Alistithmar for Financial Securities and Brokerage Company (Alistithmar Capital) is a Saudi closed joint stock company with a paid up capital of SR 250 Million, 100% owned subsidiary of The Saudi Investment Bank.
Alistithmar Capital was granted its initial license by the Capital Market Authority (CMA) on 16/05/1428(H) corresponding to 2nd of June 2007(G) (License No. 07061-15), Formally established and registered by the Saudi Arabian Ministry of Commerce and Industry on 08/07/1428(H) corresponding to 22nd of July 2007(G) (Commercial Registration number: 1010235995). The Commencement date of the company business was on 22/12/1428(H) corresponding to 1st January 2008(G).
The date of obtaining the revised license was on 27/10/1432(H) corresponding to 25th of September 2011(G) (License No. 11156-37), after Alistithmar Capital acquired on SAIB BNP Paribas Asset Management
ICAP is licensed by the Capital Market Authority (CMA) (License No. 11156-37) to offer the following services:
- Dealing as Principal, Agent and Underwriter
- Managing Investment Funds
- Managing Discretionary and Non-Discretionary Portfolios
To see our Organizational Structure please Click here
Integrity, sustainable performance, and personalized customer service are the key ingredients to our success. ICAP’s main focus has always been delivering Value through Innovative solutions to our clients by utilizing our team’s diversified investment Knowledge and expertise.
ICAP has always ensured its long-term commitment to its clients and assumed an ethical, managed-risk and cognizant approach to investment decisions while managing and handling investors’ funds. This trusted investment approach has also ensured value creation for our clients over the long run.
Our team is among the most respected and thought leaders in the investment management services, providing views and analysis across different asset classes, policies and economies in our local and regional markets. We refrain from getting carried away by short-term, irrational market volatility. Our goal has always been exceeding our clients’ expectations through delivering outstanding performance.
We are committed to our Value Investing Philosophy. Our definition of value is not limited to acquiring underpriced assets, but to also discover internal and/or external catalysts that will minimize the gap between the asset’s price and its intrinsic value. Our investing philosophy and disciplined investment process have always been our guiding principles to delivering consistent value to our clients.
Our willingness to serve each and every client with peculiar attention has been the reason behind the long-term associations that we have maintained with our clients. All our clients have direct access to our senior management, and we do not refrain from addressing their account services’ needs, no matter how elementary.
Our Values and Goals
While we aim to grow our business, our prime objective is to create value for our customers through our thinking and functioning. We strongly believe that our uncompromising stance on our values has helped us strengthen our relationship with our clients.
We conduct our business fairly, with honesty and transparency.
We constantly strive to achieve the highest possible standards of delivery in our day-to-day work and in the quality of the services we provide.
We work to deliver the best possible solutions and services to our customers, always putting their interests first in any business decisions.
Abdullah Suleiman Al Zaben
Chairman -IndependentMr. Abdullah Al-Zaben is the chairman of Alistithmar Capital since 2015. He works for Sultan Bin AbdulAziz Program for Medical and Educational Telecommunication as Director General. He has work experience of around 40 years concentrated in economics, finance, investments and general management across many companies like; The Saudi Fund for Development, The Arab Investment Company and Sultan Bin AbdulAziz Al-Saud Foundation . Mr. Al-Zaben has a Master degree in Economy - Finance from Alabama University, USA and a Bachelor degree in Economy from King Saud University.
