Kuwaiti Islamic Investment Solutions Provider, Arabian Capital Investment & Finance Company, sets up an Office in DIFCPress Release26 Jul 2009 10:19 am
Company to Provide a Wide Range of Sharia-Compliant Financial Services from DIFC
Arabian Capital Investment & Finance Company (ACIFC) announced today that it has been granted a license by the Dubai Financial Services Authority (DFSA) to operate as an Islamic Investment Bank in the Dubai International Financial Centre (DIFC).
The new DIFC-based company will provide a wide range of financial services that will include arranging credits or investment deals, advising on financial products or credit, dealing in investments as principal and as agent, arranging custody and managing assets.
HE Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre said: “Over the past few years, Islamic Finance has significantly widened its global appeal and gained profile as a viable alternative financial system. DIFC clearly recognises the vast growth potential of Islamic Finance and is keen to accelerate its development regionally and globally. Companies like Arabian Capital Investment & Finance Company will add to the depth and diversity of the Islamic Finance sector within DIFC.”
Ahmed Farrag Omran, Senior Executive Officer of ACIFC said: “We are delighted to have received this license as it emphasises our commitment to operating within a transparent and efficient regulatory framework. DIFC will provide ACIFC with a strong regulatory platform from which we can implement our business plan and also reach a wider audience of clients and investors.”
The new company established in DIFC is 100% owned by Arabian Capital Investment & Finance Company, an Islamic Investment Company incorporated in accordance with the Kuwait’s Commercial Companies Law No. 15 of 1960 and the amended laws supervised by the Central Bank of Kuwait with a paid up capital of 16.7 million Kuwaiti Dinars ($60 million). The Company provides contemporary Sharia-compliant investment and financial services and products.