Riyadh, Kingdom of Saudi Arabia: NCB Capital - the investment arm of the National Commercial Bank (NCB), Saudi Arabia's largest bank,, has signed a major distribution agreement for its investment funds with Derayah Financial.
The new agreement will enable Derayah to distribute NCB Capital's mutual funds to individual investors through its website www.derayah.com, which empowers individuals to invest in the first and largest mutual fund supermarket in the Middle East
This agreement is part of NCB Capital's continuous expansion to enhance the availability of its products and services and to boost the distribution channels of its investment funds to individual investors. This agreement also confirms Derayah's position as the first mutual fund supermarket in the Middle East, which empowers individuals to access a wide range of mutual funds from various banks and investment companies, thereby giving the investor the widest degree of choice among different products and the ability to select the best among them.
Commenting on the new agreement, Jawdat Al Halabi, the Managing Director of NCB Capital its Head of Wealth and Asset Management said: "We are very enthusiastic about our new partnership with Derayah. This partnership allows us to open new distribution channels for our mutual funds, thereby reaching a wider number of individual investors through the Middle East's first and largest mutual fund supermarket."
Mr. Al Halabi added: "NCB Capital is one of the largest Managers of Sharia-compliant Investment Funds and has built a long track record in this field. We are confident that this Agreement with Derayah will help us achieve our growth targets as well as establishing better relationships with clients."
Mohammed El-Kuwaiz, the Managing Director of Derayah, which has recently obtained approval from the Capital Market Authority to commence operations, said "We are very excited with this new Agreement with NCB Capital, given their leading role in the management of Sharia-compliant mutual funds both locally and internationally. As NCB Capital's European Equities Fund has won the Failaka Award for the best Islamic mutual fund in Europe for both three years and one year. This Award is one of the most important in the area of Sharia-compliant Investment Funds."
Mr. El-Kuwaiz added: "In the past, investors were required to seek out the best mutual funds from multiple local banks or other investment companies. This of course requires a lot of time and considerable effort. Add to this the fact that investment companies usually limit their offering to the mutual funds that they manage themselves, which limits the investor's choice."
Mr. El-Kuwaiz continued: "It is now possible for the individual investor to invest in more than 66 Investment Funds managed by different banks and investment companies through Derayah's website, giving the investor more choice and the ability to compare between different products with complete ease, transparency and independence."
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About NCB Capital:
NCB Capital is the investment arm and assets manager of the Saudi National Commercial Bank (NCB), a leading regional Financial institution. It is the first independent investment company of a local bank that obtained a license from the Financial Market Authority.
The company is eyeing to be the leading investment bank and asset manager in the region.
NCB Capital is a pioneer in the field of Open-ended Mutual Funds in Saudi Arabia, with a market share of about 33% (TADAWL March 2009).
NCB is the first bank to provide Assured Saudi Funds, and the first Bank to provide sharia-compliant Investment Funds that invests in shares of International Real Estate companies.
NCB Capital Financial Company focuses on the client, it provides him with enlightened advisory services to facilitate achievement of his goals and aspirations. The company also provides advice to companies through its Investment Banking Team, and it has a team specialized in Asset Management that manages international, regional and local assets through an integrated range of asset classes.
About Derayah Financial:
Derayah Financial, is the first and only independent Company in the Middle East which provides all investment alternatives for individual investors under one roof. Derayah has recently launched the first and largest mutual fund supermarket in the Middle East through its Website, which allows individuals to invest in more than 60 investment funds from multiple banks and investment companies, in addition to providing investors with transparent information, research and independent advice that empowers them to make investment decisions on their own.
© Press Release 2009
