Dubai – Mubasher: Mubasher Financial Services BSC, a leading financial institution in the Middle East, signed a Memorandum of Understanding (MoU) with Itqan Capital, a KSA-based subsidiary of Al Baraka Banking Group, to establish a sharia-compliant global brokerage company.
Commenting on the signing, Mohammed Rashid Al Ballaa, chairman of Mubasher Financial Services, said: “Mubasher is looking forward to work closely with Itqan Capital to develop this opportunity, which clearly demonstrates our growing reputation as a global brokerage firm in the region. We are delighted to be part of this partnership that will provide a significant boost to the Islamic finance sector in the GCC.”
For his part, Malek Kanawati, Mubasher’s CEO, said the partnership brings together the extensive expertise of Mubasher in providing retail investors with best-in-class trading technology, which empowers them to access exciting investment opportunities in the GCC and MENA region as well as key western, frontier and emerging markets.
“Together with Itqan Capital and Al Baraka Banking Group, we will continue to be the ‘go to’ sharia-focused global brokerage for the region’s investors,” Kanawati added.
Adil Saud Dahlawi, managing director and CEO of Itqan Capital, said the MoU will “pave the way for the first sharia-compliant global brokerage firm in the region.”
“This will bring together the know-how and successful track record of Mubasher as a leader in its domain and a regional pioneer in electronic trading platforms, and the Saudi-licensed Itqan Capital as the investment banking arm of Al Baraka Banking Group (ABG), which enjoys a global banking network spanning 15 countries, over 550 retail branches and total assets in excess of $23 billion,” Dahlawi said.
Commenting on the occasion, Adnan Yousif, president and CEO of Al BarakaBanking Group, said that both Mubasher Financial Service and Itqan Capital are specialists in their respective fields, and have found a common opportunity in providing global brokerage that is compliant with sharia principles.
