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 Chairman Abdul Aziz M. A. Yamani said 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.”

Dahlawi added: “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.”

Yamani and Dahlawi are joined on the Itqan board of directors by Adnan Yousif, Abdulelah Sabbahi and Abdullah Al-Howaish.

Al-Baraka Banking Group’s authorized capital is $1.5 billion.