Lazurde Company for Jewelry announced that it received, on Aug. 22, a Shariah evaluation report from Shariyah Review Bureau (SRB), according to a bourse statement.
The report indicates that the company’s business activities during the first quarter of 2022 are compliant with the Shariah standards and guidelines issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
SRB was appointed as the Shariah advisor for Lazurde to study and examine the company’s business activities in line with the Shariah guidelines and standards of AAOIFI, in addition to other Shariah guidelines and standards mentioned in the report.
The bureau will also provide the necessary consultation to help Lazurde continue to achieve compliance with the abovementioned guidelines and standards throughout the period of commissioning as the Shariah advisor to the company.
Continual oversight and review of Lazurde's financial activities in terms of Shariah will be provided by SRB on a quarterly basis. This will be done by providing quarterly reports to the company after reviewing the issued quarterly financial statements.
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