Crown Prince honors SABIC for supporting scientific research in the Kingdom 03/01/2012

Prince Naif bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Interior, honored SABIC for supporting the Scientific Research Chairs Program of the Imam Muhammad bin Saud Islamic University and extending financial assistance to establish the SABIC Chair for Islamic Finance Market Studies at the university. Mohamed Al-Mady, SABIC Vice Chairman and CEO, received a trophy in recognition of  this support at the opening ceremony of a seminar on "Salafism: A Shariah Approach and National Demand" held at the university in Riyadh on December 27.

Al-Mady expressed his happiness on receiving this honor from the Crown Prince. He pointed out that SABIC is strongly committed to support scientific research in the Kingdom by way of funding various scientific research chairs at Saudi universities. He added that establishing the SABIC Chair for Islamic Finance Market Studies is part of the company's enduring commitment to support the development of innovative Shariah-compliant funding and investment channels. Such Shariah-compliant funding will add value to the Islamic financial markets - a strategy pursued by SABIC's Corporate Social Responsibility program.

While thanking Dr. Sulaiman Aba Al-Khail, Rector of Imam Muhammad bin Saud Islamic University, for his hospitality Al-Mady lauded the effective role played by the university in conducting research to advance Saudi Arabia's educational system. He stressed on the strong research partnership between the company and the university, which has resulted in the establishment of the  SABIC Chair for Islamic Finance Market Studies. He hoped that the SABIC Chair will achieve its objective of promoting the national financial and investment sector to enable sustainable economic growth, develop the financial markets, and offer even more innovative  Islamic investment products. The Chair will further seek to help the Kingdom develop into an international center for Islamic financial services, boost the global status of the Kingdom in research and science, and encourage Saudi scientists and researchers to contribute to humanity.

SABIC signed the agreement for establishing the SABIC Chair for Islamic Finance Market Studies with the Imam Muhammad bin Saud Islamic University on November 15. The agreement was part of the company's efforts to support sustainable development in the Kingdom and develop a knowledge-based economy.

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