Al Baraka launches Itqan Capital in Saudi Arabia

16/01/2012 08:29 AST

Al Baraka Banking Group (ABG) has launched Itqan Capital in Saudi Arabia. ABG launched Itqan Capital, formerly known as Altawfeek Financial Group, through its fully-owned subsidiary Al Baraka Islamic Bank - Bahrain, which owns majority shares in the company.

Al Baraka Islamic Bank chairman Khaled Al Zayani said that the firm's future focus will be on four areas, principal investment, asset management, investment banking and custodial services, all supported by centralised advisory, research and business development capabilities.

"We aspire to be Saudi Arabia's pre-eminent provider of investment offerings to pension funds, foundations, charity organisations, endowments, private and public companies, high net-worth individuals and family businesses," he said.

"We have an extensive base of investors, both within the kingdom and regionally, seeking specially-tailored services and truly innovative Sharia-compliant investment products."

Al Baraka Islamic Bank vice-chairman and ABG president and chief executive Adnan Yousif said the launch of Itqan Capital is an excellent move that reflects the group's strategy to enter key regional markets, for Saudi Arabia is the largest Arab economy with strong fundamentals and a stable financial and investment environment, presenting significant business and investment opportunities.

"We look to this step as a strategically vital initiative for the group.

"Our founding shareholders have a strong base in the Saudi market so the launch of the company will strengthen that presence.

"The Saudi market represents a key entry point for us to access the extensive base of investors and provide them with a wide range of Sharia-compliant products that have been developed by the company.

"The ABG has the advantage of a large and geographically diverse network in many countries, whose experience and track record we will draw upon to strengthen our business presence in the Saudi market."

Gulf Daily News
Albaraka Banking Group - BARKA
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
SAGRINSURANCE 23.41 751,134
RIBL 13.87 2,475,470
SABIC 82.21 8,192,523
SPIMACO 40.13 273,014
ALKHODARI 20.09 1,036,240
EEC 28.19 2,968,350
Recent News

Bahrain planning $20 billion push
Bahrain will make investments of more than $20 billion over the coming years in large scale industrial and infrastructure projects, the GCC development fund, as well as government and private sector

Ooredoo trains young mobile application developers
Ooredoo Kuwait, a member of the international Ooredoo Group, announced that training of participants in the Arab Mobile App Challenge is underway, with more than 40 participants. The acceleration pr

Dubai Holding records 24 per cent increase in net profit of AED 2.6 bi
Mohammad Abdulla Al Gergawi, Chairman of Dubai Holding announced the financial results of its business group, Dubai Holding Commercial Operations Group (‘DHCOG’), for the first half of this year endi

Egypt’s exports plummet $3 billion in 8 months
Egypt’s exports sank by 18.7 per cent or $3.1 billion in the first eight months of the current year, according to official statistics.

The country’s exports from January to August totalled $

Marine farm venture in Oman yields promising results
A pair of pilot marine farms set up along the Sea of Oman coast has begun to yield extraordinary results that promise to impart new impetus to the government’s goal of developing and sustaining the n

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend


Which of the following do you think is the best long-term investment?