Latest news with #Shariahcompliant
Zawya
2 days ago
- Business
- Zawya
S&P reaffirms ICIEC's AA- financial strength and issuer credit rating with Stable outlook
Jeddah — The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, has marked another significant milestone with the reaffirmation of its "AA-" long-term issuer credit and financial strength rating by Standard & Poor's (S&P), with a stable outlook. This rating remains the highest within its peer group globally. The reaffirmation underscores ICIEC's solid credit profile with robust financial strength and low credit risk. S&P expects ICIEC to continue expanding its business operations while maintaining robust levels of capital adequacy, exceptional liquidity buffers, and steadily increasing profitability. The rating report reconfirms ICIEC's Enterprise Risk Profile (ERP) as 'strong' under S&P's Multilateral Lending Institutions (MLIs) criteria, underpinned by the corporation's supportive shareholder base, strong Preferred Creditor Treatment (PCT), and unique policy role of conducting all business in a Shariah-compliant manner. Moreover, for the second year, S&P assesses ICIEC's Financial Risk Profile (FRP) as 'very strong' under its insurance criteria, as ICIEC's capital adequacy shows a significant buffer above the 99.99% confidence level, as measured by its insurers' risk-based capital model. Additionally, the Corporation maintains exceptional liquidity, reaffirming its upscaled financial strength. ' sincerely congratulate the Member States, His Excellency the Chairman and distinguished Members of the ICIEC Board of Directors, and the dedicated Staff for their unwavering commitment and sustained achievements." said Dr. Khalid Khalafalla, CEO of ICIEC. " Aligned with the IsDB Group's strategic direction, we reaffirm our deep commitment to supporting Member States through advancement of Islamic finance and key development priorities, including green financing, ESG integration, and food security. ICIEC will continue to play an integral role in implementing the Group's strategy in the years ahead." added Dr. Khalid. The reaffirmation of the "AA-" highlights ICIEC's strong financial position, prudent risk management, and sound governance practices. It also underscores the Corporation's ability to navigate complex global challenges and its commitment to supporting sustainable economic development in member states. About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): As a member of the 'AAA' rated Islamic Development Bank (IsDB), ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is the only Islamic multilateral insurer in the world. It has led from the front to deliver a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) industry. Additionally, S&P has reaffirmed ICIEC's 'AA-' long-term Issuer Credit and Financial Strength Rating for the second year with a stable outlook. ICIEC's resilience is underpinned by its sound underwriting, global reinsurance network, and strong risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors—energy, manufacturing, infrastructure, healthcare, and agriculture. For more information: Visit Follow us on: X | Facebook | LinkedIn | YouTube | Instagram Email: ICIEC-Communication@
Argaam
09-07-2025
- Business
- Argaam
SAB Invest launches private credit fund with initial investments of over SAR 300M
Logo of SAB Invest SAB Invest announced the launch of SAB Invest Multi-Strategy Private Investment Fund I, which is aimed at delivering high, recurring income to investors through investing in a diversified portfolio of private credit opportunities across Saudi Arabia, the GCC, and the MENA region. Ali Almansour, Managing Director and CEO of SAB Invest, said the fund aims to raise SAR 1 billion in total commitments over a period of 6-12 months, noting that over SAR 300 million in initial investments have already been raised since obtaining approval from the Capital Market Authority (CMA) last month. He emphasized that the fund features a comprehensive Shariah-compliant structure, offering an innovative and distinctive investment opportunity that has attracted significant client interest — as reflected in the strong demand seen since the announcement. Almansour noted that SAB Invest seeks, through this product, to provide high-quality, diversified investment solutions, designed to meet the evolving goals of its clients and support their financial strategies throughout different stages of their investment journeys. Osama Alowedi, Chief Investment Officer at SAB Invest, said the fund establishment plan has started began nearly a year ago, with the goal of developing a product that meets market needs and aligns with investor aspirations. Alowedi indicated that private credit solutions provide an effective addition to the financing landscape through offering customized solutions and greater efficiency in terms of time and cost. He stressed that what distinguishes this type of financing is its flexibility and ability to adapt to companies' specific needs. Further, Alowedi noted that the Saudi and Gulf economies are undergoing rapid transformation, driven by digitization and sectoral diversification. This shift requires more versatile and flexible financing solutions, particularly for sectors based on technologies and services, where private credit offers suitable alternatives aligned with this direction. He pointed out that several founders and business owners see real value in private credit solutions, due to the deep engagement and understanding fund managers offer, going beyond the traditional asset-valuation based lending model. The fund's preparatory phase involved the development of a pipeline of well-vetted investment opportunities, alongside the establishment of robust risk management frameworks to support fund deployment and enhance the potential for sustainable growth. Initial subscriptions to the fund came from a diverse base of SAB Invest clients, including institutional investors, family offices, asset managers, and high-net-worth individuals. Regarding the fund's target investment categories, SAB Invest explained that it will focus on listed and unlisted sukuk issued by small and medium-sized enterprises (SMEs), debt investments in high-growth tech companies, structured debt for mid-sized enterprises, and infrastructure debt instruments. The company expects the fund to deliver an annual return of 12%-13% to investors where 10%-11% of that to be distributed on a quarterly basis. SAB Invest added that the fund's investments will be secured by a range of guarantees and assets, including real estate mortgages, share pledges, and cash reserves. The fund's board of directors includes independent members to oversee investment governance.
