JEDDAH, 29 September 2006 — Altawfeek Financial Group began its two-day annual meeting here early yesterday, with its Chairman Saleh A. Kamel in his opening address emphasizing on bright prospects for Islamic banking. Among those present at the meeting at the Jeddah Hilton were members of Al-Tawfeek Company for Investment Funds Ltd.’s board and Shariah board, and institutional and individual investors.
Kamel reviewed the progress of the company since it was incorporated in 1992 with the objective of providing medium- and long-term finance for emerging companies, investment and infrastructure development projects in addition to investment in listed and unlisted stocks.
Kamel said the company participated in international and Arab-based equity portfolios with its active involvement in Islamic financial markets. The company provides syndicated finance, and acts as agent, underwriter, issue and placement agent, and undertakes the management of general and closed investment portfolio to meet investors’ varied requirements.
The company also participated in international and Arab-based equity portfolios contributing toward activating Islamic financial markets. It provided syndicated finance and undertook management of general and closed investment portfolio to meet different investors requirements. The Al-Tawfeek Shariah board reviews and checks all fund investment transactions and activities, with Dr. Abdul-Sattar Abu-Ghuddah as chairman.
The board members include Abdullah Almanee, Dr. Abdul Latif Mahmoud Al-Mahmoud, Dr. Ahmed Mohiadeen Ahmed, Dr. Azzuddn Khoja and Sadiq Hamad. Dr. Abu-Ghuddah holds a Ph.D. in Islamic law and is a senior Shariah adviser to Al-Baraka Investment Co. of Saudi Arabia. Kamel said that the company was pursuing its mission of applying the principles and standards of Islamic economics in all banking and financial transactions. Al-Tawfeek is a subsidiary of Al-Baraka Investment and Development Company, a member of Dallah Al-Baraka Group. Based in Jeddah, the group is an industrial, commercial, banking and financial conglomerate founded in 1969 by Kamel.
The group, which totals over 305 companies, 260 of them out of Saudi Arabia, operates in more than 40 countries with total assets exceeding $9 billion. The financial strength and capability of Al-Tawfeek is ensured by the full endorsement of the parent group — Dallah Al-Baraka Group.
“The significant aspect of our corporate image is our heritage,” Kamel said.” In everything we do, from investment policy and product development to operational standards, we’re guided by the Shariah and as the fund manager we share profits equitably with investors,” he added.
Kamel said that Al-Tawfeek was among the first companies to recognize that Shariah compliant investments matched and even outperformed conventional investments at any given level of risk.
“Our research and development into innovative new products is producing many opportunities for investors. By remaining dedicated to our investment principles that have delivered success to our investors and partners over the years, we continually strive to enhance our position among the world’s leading investment companies,” Kamel said.
“Our open and close ended funds and private placements are designed to fit the needs of various market sectors,” Hassan S. Al-Ammari, board member and CEO of the company, told reporters. It has developed a diverse portfolio of well-balanced funds covering venture capital, real estate, private equity investments, listed equity of various entities, financial instruments and Mudharabas.
It undertakes commercial and private financing through Islamic modes, which include Murabaha, Bia Salam, Istisna’a and Ijara (leasing).