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L'azurde Company for Jewelry announces the receipt of the Shariaa Review Report for the first Quarter of 2019

LAZURDE 4011 -0.66% 12.12 -0.08
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Announcement Detail L'azurde Company for Jewelry is pleased to announce to its shareholders it received the Shariaa Review Report for the first Quarter of 2019, issued on April 29, 2019 from Al Sayari Law and Sharia Consultations Firm (“Al Sayari”). Al Sayari was 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. According to the report, no significant remarks have been noted to impact the alignment of the Company’s operation with Shariaa and its classification according to the Shariaa Standard (21) issued by the Accounting & Auditing Organization for Islamic Financial Institution (AAOIFI). Below a summary of the main points discussed in the Shariaa Review Report:

1. The Company’s main activity in the manufacturing of gold and diamonds jewelry is considered as fundamentally compliant with the Shariaa requirements and there are no significant notes that can affect its classification according to the Shariaa standard.

2. All the company’s finance and credit facilities through the banks during the review period are fully compliant with the Shariaa provisions.

3. Cash sales through the company’s retail outlets, as well as the wholesale cash sales are compliant with the Shariaa requirements.

4. Regarding credit wholesale for jewelry, L’azurde Company for jewelry has adopted the view of Shaykh al-Islam Ibn Taymiyah. This view is also adopted by several modern scholars some of them members of the Accounting & Auditing Organization For Islamic Financial Institution (AAOIFI). They all believe that gold jewelry can be traded on credit basis without compromising the compliance of the Company with neither the Shariaa provisions nor its classification according to the Shariaa Standard.

“Al Sayari” will continue to examine and review the Company’s operations to confirm they continue to be compliant with the Shariaa provisions. “Al Sayari” will achieve this while performing the required auditing to assess the compliance of the Company with the policies, proceedings, controls and requirements of the Shariaa institutions and notify in case there is any improper implementation in that regard.

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