Saudi real estate firm seeks Shariah-compliant portfolio

Ijmal LLC, a rising real estate investment firm in Saudi Arabia, has hired Shariyah Review Bureau (SRB) to help the company be Shariah-compliant in all of its business activities.

SRB, an advisory company specializing in Islamic law compliance and licensed by the Central Bank of Bahrain, will lead and oversee Ijmal’s mission to bring operations in line with global Shariah standards. The Shariyah Review Bureau will provide access to reputable Shariah scholars from around the world’s major Shariah-compliant markets.

Ijmal, incorporated in 2014, partners with regional real estate developers, starting with targeted developments located in Riyadh, Jeddah, Dammam and Khobar.

Ehab AlDabbagh, Ijmal’s CEO, said the Shariah-compliant real estate market holds major promise for regional developers -- especially in Gulf nations.

“Over the past decade, we have seen a phenomenal increase in the use of Shariah compliant real estate investments in investors’ overall asset allocation,” AlDabbagh said. “We also found that the Saudi market is in need for innovative Shariah compliant investment structures that provide solutions for real estate developers.”

AlDabbagh said SRB was hired to give the company more Shariah-compliant credibility on the market. Yasser S. Dahlawi, SRB’s founder and CEO, said his company provides exactly the kind of Shariah expertise Ijmal is looking for.

“We look forward to expanding their Shariah compliance and oversight processes and to help them create the next generation of Shariah compliant practices while promoting transparency with Islamic investors,” Dahlawi said.