From left: Adnan Yousif, President and CEO of Albaraka Banking Group; Adil Saud Dahlawi, Managing Director and CEO of Itqan Capital; Malek Kanawati, CEO, Mubasher; and Eng. Mohammed R. Al-Ballaa Chairman of Mubasher at the signing of agreement
JEDDAH — Itqan Capital, Saudi Arabia-based Investment Company licensed by the Capital Market Authority (CMA) and a member of Albaraka Banking Group, and Mubasher Financial Services BSC, one of the leading providers of regional brokerage services in the Middle East, signed a Memorandum of Understanding (MoU) aiming to establish a Shariah- compliant global brokerage company. Adil Saud Dahlawi, Managing Director and CEO of Itqan Capital, said “the signing of this MoU is set to pave the way for the first Shariah-compliant global brokerage firm in the region. This would bring together the know-how and successful track record of Mubasher as a leader in its domain and a regional pioneer in electronic trading platforms, and the Saudi-licensed Itqan Capital as the investment banking arm of Albaraka Banking Group (ABG), which enjoys a global banking network spanning 15 countries, over 550 retail branches and total assets in excess of $23 billion.” Eng. Mohammed R. Al-Ballaa Chairman of Mubasher, said “Mubasher is looking forward to work closely with Itqan Capital to develop this opportunity, which clearly demonstrates our growing reputation as a global brokerage firm in the region. We are delighted to be part of this partnership that will provide a significant boost to the Islamic finance sector in the GCC.” Adnan Yousif, President and CEO of Albaraka Banking Group, said both Mubasher Financial Service and Itqan Capital are specialists in their respective fields, and have found a common opportunity in providing global brokerage that is compliant with Sharia principles. “Itqan Capital has successfully marked its name among able asset management firms in the highly competitive Saudi market, having been recognized by several award nominations and more recently won the Global Finance Award for the best “Up and Comer” for the year 2015, which is a further proof of ABG's commitment to achieving its strategic objectives in the Saudi market,” he said. Malek Kanawati, CEO, Mubasher, said “this partnership brings together the extensive expertise of Mubasher in providing retail investors with best-in-class trading technology, which empowers them to access exciting investment opportunities in the GCC, MENA as well as key western, frontier and emerging markets. Together with Itqan Capital and Albaraka Banking Group, we will continue to be the ‘go to' Sharia focused global brokerage for the region's investors.” — SG