Argaam
24-06-2025
- Business
- Argaam
Fakeeh Care inks SAR 938M credit facility deal with Alinma Bank
Dr. Soliman Abdel Kader Fakeeh Hospital Co. (Fakeeh Care) signed, on June 23, a Shariah-compliant credit facility agreement at competitive terms and conditions with Alinma Bank, according to a statement to Tadawul. The total credit amount of SAR 938 million is split between SAR 638 million in long-term facilities, and SAR 300 million in short-term facilities. Covered by a promissory note, the facility is intended to finance Fakeeh Care's expansions and growth plans, the statement added. This facility replaces previously existing facilities of SAR 838 million for Dr. Soliman Fakeeh Hospital (DSFH), and SAR 570 million for DSFH Riyadh. This credit facility agreement will be available to all Fakeeh Care Group entities and will support the group's expansion and growth plans.
Zawya
19-06-2025
- Business
- Zawya
Drake Financial Limited and Al-Mabrook Financial Inc. unveil landmark joint venture
Abbotsford, B.C. and Toronto, Ontario: Drake Financial Limited (DFL) and Al-Mabrook Financial Inc.(MABROOK) proudly announce a transformative joint venture that marks a major breakthrough in the Canadian financial landscape. This partnership will launch a digital asset crowdfunding platform under DFL's brand, powered by MABROOK's proprietary blockchain technology, to deliver ethical, Shariah-compliant investment opportunities to a wide audience. This pioneering collaboration leverages DFL's Exempt Market Dealer registration alongside MABROOK's technological and Halal segment expertise to democratize access to ethical investments. By integrating tokenization using blockchain technology, the platform ensures transparency, security, and efficiency setting a new benchmark for legally compliant crowdfunding in Canada. Joint Statement Norman Holmes, Vice President and Managing Director of DFL: 'We are thrilled to partner with MABROOK, a collaboration that marks a pivotal step in enhancing our portfolio of services and delivering unparalleled value to clients across Canada and global markets. By uniting DFL's decades of expertise with MABROOK's innovative vision, we aim to redefine industry benchmarks in quality and innovation. This partnership fosters opportunities that empower our clients, teams, and communities while reinforcing our commitment to excellence. Today is a defining milestone for DFL, and we are energized to embark on this mutually prosperous journey.' Fahad Ahmed Siddiqui, Founder and CEO of MABROOK: 'This strategic alliance with DFL marks a transformative milestone for MABROOK as we launch the world's first Canadian securities-compliant and Ethical (Shariah-compliant) digital asset platform in our home market of Canada alongside DFL's diverse suite of investment opportunities. By uniting MABROOK's innovative vision with DFL's proven expertise, decades of market leadership, and robust infrastructure, we are accelerating our shared vision into reality. Together, we will unlock unprecedented opportunities, pioneer ethical financial innovation, and deliver enduring value for clients globally. This partnership is the cornerstone of a future redefined by groundbreaking potential. We extend our deepest gratitude to DFL for their trust and collaboration, and we are committed to ensuring the resounding success of this joint venture.' Key Highlights of This Breakthrough Partnership Strategic Alliance: DFL contributes its regulatory expertise, compliance framework, and investor network access, facilitating online and offline fundraising. MABROOK, in addition to providing its cutting-edge Asset Tokenization software platform, will be responsible for building the Halal segment under DFL's umbrella of products and services. A Game-Changer for Canadian Investors: This partnership redefines accessibility in ethical investing by democratizing institutional-grade opportunities, which were once reserved for high-net-worth individuals and organizations, to empower everyday Canadians. Leveraging pioneering blockchain infrastructure, the platform guarantees unmatched security and transparency, and establishes itself as a trailblazer in modern financial solutions. Rooted in a shared mission, this collaboration