Aajil Capital secures CMA licence for investment management in Saudi Arabia
Saudi Arabia-based Aajil Capital, a sister firm to industrial financing platform Aajil, has received a Capital Market Authority (CMA) licence to conduct Managing Investments activity in the securities business. The company has not yet commenced regulated activities and will begin operations after completing the CMA’s commencement-of-business requirements. Once operational, Aajil Capital plans to…
Saudi-based Aajil Capital has obtained a Capital Market Authority (CMA) permit to engage in investment management for the securities market in Saudi Arabia. The firm, a sister company to industrial financing platform Aajil, has not yet begun regulated operations and will commence once fulfilling the CMA's pre-operations prerequisites.
After commencing operations, Aajil Capital aims to offer Shariah-compliant investment services, granting investors access to the industrial SME sector in the Kingdom. Only a licensed investment fund would be permitted to offer such services. The industrial supply chain, which is crucial for construction projects and factories, currently receives minimal bank credit - just 9 percent, despite a Vision 2030 target of 20 percent.
Aajil Capital, chaired by Abdulla Sheikh and led by CEO and CIO Faisal Chowdhry, plans to leverage its sister company's origination infrastructure and transaction data to create a Shariah-compliant investment strategy for institutional investors.
Written by urgent.news from Wamda's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
