| 02 Dec 2008 |
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Central Bank of Bahrain grants Category 1 Investment Business License to Al-Khabeer International
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Islamic finance specialist to start with US$ 100 million in paid-up capital, opens office in Bahrain based on four years of success in Saudi Arabia
The Central Bank of Bahrain (CBB)Central Bank of Bahrain (CBB)
has granted a Category 1 Investment Business License (Islamic Principles) to Al-KhabeerAl-Khabeer International BSC with an initial paid-up capital of over US$ 100 million.The company traces its roots to Al-KhabeerAl-Khabeer Financial Advisors, a boutique financial advisory firm in Jeddah and Riyadh, Saudi Arabia. Since early 2004, the business built a significant reputation in the Middle East as a pioneer and innovator in the Islamic financial services industry.
In April 2008, the Capital Markets Authority of Saudi Arabia granted asset management and investment banking licenses to Al-KhabeerAl-Khabeer International's sister company, Al-KhabeerAl-Khabeer Merchant Finance Corporation, which now employs over 80 staff. It has so far arranged over US$ 1.6 billion in Islamic debt and equity capital, and is currently involved in completing transactions totaling US$ 2 billion.
"We are pleased to expand our services and establish a local presence in Bahrain. The combined capital of Al-KhabeerAl-Khabeer now exceeds US$ 216 million. The business in Bahrain has been equipped with a first-class team of experts capable of better serving our growing number of clients in the wider MENA region", said Ammar Ahmed Shata, CFA, Executive Director of Al-KhabeerAl-Khabeer International and the founder of Al-KhabeerAl-Khabeer Merchant Finance Corporation.
"The CBBCBB
is delighted to welcome Al-KhabeerAl-Khabeer to Bahrain. It is a tribute to the core strength of the Al-KhabeerAl-Khabeer business model and a show of confidence in the Bahrain financial services sector that investors have contributed over US$ 100 million in paid-up capital at this time," said Ahmed Abdul Aziz Al Bassam, Director, Licensing and Policy, Central Bank of BahrainCentral Bank of Bahrain.Al-KhabeerAl-Khabeer International will address the needs of institutional and high-net-worth clients who require Shari'a-compliant private equity, asset management and capital market products and services.
"We are confident that we will perform excellently in an uncontested market space where we can focus on being the best in the industry and provide the total solutions that a growing number of clients seek," said Andrew Broadley, Chief Executive Officer, Al-KhabeerAl-Khabeer
International. "The expected consequence of our vision is the establishment of a business which is capable of enduring for the long-term, the nature of the business cycle notwithstanding. This sustained outcome will be consistent with the nature of the businesses of Al-KhabeerAl-Khabeer International's founding shareholders who represent some of the most well-established and respectable companies and families in the Gulf," concluded Broadley.
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For further information, please contact:
Orient Planet PR & Marketing Communications
PO Box 23345, Dubai, UAE
Tel: +971 4 3988901
Fax: +971 4 3988941
Email: info@orientplanet.com
Website: www.orientplanet.com
Al Khabeer International
Tel: +973 17561370
Fax: +973 17564657
Address:
5th floor, Metropolitan Building, Seef District,
P O Box 5879, Manama, Kingdom of Bahrain
Email: info@alkhabeerinternational.com
© Press Release 2008
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