BAHRAIN,SAUDI ARABIA : ABG Launch Itqan Capital in Saudi Arabia.(Al Baraka Banking Group B.S.C)

Al Baraka Banking Group B.S.C (ABG), announced the launch of Itqan Capital (formerly known as Altawfeek Financial Group) in Saudi Arabia, through its fully-owned subsidiary Al Baraka Islamic Bank (Bahrain), which owns the majority of shares of the Company, at a VIP reception attended by the firms directors, management, clients, and associates.

Mr. Khaled Al Zayani, chairman of Al Baraka Islamic Bank 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 Arabias 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.?
Mr. Adnan Ahmed Yousif, vice chairman of Al Baraka Islamic Bank and President and Chief Executive of Al Baraka banking Group said "The launch of Itqan Capital is an excellent move that reflects our 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, which presents us with significant business and investment opportunities."

Mr. Adnan Ahmed Yousif added, "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 entre-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 and the Group for the past many years. The ABG Group has the unique 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?.
Mr. Mohamed Isa Al Mutaweh, Board Member and Chief Executive Officer of Al Baraka Islamic Bank noted: "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.?