Jeddah, KSA: 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.
Since it was founded in 1980, L’azurde has excelled at the art of jewelry design. Today, it is the largest gold and jewelry designer, manufacturer, and distributor in the MENA region, and the fourth largest gold manufacturer in the world, selling over one million pieces of jewelry per annum.
L’azurde has over 2,000 employees and produces more than 5,000 different jewelry models every year in 21-karat,18-karat, 14-Karat gold and diamond jewelry. The jewelry pieces are manufactured at the Company’s factories in Saudi Arabia and Egypt, using advanced high-technology equipment, and distributed to more than 2,000 retailers across the GCC and MENA region, as well as being exported to more than 28 countries outside the region. L’azurde also has its own network of 21 mono brand retail shops at top malls in KSA, Egypt and the UAE, where it is focused on the sale of diamond jewelry.
In line with its strategy to become a ‘house of brands’, L’azurde launched in 2016 its own value diamond brand, Kenaz Jewelry, to attract a new consumer segment. L’azurde also acquired the franchise for Amazing Jewelry, a silver jewelry fashion brand from Copenhagen, within 9 countries and for 25 years.
L’azurde’s fusion of traditional craftsmanship, top design and the use of precision technologies has been a key driver to its international expansion and evolution, and the Company has won many awards for its intricate designs over the years.
For further information, please contact:
Sophie McNulty / Batoul AlBeitouni
Tel: +971 44507600
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