Quote:KURWITU VENTURES LIMITED
FINANCIAL STATEMENTS
FOR THE SIX MONTHS PERIOD ENDED 30TH JUNE 2015
REPORT OF THE DIRECTORS
The directors submit their report FOR THE SIX MONTHS PERIOD ENDED
30TH JUNE 2015.
1. PRINCIPAL ACTIVITY
The principal activity of the company is to provide sharia compliant investment products. Sharia compliant investment products are products that meet the requirements of the Sharia law and the principles articulated for Islamic finance.
An example of the sharia compliant investment product that Kurwitu
ventures is offering is the sukuk securities (Islamic Bond). Sukuk securities are structured to comply with the Islamic investment principles which prohibit the charging and paying of interest. Sukuk structuring is done by attaching real asset and the holder of the sukuk instrument gets his return as a form rent or profit sharing.
2. BACKGROUND
Kurwitu Ventures was incorporated as private limited liability company on the 8th September 2006 and was issued with a certificate of Incorporation (C.128146).The original Share Capital was One hundred thousand (100,000) shares of shillings one hundred (100) each. At incorporation, the Registered Office was L.R 209/2527/4, Muindi Mbingu Street, Kantaria House.
The company was originally formed to provide Investment Consulting
Services but in 2012, the Board of Directors decided to review the strategic plan of the company, which resulted in the injection of fresh capital into the company and change of strategic focus to become a vehicle for Sharia Compliant Investments.
In 2013 the Board of Directors decided to focus on restructuring the company and prepare it for a listing on the Nairobi Securities Exchange. Hence all effort was invested in the restructuring process and no revenue was posted to
the company books in the year 2013 and 2014. forgot to mention 2015
The company listed on the Growth Enterprise Market Segment (GEMS) of the Nairobi Securities Exchange on 13th November 2014 Pesa Nane plans to be shilingi when he grows up.
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