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Riyadh, KSA; February 25, 2019: L’azurde Company for Jewelry (“L’azurde” or “the Company”) announces today that on 06/02/2019 the board of directors approved the signing of a Sharia Consultations Services Agreement with Al Sayari Law and Sharia Consultations Firm (“Al Sayari”). Al Sayari has been appointed to examine and certify L’azurde’s full alignment with Shariaa provisions in all of its transactions and compliance with all Shariaa Committees’ requirements of local banks for Shariaa classification purposes.
The scope of the agreement includes a review of L’azurde’s financial and operational business model and a co-ordination with top Islamic scholars, Shariaa committees of local banks and the Saudi Gold and Precious Metals organization to ensure that all of the Company’s activities are fully compliant with Shariaa provisions.
Al Sayari is licensed to practice law and specializes in legal and Shariaa advice, Shariaa classification indicators of joint stock companies and innovation of financial products aligned with Shariaa Rules. It brings L’azurde access to a wide range of knowledge, experience and a team of specialists in Shariaa as the Company seeks to certify its full Shariaa compliance.
Notably, L’azurde already finances the vast majority of its Gold jewelry business through local banks’ Islamic credit facilities and agreements which are fully compliant with Murabaha and Tawarruq and in-line with Shariaa provisions. As of December 31, 2018, all outstanding Company credit facilities were in compliance with Shariaa provisions.
L’azurde looks forward to announcing further developments in due course.