L’Azurde says company labeled as ‘Shariah compliant’

L’Azurde Jewelry said it has received a letter from the Shariyah Review Bureau stating that the Riyadh-based company is Shariah compliant.

The letter was issued after the bureau, which acted as L’Azurde’s consultant, reviewed the company’s financial statements for 2013, 2014 and 2015 fiscal years, among other supporting documents.

L’Azurde’s initial public offering (IPO) launched on June 5 and will continue until June 13, 2016. A total of 3.87 million shares, or 30 percent of total shares allocated, will be offered to retail investors over the period.

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