Venture Capital Bank (VCBank), the first dedicated Islamic venture capital investment bank, today announced that its Board of Directors has approved the appointment of its Chief Executive Officer (CEO) in addition to an executive management team, consisting of four seasoned professionals with broad-based industry experience and outstanding track records with top-tier regional and international financial institutions.
Abdul-Latif Janahi has been named as VCBank’s CEO. Mr. Janahi, who is also a founding member of the Bank, a member of its Board and the Executive Director of its Incorporating Committee, brings to VCBank 24 years of experience building successful businesses including those involved in the financial services industry, real estate investment and the Islamic banking sector. He is the Chairman of Oasis Middle East Holding Company, a former executive and founding member of the Islamic, Bahrain-based International Investment Bank and prior Senior Manager of Assurance & Business Advisory for Arthur Andersen in Bahrain, where he focused on assisting in the strategic development of numerous Islamic financial institutions during a key growth period in the industry.
As CEO of VCBank, Mr. Janahi will work closely with the Board of Directors and the Bank’s newly appointed executive management team to fulfil VCBank’s mission to capitalise on the unique opportunities that exist for venture capital based investment banking. Investment activities will focus mainly on the GCC and MENA region in addition to the international market, in conjunction with Global Emerging Markets (GEM) Group, a leading US-based private investment group with offices in New York, London and Paris, with which the Bank has established a strategic partnership. Specifically, VCBank will invest in fundamentally strong and undervalued finance-seeking small and medium-sized enterprises (SMEs) with revenue and market growth potential across a broad range of industry sectors.
Commenting on the appointment, Dr. Ghassan Al-Sulaiman, Chairman of VCBank’s Board of Directors, said, “With a strong track record in establishing and managing innovative businesses both within and outside the Islamic banking industry, Mr. Janahi is the ideal candidate to lead VCBank. This is an exciting time in the development of the nascent regional venture capital industry as well as the regional economies, which are undergoing tremendous change and offering significant opportunities. We are certain that Mr. Janahi’s leadership, capabilities and the vision that has allowed us to establish the region’s first dedicated venture capital investment bank will also enable us to maximise untapped opportunities and deliver superior risk-adjusted returns for our investors and shareholders. "
In addition, the Bank has named four key executives to its senior management team and Executive Management Committee. The team includes Dr. Khalid Abdulla Ateeq, Deputy CEO Operation & Support, Sharif Monfaradi, Chief Investment Officer-Private Equity & Financial Advisory, Dr. Ahmed Al-Jawhary, Chief Investment Officer-Venture Capital & Real Estate and Masood Ahmed Al-Bastaki, Chief Placement Officer.
Dr. Khalid Abdulla Ateeq, Deputy CEO Operation & Support, brings to VCBank more than 25years of expertise in banking, finance, accounting and regulatory supervision. Previously, he was Executive Director – Banking and Supervision at the Bahrain Monetary Agency (BMA), the region’s foremost regulator, where he was responsible for regulatory oversight of the more than 365 financial institutions operating or incorporated in Bahrain.
Sharif Monfaradi, Chief Investment Officer Private Equity & Financial Advisory, joins VCBank with significant experience in private equity and structured finance having concluded numerous private equity, direct corporate and structured finance transactions in the US, Europe, Middle East and Australasia. Formerly, he was the Head of Kuwait Finance House (Bahrain) BSC’s Private Equity and Direct Corporate Investment Department after having held a number of management roles in Bahrain, New York and London with other financial institutions.
Dr. Ahmed Al-Jawhary, Chief Investment Officer -Venture Capital & Real Estate, has held a number of management positions and advisory roles. Most recently, he worked with International Investment Bank as the Director of international investment, where he focused on deal origination and structuring in the areas of private equity and real estate investment in both regional and international markets. Dr. Al Jawhary has also worked as an independent investment advisor providing consultancy services to domestic and regional financial institutions and corporate clients. Dr. Al Jawhary’s core specialty is in foreign direct investment and mergers & acquisitions in the transitionary markets in Europe.
Masood Ahmed Al-Bastaki, Chief Placement Officer, has more than 18 years of experience with a number of reputable regional and international financial institutions in the areas of client relationship management and deal origination and structuring. Most recently, he established and was Head of the Islamic Banking Division of Bank Muscat International after spending six years as Head of GCC Client Management for JP Morgan Chase, five years in client relationship management at Arab Banking Corporation’s Islamic Banking arm and more than seven years at the Bank of Bahrain & Kuwait working in financial institutions and corporate & project finance.
"These individuals bring a remarkable level of experience and world-class capabilities to VCBank across all key areas of our operations and will be instrumental in our ability to execute our business plan and ultimately identify and deliver compelling investment opportunities," said Dr. Al-Sulaiman. "Each brings to the company the abilities and motivation to build both established and new businesses into market leaders, skills critical to the development of a successful venture capital business and the growth of those companies in which we intend to invest and partner with in the near future."
About VC Bank
Venture Capital Bank (VCBank) – the first dedicated Islamic venture capital investment bank –is licensed and regulated by the Bahrain Monetary Agency (BMA), the region’s leading regulator. The Bank has paid in capital of $66 million (authorised capital of $500 million) and its shareholders are comprised of 80 prominent high net worth individuals and institutions from across the GCC region and internationally.
It is the mission of VCBank to assume a leadership role in the development of the regional venture capital and private equity industry in conjunction with its strategic partner Global Emerging Markets (GEM) Group, a leading international private investment group with offices in New York, London and Paris.
The primary focus of the Bank is on investment in the GCC and MENA regions alongside selected investments internationally. Specially, VCBank targets fundamentally sound and well managed small and medium-sized enterprises (SMEs) across multiple industry sectors with strong growth potential in addition to select themed real estate projects. Through such investments, it is the aim of the Bank to offer investors superior risk-adjusted returns and co-investment opportunities that are in full compliance with Islamic Shari’ah principles.
