Ijmal, a leading real estate investment flagship of Saudi Arabia, 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, said a statement.

 

Ijmal was incorporated last year by Al Deghaither Group, Al Othaim Holding, ICD and Nizwa Bank, it said.

 

It partners with real estate developers through an innovative hybrid structure that incentivises developers to achieve better quality products.

 

Ijmal started its operations targeting developments located in Riyadh, Jeddah, Dammam and Al Khobar in Saudi Arabia. So far, it has partnered with one developer building 68 sea-front apartments in Al Khobar.

 

Ehab Al Dabbagh, chief executive officer of Ijmal, said: "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 the 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 the 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.”

 

“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," Al Dabbagh added.

 

Yasser S Dahlawi, chief executive officer and founder of SRB, said: “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.

 

"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.” - TradeArabia News Service