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
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 147.9 334,484
DSI 0.34 13,750,056
MEDGULF 16.01 225,044
GFH 0.65
EMAAR 7.18 3,785,163
MASQ 76
BKMB 0.4 1,971,884
Recent News

Saudi’s Alawwal Bank picks JPMorgan to advise on merger
Saudi Arabian lender Alawwal Bank, 40 per cent owned by Royal Bank of Scotland, has picked JPMorgan to advise it on a proposed merger with Saudi British Bank (SABB), sources familiar with the matter

Ramadan lull weighs on region
Most Arabian Gulf stock markets were little changed yesterday as investor sentiment remains low in the midst of the economic slowdown hitting the region. The Ramadan lull also weighed on trading,

Abu Dhabi Department of Finance processes tenders worth Dh5 billion
Abu Dhabi’s Department of Finance said yesterday that in the first quarter it processed 26 tenders for seven government entities in the emirate worth Dh5 billion under the system managed by Al Maqta’

Dubai index sees temporary bounce in weak market
Dubai index jumped on Monday as traders took advantage of the stocks, which were trading near their support level, even as many analysts expected a weak trend on the gauge.

The Dubai Finan

Saudi net foreign assets dip below $500b as BofA sees headwinds
Saudi Arabia’s net foreign assets dropped below $500 billion in April for the first time since 2011 even after the kingdom raised $9 billion from its first international sale of Islamic bonds. The S

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?