Ijmal to build a world-class Sharia compliant portfolio of real-estate developments
Ijmal LLC, a rising real-estate investment flagship of the Kingdom, has announced that it has hired Shariyah Review Bureau (SRB), to help achieve Sharia Compliance in all its business activities.
In this role, SRB will lead and oversee the company’s Sharia compliant operations with global standards.
Ijmal was incorporated in 2014 by Al Deghaither Group, Al-Othaim Holding, ICD and Nizwa Bank. Ijmal partners with real estate developers through an innovative hybrid structure that incentivizes developers to achieve better quality products.
Ijmal started its operations targeting developments located in Riyadh, Jeddah, Dammam and Khobar. So far, Ijmal has partnered with one developer building 68 sea-front apartments in Kohbar Saudi Arabia
Speaking on the immense potential, Mr. Ehab AlDabbagh, Ijmal’s CEO, stated, “Over the past decade we have seen a phenomenal increase in the use of Sharia compliant real-estate investments in investors’ overall asset allocation. We also found that Saudi Market is in need for innovative sharia compliant investment structures that provide solutions for real estate developers who are looking for more than capital to fund their projects, and also for partners with industry know-how who can provide value added services and market insights to build quality project more efficiently.”
“We believe Saudi market is hungry for quality residential and commercial developments. Ijmal was created to assist developers through its innovative Sharia compliant product to deliver such quality developments,” he added.
On the assignment of SRB he added, “To achieve Sharia compliance credibility we have hired SRB to help us adhere to Sharia in all our dealings. They bring to Ijmal deep understanding of the Islamic Financial sector and extensive experience of operating internationally which will be invaluable as we pursue our ambitions of generating more Sharia Complaint real estate structures for the future.”
SRB is a recognized leader in the Sharia Advisory market with over ten years of experience in the industry. It has been supervising the Sharia compliance of major financial and non-financial players in the Kingdom and now has oversight of the Sharia compliance operations across the globe serving clients from US, Canada, UK, France, Hong Kong, Kazakhstan and the Middle East.
Yasser S. Dahlawi, CEO and Founder of SRB stated, “We remain competitive in all Middle Eastern markets while holding the largest market share in the Kingdom of Saudi Arabia. Combined, we have the broadest clientele platform and most diversified scholarly network in the Islamic industry.” Explaining the future aims of SRB, he added “we aim to have a great Sharia Advisory network in each of our markets.”
“For us this means giving our clients far-reaching scholarly advice, reliable certification turnarounds, and increasing structuring speeds with stronger Sharia Audit capacity.” On signing with Ijmal Yasser commented, “We are delighted to welcome Ijmal. It is as an important addition to our portfolio of clients and we look forward to expanding their Sharia compliance and oversight processes and to help them create the next generation of Sharia compliant practices while promoting transparency with Islamic investors,” he added.
Mansoor M. Ahmed, AGM at SRB’s head-office in Bahrain explained: “The outsourcing of Sharia Supervisory Board processes is now a well-entrenched business practice in companies here in the region. Approximately two out of every six businesses use it as an important means to improve Certifications efficiencies, reduce costs, and of course ensure true Sharia compliance.”
He continued “In today’s challenging economic environment, we understand that our clients need to maintain a competitive edge in the global marketplace therefore we continue to work on expanding our Sharia consultation services delivering richer structuring choices, greater Sharia Certification rotation and a seamless Sharia experience around the world.”