Saudi Arabia

Over 90 percent HNWIs in the GCC don’t want retirement: Report

With high net worth individuals (HNWIs) in the GCC are seen as the most active in management their wealth during later life, over 90 percent reject the idea of getting retire, according to Barclays Wealth latest Insights report.
The report titled The Age Illusion: How the Wealthy are Redefining Their Retirement is the twelfth in the Barclays Wealth Insights series, shows that HNWIs in Saudi Arabia (92 percent), United Arab Emirates (91 percent) and Qatar (89 percent) illustrated the biggest desire amongst global respondents to keep working in later life. According to the findings of the report the retirement is being rejected by a new breed of wealthy worker, who want to carry on working for as long as they are able.

Sharia platform created

Allfunds Bank, the business-to-business fund platform, has launched an Islamic Services Unit to comply with Sharia principles. The company, jointly owned by the Santander and Intesa Sanpaolo groups, offers over 80 sharia-compliant funds from asset management firms based in Luxembourg, Ireland, the United Arab Emirates and Saudi Arabia.
The unit has a fatwa endorsed by the Sharia'h Board of Amanie Dubai, a specialist Islamic consultancy firm, making it the first sharia-compliant platform.
Allfunds said its clients would have direct access to the largest available range of Islamic funds and it would take further opportunities to expand the service, such as setting up a dedicated website for the sector.

Premier Saudi Investment Firm Upgrades to Advent's Integrated Solution

Advent Software, Inc. a leading provider of software and services for the global investment management industry, today announced that Jadwa Investment has selected Advent Portfolio Exchange(R) (APX), Advent's portfolio and client relationship management solution, and Advent Tradex(TM), a fund order management solution to streamline operations and support client service capabilities. Riyadh-based Jadwa Investment is a leading investment house in the Kingdom of Saudi Arabia and among the Kingdom's largest by assets under management.
The firm is a pioneer in the field of Shariah-compliant investment services, developing innovative and market-leading investment and financial products tailored to the needs of individual, corporate and institutional clients. Jadwa Investment offers a breadth of investment services for clients including dealing, investment management, custody, and advisory services.

Takaful the fastest growing segment in Saudi insurance

According to the research report Saudi Arabia Insurance Market to 2012 from market research and analytical consultancy RNCOS , Takaful is the fastest growing segments of the Saudi Arabian insurance industry. RNCOS says that protection and savings and health insurance are the fastest growing insurance lines in Saudi Arabia, with health insurance accounted for around 50 per cent of the overall insurance market at the end of 2009. The most recent introduction of compulsory health insurance for private employees, irrespective of the size of the company they are working with, will further boost the health insurance market in the country. The general insurance category has shown substantial growth despite being heavily hit by the financial crisis.

Solidarity names Bseisu group chief executive

The Solidarity Group Holding board has appointed of Ashraf Bseisu as group chief executive officer. Mr Bseisu is a long-standing Solidarity executive and a prominent member of the region's insurance industry. Solidarity Group Holding, one of the largest takaful companies in the world, includes the Solidarity Family Takaful Company and Solidarity General Takaful Company in Bahrain as well as subsidiaries and associates in Saudi Arabia, Jordan, Egypt, Malaysia and Luxembourg. Mr Bseisu is currently Bahrain Insurance Association chairman and the General Arab Insurance Federation vice-president. He has been with Solidarity since his appointment as general manager - finance and corporate management in July 2006 and has held several senior posts within the organisation. He has more than 20 years of experience in the insurance and financial services sector, where he held several executive positions.

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Saudi regulator fines top Islamic lender al-Rajhi

Saudi Arabia's regulator has fined the country's biggest Islamic bank, Al-Rajhi , for not notifying it about the resignation of two senior executives, the regulator said.

Al Rajhi Capital, Arcapita announce launch of $500m real estate income fund

Al Rajhi Capital, the investment banking subsidiary of Saudi Arabia's Al Rajhi Bank, and Arcapita Bank B.S.C.(c), an international investment firm headquartered in Bahrain, announced today the launch of a $500m (SR1.875bn) fund, the ARC Real Estate Income Fund.

Aramco, Total Said to Hire Bankers to Issue Sukuk for Refinery

Saudi Arabian Oil Co. or Aramco, the world’s biggest crude producer, and Total SA hired Deutsche Bank AG, Samba Financial Group and Calyon to sell and manage the mainly domestic bond sale, to help fund the construction of a $12 billion oil refinery.

Investor Numbers and Confidence Up as MIPIM Approaches

Some 2,300 international investors, a 12% increase on the same period 2009, have already signed up for the 21st edition of MIPIM (Cannes from March 16-19), as executives report improved confidence in the real estate market and economic recovery opens the door to new investment opportunities. Other major investment topics on the conference agenda include the presentation by Khaled Al-Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector (Saudi Arabia), who will talk about Islamic finance.

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