Salman Badar Al Fughom
Vice Chairmen-Non ExecutiveMr. Salman Badar Al-Fughom has served The Saudi Investment Bank (SAIB) since the last 14 years. He is currently serving as the Deputy Chief Executive Officer (DCEO) of SAIB since January 2020. In his current role, he maintains an oversight of the Bank’s business, strategy, operations, internal controls, and assists the CEO of the Bank in ongoing business matters. Mr. Al-Fughom is part of several Management Committees in the Bank, including the Management Committee Credit Committee, Assets Liability Management Committee, Enterprise Risk Committee, ECL Management Committee, and Sustainability Committee. Previously, Mr. Al-Fughom served the Bank in the capacity of Treasurer & Chief Investment Officer from September 2017 to December 2019 and Deputy Treasurer from October 2015 to August 2017. In his role as the Treasurer, Mr. Al-Fughom was responsible for overall management of the Bank’s Treasury function, including Assets Liability management, bank funding strategy, hedging strategy, balance sheet management, and Gap management. Prior to these positions, Mr. Al-Fughom started in SAIB as the Head of Investments in November 2006 and continued serving in that position until his promotion in September 2015. He headed the Investment department managing around SAR22 billion of international and local multi assets portfolio, and was responsible for setting up and implementing the Bank’s investment strategy Mr. Al-Fughom started his career as a Portfolio Analyst in the Investment Department of The Saudi Arabian Monetary Authority (SAMA) where he assisted with managing the fixed income portfolio and implementing working group view on the investment strategy. Mr. Al-Fughom is the Vice Chairman of Saudi ORIX Leasing Company since March 2020 (Board member since March 2017) and a Board member of Alistithmar for Financial Securities & Brokerage Company (Alistithmar Capital) since November 2018. He is also a member of several Board Committees in these companies. Mr. Al-Fughom holds a Master of Science degree in Investment Management from Cass Business School, London and Bachelors of Science (Honors) degree from Greenwich University, London. He has also completed a Management Development Program from Brown Brothers Harriman, New York, and has completed several executive education and short training courses from reputable institutions globally including Harvard Business School, INSEAD and Wharton.
Majed Abdulghani Fakeeh
Board Member - Non ExecutiveMr. Majed bin Abdulghani Fakih is the General Manager – Corporate Banking of Saudi Investment Bank since 2012. He is a member of the senior management team of SAIB in charge of the Corporate Banking Group, Syndication and Financial Institutions and has around 25 years’ of extensive experience in various banking areas. Prior to his position in SAIB, he has held senior management positions in National Commercial Bank. Mr. Fakih holds a bachelor degree in Business Administration from King Saud University, KSA and in addition has completed several executive education and short training courses from reputable institutions globally including INSEAD and IMD. He is also a Board Member in Amlak International since 2012.
Mohammed Abdul Aziz Al Fraih
Board Member - Non ExecutiveMr. Mohammed Al-Fraih is the Chief Operating Officer (COO) of The Saudi Investment Bank (SAIB), prior to current designation, he was the Chief Information Officer (CIO) of SAIB. He has distinguished track record of more than 23 years extensive experience in multiple verticals including Financial, Telecommunications, Retail Industries. In his earlier positions, he constantly demonstrated exceptional capabilities in deploying industry best practices and leveraging diverse information technologies disciplines to deliver above the market return on technology assets, while balancing security and compliance requirements. As a COO, he managed initiatives to nurture innovation and digital transformation programs coupled with introducing most economic effective banking operations overheads governed by state of the art operational risk management and information privacy and security frameworks. Mr. Al-Fraih holds a Bachelor Degree in Computer Information Systems from King Saud University, Riyadh, Saudi Arabia. He also has many Professional Certifications and had attended several Executive Programs in reputed business schools and institutions.
Mohamed Omar Al Aidaroos
Board member- IndependentMr. Mohamed Al-Aidaroos is the Founder of Ethis Consulting - for Business Family - Melbourne Australia, and the Founder and Managing Director of Ethis Crowd DMCC – Dubai. He has work experience of more than 33 years in banking covering Credit, Real Estate Investment, Real Estate Product Development and Marketing. Mr. Al-Aidaroos holds a bachelor degree in Accountancy from Beirut Arab University and MBA from Preston University, Wyoming, USA and also Master in E-Commerce from University of South Australia, Australia. He held Board and Senior positions in financial institutions in Saudi, UAE, and Egypt.
