1 Legal status and principal activities
Legal status and principal activities
Finance House P.J.S.C. (“the Company”) is a Public Joint Stock Company incorporated in Abu Dhabi, United Arab Emirates (U.A.E.) in accordance with the provisions of the U.A.E. Federal Commercial Companies Law No. (2) of 2015, the Decretal Federal Law No. 14 of 2018 regarding the Central Bank and Organization of Financial Institution and Activities and under authority of resolutions of the Board of Directors of the U.A.E. Central Bank relating to Finance Companies.
The registered head office of the Company is at P.O. Box 7878, Abu Dhabi, U.A.E.
The Company was established on 13 March 2004 and commenced its operations on 18 July 2004. The Company performs its activities through its head office in Abu Dhabi and its Abu Dhabi, Dubai, Sharjah and Musaffah branches. The principal activities of the Company consist of investments, consumer and commercial financing and other related services.
On 24 October 2018, management of Islamic Finance House (“the Subsidiary”) submitted an adjustment plan for restructuring the Subsidiary to the Central Bank of UAE. The adjustment plan has been approved by the Board of Directors on the 6th of February 2019 and by the Central Bank of the UAE on 10th October 2019. The purpose of the plan is to adjust the activities of the subsidiary to meet the requirements of the newly issued regulations for finance companies.
These consolidated financial statements comprise the Company and its subsidiaries (together referred as “the Group”).
The consolidated financial statements were authorized for issue by the Board of Directors on 16 February 2020.