Itqan Capital launched at a VIP ceremony in Jeddah
10th January 2012
Itqan Capital was launched in Jeddah tonight at a VIP reception attended by the firm's directors, management, clients, and associates. Formerly known as Altawfeek Financial Group, Itqan is majority owned by Bahrain's Al Baraka Islamic Bank and a member of Al Baraka Banking Group (ABG).
Itqan Capital's Chairman, Abdul Aziz M. A. Yamani, announced that the firm's future focus will be on four areas: asset management, principal investment, investment banking, and custodial services – all supported by centralized advisory, research and business development capabilities.
"We aspire to be Saudi Arabia's pre-eminent provider of investment offerings to pension funds, foundations, charity organizations, endowments, private and public companies, high-net worth individuals, and family offices" he said.
"We have an extensive base of investors, both within the Kingdom and regionally, seeking specially tailored services and truly innovative Shariah-compliant investment products."
Adil Saud Dahlawi is Itqan's Managing Director and CEO. He was previously Chief Investment Officer of Dallah Al Baraka Holding, where he oversaw a multi-billion dollar global portfolio of private equity, listed equity, and real estate assets.
Dahlawi outlined Itqan's objectives and strategy, saying:
"In time, Itqan will become a new force in the regional investments sector. We are acutely focused on serving the needs of a sophisticated clientele who we believe are somewhat under-served at present. We have moved away from standard services for the mass-affluent market, such as securities brokerage, towards differentiated and valued added offerings."
"We intend to create and manage a growing number and broad array of open-end and closed-end funds tailored to the requirements of institutional, corporate, and individual clients."
"As well as private and mutual funds, Itqan Capital will identify, develop, and co-invest in distinctive opportunities in sectors that offer genuine potential for growth and benefit from both a financial and social perspective. Examples are the education, healthcare, and food sectors that are all benefiting from heightened demand due to the region's rapid population growth."
"Another example of our unique approach is offering custodial services – a first in the Saudi market. Our menu of custody services for real estate, private equity, and portfolio and fund holdings will add outstanding value for our clients."
Yamani and Dahlawi are joined on the Itqan Board of Directors by Adnan Yousif, Abdulelah Sabbahi, and Abdullah Al-Howaish. All have extensive regional and international experience in business, finance, and investment management.
Al Baraka Banking Group, Itqan's parent group, is an international Islamic bank with presence in 14 countries, 400 branches, and total assets of more than $16 billion. Al Baraka is rated BBB- (long-term) and A-3 (short-term) by Standard and Poor's and is listed on the Bahrain and NASDAQ Dubai stock exchanges. The Group offers retail, corporate and investment banking, and treasury services in accordance with Shariah principles. Al Baraka Banking Group's authorized capital is $1.5 billion.
For further information, please contact:
Al Shatei Center, Al Malik Road,
PO Box 8021, Jeddah 21482,
Kingdom of Saudi Arabia
Tel: +966 2 234 7000
Fax: +966 2 234 7222