Thu Apr 21, 2022 13:10:49

Saudi Exchange Announces the Formation of Shariah Advisory Committee

Riyadh, 21/04/2022: The Saudi Exchange is pleased to announce the establishment of a Shariah Advisory Committee as part of the Exchange’s commitment to maintain the highest standards of governance over investment tools that will be provided by the Saudi Exchange.

The Committee consists of representatives from largest financial institutions, and to ensure independency and transparency in decision making, the Saudi Exchange will oversee the Shariah Advisory committee, without actively taking part in the company screening and selection process.

The Committee Members will work towards a unified Shariah-compliant rulebook that will be approved by the Committee Members’ respective Shariah Boards. Moreover, the Committee shall undertake the responsibility of overseeing and approving the list of Shariah-compliant listed companies on a periodic basis. In addition, the Saudi Exchange would consult the Committee from time to time on some of the Saudi Exchange products and services.

The Committee includes members comprising of leading financial institutions:

1. Bader Al Omar, Jadwa Investment

2. Abdulrahman Al Ghusn, Alinma Investment

3. Abdulaziz Al Demaigi, SNB Capital

4. Abdulrahman Al Taweel, Al Bilad Capital

5. Abdullah Al Barrak, Al Rajhi Capital

6. Lahem Al Nasser, Al Jazira Capital

7. Yasser Al Abdulsalam, Riyad Capital

8. Abdullah Al Hammad, Al Istithmar Capital

In addition to the creation of the Shariah Advisory Committee, the Saudi Exchange will collaborate with IdealRatings, Inc., a leading global Islamic Finance Solutions Provider, to provide Shariah screening services of listed companies within the Saudi capital market.

The list will be reviewed and approved by the Shariah Advisory Committee. This collaboration will aid the Saudi Exchange to expand its offering to cover new Shariah compliant investment tools and products.