Vodafone Qatar has benefited from becoming fully Sharia compliant, according to the company’s CEO, Kyle Whitehill. The company’s shares jumped 18.99% month on month in February 2015 after the company said that it had switched its financial activity to Islamic transactions since early February.
“This was one of the most surprising things that happened in the last two years to the company, we were very determined because the board was very firm to become sharia compliant and a year ago we embark on that journey,” Whitehill said.
“We were very fortunate with our chairman and we had the support of a professor of the Qatar University and we work with him and his advisors for about six months. We had to look at our loans, our debts, our suppliers, everything financially to do with the business and work on it to make sure that it was compliant. It was in January when we finally got that,” he explained.
Whitehill believes that Islamic investors were very positive about the sharia compliance and the company. The company has hired someone who sits down at the company and checks and assures that Vodafone Qatar is meeting all the requirements to keep on being sharia complain. “We see different advantages, first of all the company point of view, the staff are very confident that we are actually compliant, secondly the shareholders and clearly from a customer point of view, they have a lot more interest that they never had before because we are now sharia compliance,” he added.
Read the full interview in our May issue