Khaled Abdulaziz Alrayes
Board Member - Chief Executive OfficerMr. Khaled Alrayes is the CEO of Alistithmar Capital. He joined Alistithmar Capital in April 2018 and has nearly 19 years of career experience, including Investment Management, Investment Banking, Direct Investments and Private Equity. Prior to joining Alistithmar Capital, he was the Chief Investment Officer of Aseer Company, a multi-investment publicly traded company, managing a diversified portfolio of investments including: Direct Investments, Private Equity, Public Equity, and Real Estate. Prior to that, he was a Director at the investment banking vertical of Al Rajhi Capital. He also worked as a Manager at the investment banking division of Alistithmar Capital. He successfully closed multiple rights issue, private placement, merger & acquisition, and restructuring transactions for companies in various sectors. He served in a number of boards and board committees for LLC/CJSC in various sectors including: food and beverage processing, real estate, packaging, private equity, and others. Khaled holds an MBA and an MS in Finance from the University of Denver, Colorado, and is a CFA charter-holder.
Board Member - Chief Executive OfficerKhaled Alrayes is the CEO of Alistithmar Capital. He joined Alistithmar Capital in April 2018 and has nearly 19 years of career experience, including Investment Management, Investment Banking, Direct Investments and Private Equity. Prior to joining Alistithmar Capital, he was the Chief Investment Officer of Aseer Company, a multi-investment publicly traded company, managing a diversified portfolio of investments including: Direct Investments, Private Equity, Public Equity, and Real Estate. Prior to that, he was a Director at the investment banking vertical of Al Rajhi Capital. He also worked as a Manager at the investment banking division of Alistithmar Capital. He successfully closed multiple rights issue, private placement, merger & acquisition, and restructuring transactions for companies in various sectors. He served in a number of boards and board committees for LLC/CJSC in various sectors including: food and beverage processing, real estate, packaging, private equity, and others. Khaled holds an MBA and an MS in Finance from the University of Denver, Colorado, and is a CFA charter-holder.
Head of Brokerage & Margin LendingHisham is the Head of Brokerage & Margin Lending at Alistithmar Capital. He joined Alistithmar Capital in 2008 and has over 19 years of experience in financial planning & control, business planning & management, financial analysis, credit management and securities management. Hisham was involved in establishing Alistithmar Capital after its spin-off from the Saudi Investment Bank in 2007 and has held several key positions at Alistithmar Capital particularly in establishing both the Finance and Margin Lending departments. He is responsible for managing both the brokerage and the margin lending departments, providing services in the local securities market, selected international securities markets, Murabaha financing and overdraft facilities. Prior to joining Alistithmar capital, Hisham was associated with the Saudi Investment Bank. He holds a Bachelors Degree in Accounting from King Saud University and has attended several professional training courses and certifications in Finance and Leadership domains.
Head of Real Estate InvestmentAbdulaziz joined Alistithmar Capital in March 2018 as the Head of Real Estate Investment. He has more than 15 years of professional experience. Prior to joining Alistithmar Capital, Abdulaziz worked at Swicorp and AlRajhi Capital where he successfully led real estate acquisition transactions in logistics, retail and educational sectors. Abdulaziz also worked as the Head of Equity - Discretionary Portfolio in the past. Abdulaziz holds a Masters degree in Business Administration from University of Miami, and holds a Bachelors degree in Business Administration from King Saud University.
Head of Shared ServicesJaber is the Head of Shared Services at Alistithmar Capital. He has over 22 years’ experience in Treasury and Investment operations. He joined SAIB in 2002 as Treasury/Investment Operation Assistant Manager, and then moved to ICAP in 2008 as Head of Operations. Before joining SAIB, Jaber worked in Saudi Hollandi Bank for more than 3 years as Operations officer in areas EBD, Corporate Payroll and SAMA Settlements. Jaber has vast experience in the industry and has been a key player in implementing several strategic projects in Alistithmar Capital related to Brokerage system, Asset management system, IPOs, Spin off and M&A. He holds a bachelors degree in Business Administration.