underscores both companies' dedication to integrity, financial inclusion, and leveling the financial playing field while unlocking untapped market potential. About Drake Financial Limited Headquartered at 2190 McCallum Road, Abbotsford, B.C., Drake Financial Limited is a trusted exempt market dealer and mortgage brokerage with over 30 years of experience. Specializing in asset-backed investments, DFL has a track record of delivering superior returns to investors through offerings like its Mortgage Investment Corporations (MICs), underpinned by a foundation of integrity and regulatory compliance. Learn more at: About Al-Mabrook Financial Inc. Based at 130 Queens Quay East, Suite 1018, Toronto, Ontario, Al-Mabrook Financial Inc. is a technology-driven financial services firm dedicated to ethical and Shariah-compliant investments. MABROOK's real-world asset tokenization expertise powers this joint venture, ensuring a seamless, secure, and innovative investment experience. Learn more at: Press Contact: For more information or media inquiries, please contact: Drake Financial Limited: info@ Al-Mabrook Financial Inc.: ahsan@
Gulf Business
16-06-2025
- Business
- Gulf Business
Dubai's Binghatti launches DIFC-based Shariah-compliant asset management firm
Image: Binghatti Holding UAE's based luxury real estate developer The new entity plans to manage approximately $1bn in Shariah-compliant private credit and real estate strategies. Binghatti Capital has received authorisation from the Dubai Financial Services Authority (DFSA), the independent regulator for financial services conducted in or from DIFC. The firm is licensed to work exclusively with professional clients. As part of its real estate strategy, Binghatti Capital will implement separate mandates covering the acquisition and sale of off-plan residential properties, as well as the development and sale of residential projects. Its private credit platform will offer supply chain financing solutions to construction companies, property management entities, and key sector suppliers. In addition to private funds, Binghatti Capital will offer discretionary and non-discretionary portfolio mandates, providing tailored investment solutions to meet the specific objectives of professional clients. Read: Move to deepen Binghatti Holding's investment footprint Katralnada Binghatti, Executive Director of Binghatti Capital, said: 'The creation of an asset management arm represents a strategic move to deepen Binghatti Holding's investment footprint and enhance access to alternative capital. 'We believe that Binghatti Capital's offerings are one of a kind, underscoring our long-term vision to expand into high-value, income-generating investments that deliver sustainable growth. Through our new Shariah-compliant private investment strategies, we are not only reinforcing our position in the UAE's real estate sector but are supporting Dubai's efforts to become one of the world's leading foreign investment destinations.' Shehzad Janab, SEO of Binghatti Capital, added: 'Binghatti Capital represents a strategic extension of Binghatti Holding's capabilities, designed to accelerate growth and strengthen resilience, ensuring sustained success through all market conditions. Our inaugural suite of what we believe are unique strategies represents a thoughtful, well-structured approach to real estate investing, providing access to opportunities that are typically reserved for large institutions. 'Through disciplined governance, active management, and a strong Shariah-compliant foundation, we aim to deliver compelling returns while diversifying our source of capital for Binghatti Group's future developments.' Salmaan Jaffrey, chief business development officer at DIFC Authority, said: 'We are delighted to welcome Binghatti Capital to DIFC, the region's largest financial centre and home to more than 46,000 professionals. 'Binghatti Capital's presence will further strengthen Dubai's financial ecosystem and reinforce DIFC's position as the leading hub for asset management in the region. With over 400 wealth and asset management firms, DIFC continues to be the preferred destination for asset management companies seeking growth and opportunity in the region.'
