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Al Khonji Real Estate & Development (Aqar) signed today that it has hired the services of Shariyah Review Bureau (SRB), a leading international Shari’a Advisory firm to advice and supervise its future course of actions and transactions in light of Shari’a principles. [Mohamed Al Khonji – Chairman/CEO] said that it has decided to spread its wings in the real estate market while ensuring it is truly Shari’a compliant. “As a formal establishment with a strong footprint in the real-estate market of the Sultanate of Oman we have made strong efforts to ensure our business comply with the Glorious laws of Shari’a. And our assignment of Shariyah Review Bureau is another strategic endeavor to develop an enterprise-wide Shari’a compliant framework, which would cover Compliance with Islamic across all function streams, of Al Khonji Holding.

Mr. Yasser Dahlawi, CEO at Shariyah Review Bureau commented that “Shari’a is a priority for all Muslims and we are committed to deploying and certifying businesses and their transactions from a Shari’a perspective” adding that “he was excited by Shariyah Review Bureau’s engagement with Al Khonji Real Estate & Development (Aqar)”. He also said that “The size and complexity of Shari’a compliance in all domains from real-estate to capital markets and sukuk financing continue to grow with their respective flows of Zakah Calculations becoming more and more intricate. This is particularly significant in the GCC where the volumes of Islamic investments are rising unabated with the Industry demanding better Transparency, Accountability, and Accuracy in the Shari’a Compliance reporting. To provide this assurance we focus on supervising businesses from a Shari’a audit perspective and maintaining a higher level of Shari’a control rather than serving only as a Shari’a Advisor outsourcer. I strongly believe that our company is in a unique position to provide and maintain Shari’a Compliance for Al Khonji Holding, and I am looking forward to contributing towards building their Islamic business in the Sultanate of Oman.”