Itqan Capital, a Saudi Arabia-based investment company licensed by the Capital Market Authority (CMA) and a member of Al Baraka Banking Group, and Mubasher Financial Services, a leading financial institution in the Middle East, have signed a deal to establish a sharia-compliant global brokerage company.

Mohammed R AlBallaa, chairman of Mubasher, said: “Mubasher is looking forward to work closely with Itqan Capital to develop this opportunity, which clearly demonstrates our growing reputation as a global brokerage firm in the region. We are delighted to be part of this partnership that will provide a significant boost to the Islamic finance sector in the GCC. ”

Adil Saud Dahlawi, managing director and chief executive officer, Itqan Capital, said: “The signing of this memorandum of understanding  is set to pave the way for the first Sharia compliant global brokerage firm in the region.

“This would bring together the know-how and successful track record of Mubasher as a leader in its domain and a regional pioneer in electronic trading platforms, and the Saudi-licensed Itqan Capital as the investment banking arm of Albaraka Banking Group (ABG), which enjoys a global banking network spanning 15 countries, over 550 retail branches and total assets in excess of $23 billion.” - TradeArabia News Service