Full range of Shari’a-compliant financial products & services with initial US$100 million paid-up capital

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The first assembly of Al-Khabeer International BSC (c), located in Bahrain, was held recently at the Ritz-Carlton Hotel in Manama.

In a press release, Executive Director of Al-Khabeer International, Ammar Ahmed Shata revealed that the company, of which a majority of the shareholders are Saudi Nationals, was established with an initial paid-up capital of over USD 100 million and was granted a Category 1 Investment Business License (Islamic Principles) by the Central Bank of Bahrain (CBB) in December 2008. He added that the company’s founders also established a sister investment company compliant with the KSA’s Islamic laws named Al Khabeer Merchant Finance Corporation.

Al-Khabeer International will address the needs of institutional and high-net-worth clients with financial services in line with the principles of Islamic Sharia in the field of private property, asset management and financial market products, according to the current economic situation in the region and the world. Regarding the selection of Bahrain as the headquarters of the company, the Executive Director noted that they aim to establish a robust client base of Bahraini and Gulf investors in particular across the various investment segments and penetrate nearby international markets. Moreover, Shata said: “We know that possession of values and experiences need time and effort,  and I ensure that Al-Khabeer has the characteristics and values through our distinguished team of experts who can meet the needs of the growing number of customers. This will lead the company to the best position in the market across Saudi Arabia, Bahrain,Gulf region and the Middle East and North Africa”.He added that Bahrain is a leading financial hub in the region, enjoys a strategic location and has a unique reputation as a leading centre in Islamic banking and finance, governed by one of the best regulatory authorities in the Gulf.

Mr Shata pointed out that promoting the company at this specific time is very appropriate, considering that its management has learned from the experience of other organizations amid the international financial crisis. He asserted that the two sister companies will cooperate closely to serve the interests of both investors and shareholders according to prescribed regulations. Shata added: “We at Al-Khabeer believe that funding investments is one of the best types of investments in accordance with the provisions and principles of Islamic Sharia since our company was founded from 5 years ago. We are also capable of being at the forefront of competitors realistically and professionally.”

Mr Shata also identified the Chairman of the new company as Saleh Mohammed Bin Laden and the CEO as Andrew Broadley, who has 27 years of experience in investment management and related businesses in addition to the management of various kinds of companies.

Broadley said: “We are confident that we will perform well 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.”

“The expected consequence of our vision is the establishment of a business which is capable of enduring for the long-term, taking into consideration the nature of the business cycle. This outcome will be consistent with the nature of the business of Al-Khabeer International’s founding shareholders who represent some of the most well-established and respectable companies and families in the Gulf,” he added.

Al-Khabeer’s Chief Communications Officer Walid Bahamdan stated that the company assists in investments complying with Islamic laws and provides various banking and financial products and services in Saudi Arabia, Bahrain, the rest of the Gulf countries, and the Middle East and North Africa.

Commenting on the global financial crisis, Bahamdan said: “Many people believe that the Gulf’s investment environment remains attractive for capitalization, despite the current global financial crisis affecting the region. Our entry into the market at this point in time is proof that the crisis has not reduced the region’s appeal; on the contrary, we believe that we can leverage several available high-potential prospects.”