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
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | News Archive
Most Viewed Companies
Ticker Price Volume
SABIC 66.56 4,676,476
SAGRINSURANCE 27.17 542,614
TAWUNIYA 75 88,405
JARIR 129.39 36,801
EMAAR 5.45 16,258,863
SPIMACO 27.49 121,474
ALMARAI 69.87 205,631
Recent News

Alba appoints four Bahrainis as managers
Four Bahrainis have taken up managerial positions in key departments at the aluminium smelter, Alba announced yesterday.

The new appointees are: Nezar Hameed Ali as manager of operation su

Top industry fair to focus on career opportunities
Insights into careers in the industrial sector will be made available to Bahrain’s future working population at the Northern Gulf region’s biggest industrial showcase hosted by Bahrain.

O

Oman LNG supports social welfare initiatives
Characteristic of its many initiatives to promote social development in the country, Oman LNG inked a total of seven agreements to upgrade services and facilities at seven recognised care providers.

Oman's SME sector can help a nation weather crisis: Entrepreneur
A strong small and medium enterprise (SME) sector can help a country in times of financial crisis and plays a key role in economic diversification, says Zièd Bahrouni, an Oman-born entrepreneur.
<

Oman’s natural gas production and imports grow by 5.6% in 2015
Oman’s natural gas production and imports rose 5.6 per cent to 39,806 million cubic metres (MNCM) in 2015, up from 37,687 MNCM in 2014.

Of this, while non-associated gas and imports showe

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

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?