Business & Money | Tuesday 28 April, 2015 7:14 am |

Saudi-based investment company Itqan Capital, licensed by the Capital Market Authority (CMA) and a member of Albaraka Banking Group, and Mubasher Financial Services BSC, a major provider 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, MD and CEO of Itqan Capital, said: “The MoU signing is set to pave the way for the first Shariah-compliant global brokerage firm in the region. This will 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.”

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.”
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 for providing global brokerage that is compliant with Shariah 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 2015,” 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.”