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."