Chief Risk OfficerSethuraman is the Chief Risk Officer at Alistithmar Capital. He is responsible for the management and control of all risk dimensions from an Enterprise Risk Management perspective with key focus on market, credit and operational risk exposures arising through all business activities. In addition, within the broad scope of Risk Management, he is also responsible for the Credit Administration and Information Security functions of ICAP from an overall risk control perspective. He has over 16 years of experience working for the Financial Services sector across Sri Lanka, India and Middle East in various roles covering but not limited to Accounting & Finance, SOX Compliance, Business Analytics, Product Development, Investment Research & Fund Management and Risk Management. He has been with the company since November 2007 and his previous roles within the company include being a part of the Investment Management team managing GCC equity funds and portfolios in addition to performing investment research coverage of the GCC markets. He is a Fellow Member of Chartered Certified Accountants body of UK (FCCA) and also a CFA Charter-holder. He holds a First Class Honors in BSc in Applied Accounting from the University of Oxford Brookes, UK and is also a Certified Financial Risk Manager (FRM) from the Global Association of Risk Professionals (GARP USA). He is also a member of the Chartered Alternative Investment Analyst (CAIA) Association.
Manal is overseeing the Compliance & AML-CTF at Alistithmar Capital. She joined ICAP in 2017. Prior to joining ICAP, she worked for 10 years with the Capital Market Authority, mainly focusing on listed Companies, Investment Products Offering, and Private Placements etc. She started her career with Saudi Hollandi bank and also had a short but successful stint in SABB. Manal holds a BA in International Business Administration, and has several professional certificates including Certified Compliance Officer and International Compliance Officer.
Head Of Compliance & AML-CTF
Head of Internal AuditAli joined SAIB BNP Paribas Asset Management Company (which was then merged with Alistithmar Capital) in 2011 and is now the Head of Internal Audit. Ali plays a critical role in delivering the organization’s strategy by objectively assessing the adequacy of governance, risk management and internal control system. With over 19 years of experience, he has previously established Internal Audit divisions in entities at country and regional level. During this period, he held several positions, viz., Regional Head of Audit - East Africa & Head of Internal Audit, Pakistan for agencies within the Aga Khan Development Network headquartered in Geneva, and Deputy Head of Audit for Telenor Microfinance Bank, Pakistan. Ali has also worked as external auditor with Ernst & Young (EY) in Pakistan for over 4 years, specializing in financial institution audits. Being trained in corporate strategy including KPIs and Balanced Scorecards, Ali ensures alignment and infusion of internal control processes into strategy development and monitoring models. Ali is a Chartered Certified Accountant (ACCA) from UK and a Certified Internal Auditor by the Institute of Internal Auditors, US. He also holds a PGD in Organizational Leadership from University of Oxford, UK and Bachelors in Commerce from University of Karachi, Pakistan.
Alistithmar Capital provides its customers with specially tailored Islamic Investment products that are approved by our Shariah Board. A number of Shariah Compliant Funds: Murabaha (money market), equity and structured products are available to our clients to select from based on their risk appetite and investment objectives.
The Shariah Board of Alistithmar Capital is composed of the following renowned scholars.
Sheikh Abdullah Al Maniea (Chairman)
- Member of the Supreme Judiciary Committee of Saudi Arabia
- Member of the Islamic Fiqh Academy, Jeddah
- Former Deputy President of Makkah Courts
- Advisor to several Islamic financial institutions and author of various books on Islamic banking
Sheikh Dr. Mohammed A. Elgari (Member)
- Associate Professor and Former Director of the Center for Research in Islamic Economics at King Abdul Aziz University
- Expert at the Islamic Fiqh Academy, Jeddah
- Editor of the Review of Islamic Economic and Shariah
- Advisor to HSBC – Amanah Finance
- Advisor to several Islamic institutions and author of various books on Islamic banking
Audited Financial Statements:
Pillar III Disclosures Report:
Investment of ICAP in Mutual Funds:
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