L’Azurde signs Shariah consultancy services agreement with Al Sayari

L'azurde Co. for Jewelry’s board of directors approved on Monday signing a Shariah consultations services agreement with Al Sayari Law and Legal Consultations, the company said in a bourse statement.

Al Sayari has been appointed to examine and certify L’azurde’s alignment with Shariah provisions in its transactions and provide consultations as necessary to ensure compliance with all requirements of local banks for Shariah 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, Shariah committees of local banks and the Saudi Gold and Precious Metals Committee to ensure that all of the company’s activities are Shariah compliant.

Al Sayari is one of the supreme local expertise house specializes consultancy services in legal, Shariah advice, Islamic finance and develop its products, formation and support Shariaa Committees , in addition to Shariaa audit service and Shariaa classification services of joint stock companies, the statement added.

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 Shariah provisions.

As of December 31, 2018, all outstanding credit facilities were in compliance with Shariah, the company also said.