Saudi Arabia: Sharia Advisory Committee Established

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Saudi Arabia: Sharia Advisory Committee Established

Arab News, 22 April 2022: Saudi Arabia’s Stock Exchange or Tadawul has announced it will establish a Sharia Advisory Committee.

The Committee will help the Exchange offer new Sharia-compliant investment tools and products.

It will have representatives from the Kingdom’s largest financial institutions. They will include Bader Al Omar, Head of Jadwa Investment; Abdulrahman Al Ghusn, Associate in Alinma Investment and Abdullah Al Barrak, Senior Sharia advisor at Al Rajhi Capital.

They will help draft a unified Sharia-compliant rulebook which will be approved by the members’ respective Sharia boards.

They will also have responsibility for overseeing and approving the list of Sharia-compliant listed companies from time to time.

The Exchange will supervise the Sharia Advisory Committee but will not participate in the company screening and selection process.

They will not do this to ensure independence and transparency in decision making.

It will also consult the Committee as necessary on its products and services.

The Exchange will also work with IdealRatings to provide Sharia screening services of listed companies in the capital market in the Kingdom.

The list will be reviewed and approved by the Advisory Committee.

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Benjamin Filaferro