(MENAFN - Arab News) The Investor for Securities Company launched Safa Investment Services, the first global Islamic asset manager in the GCC, in Riyadh on Monday.
Safa Investment Services is the world's first independent Islamic wealth and asset management brand. It insures an independent selection of "best of class" Sharia-compliant assets.
"Professionally managed assets worldwide are now worth around 80 trillion (SR 300 trillion), of which Muslims own at least 3 trillion (SR 11.25 trillion). What is striking is that almost none of that is invested with any respect for Sharia. A lot is invested in the type of securities that accelerated the global financial crisis," said John Sandwick, manager at Safa Investment Services, during the launch.
He explained that Sharia-compliant investing means sticking to true assets, which are contributing to the community and the economy. "As an added bonus we discovered that Sharia-compliant investments produce profits superior to those of conventional investments," he added.
The Investor is a regulated investment company based in Riyadh with SR 200 million paid-in capital. Over the last two years The Investor has become the most profitable investment company in the Kingdom with now over 1 billion (SR 3.75 billion) in total Assets Under Management (AUM).
The company is a leader in the development and distribution of high-end real estate funds, Saudi stock market funds, and corporate finance and advisory transactions.
Abdullah Al-Fouzan, chairman of The Investor for Securities said, "We are delighted to open this new and exciting section at the Investor. It is our strategy to expand our services to provide a cutting-edge solution for hundreds of billions of savings in Saudi investments that need to be liquid investments, at the same time have strong long-term returns."
The Investor is CMA-licensed investment company founded in 2007. They are based in Riyadh and regulated by the Saudi Capital Market Authority (CMA) and advised by the Sharia Review Bureau.
"The launch of such a product is the result of previous studies that revealed a real need of individuals and companies in Saudi Arabia for a product that is flexible," said Bandar Al-Ahmadi, CEO of The Investor for Securities.
Al-Ahmadi said Safa is the result of a general agreement between The Investor for Securities and the Geneva-based investment company Islamic Wealth & Asset Management.
"We are glad that we have succeeded in providing investment funds, real estate and other financial services. We floated the largest IPO for a real estate fund in the region, worth more than SR 4 billion, to create a digital city in Riyadh. The Investor has arranged financing for a wide range of clients in Saudi Arabia exceeding a value of SR 3 billion this year. We continue to provide superior services and products in the IPO and portfolio management services as well as financial consulting, " he concluded.