JEDDAH, 5 July 2006 — An Islamic financial investment company with an initial market cap of SR350 million, a first in the Kingdom, is to be launched shortly at Dammam in the Eastern Province.
The official announcement of the launch will be made in a few weeks with the completion of the formalities stipulated by the Capital Market Authority, according to a promoter of the company.
Sheikh Adel ibn Saad Al-Muammar, founding chairman, said the new company will offer financial investment in a manner fully compliant with Islamic Shairah. It will also offer mediation service for financial investment operations.
“The company aims at the development and spread of financing services based on the Islamic concept of financing. The company will operate with the highest professional standards with the help of the latest technology employed the financial service industry,” he said.
The company’s products are designed to include financial mediation service, customer portfolio management, investment fund management, company financing, subscription management in joint stock companies and investment consultancy. The company’s services will apparently be in keeping with the structural changes taking place in the Saudi capital market.
The company also hopes to serve as a guiding agency for investment decisions on the basis of Shariah regulations. A Shariah body comprising well-known scholars of Islamic law in the Kingdom will supervise the company’s activities in order to achieve full Shariah compliance.
