Itqan Capital, a Saudi Arabia-based investment firm, is seeking to boost its investment and advisory offering in the Kingdom in a move to increase its capital and Islamic finance business, said chief executive Adil Dahlawi.
As part of the expansion, the firm is planning to boost its capital by SAR100 million ($26.6 million) to SAR173.4 million by the end of October 2014, reported Reuters.
Go deeper with GlobalData
Itqan, a part of the Al Baraka Banking Group, currently manages four sharia-compliant funds including a money market fund and three real estate funds.
The increase in capital will increase Al Baraka Banking Group stake in Itqan to around 58%, while Al Baraka Islamic Bank will hold an additional stake of 25%.
Recently, Itqan Capital has signed an exclusive agreement with Saudi Arabian Airlines to provide financial and investment advisory services.
Dahlawi added that the firm is planning to launch two new products this year including a private equity fund investing in the Saudi education market.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData"About half of all assets under management in Saudi Arabia follow Islamic investment principles, and the market could see a range of new products from local and regional fund managers to cater to such investors, he added.
