GIAMCO revitalizes market position in KSA

Gulf Investors Asset Management Company (GIAMCO) aspiring to provide quality investment solutions today announced the assignment of a global Sharia Advisor to guide and oversee its Sharia Compliant activities

The deal comes at a time when GIAMCO is accelerating its launch of dynamic activities from portfolio and wealth management to business advisory and corporate finance in compliance with Sharia. As part of the engagement, Shariyah Review Bureau (SRB) will manage the reviewing and certifying of asset management fund activities ranging from real-estate to private equity and investment banking services. It will also conduct annual Sharia Audit on GIAMCO’s fund operations to ensure that all Sharia guidelines, parameters, and investments are effectively deployed using Sharia methodologies.

“We have been able to draw on our regional expertise for formulating business strategies in providing corporate advisory transactions and capital restructuring with robust risk management solutions for our clients’ growing needs. Our ability to apply cross-market analysis to evaluate relative value of our Islamic offerings is a tremendous asset to our clients” commented Mohammed Al-Yafei, Acting CEO of GIAMCO. “Further our latest strategic engagement with the Sharia advisory services of SRB will enable us to continue to execute our vision to provide the Kingdom’s emerging market with diversified, high-quality portfolio of Islamic investment solutions” he added.

SRB offers a wide range of Sharia supervisory solutions to meet specific needs, from a one-stop shop solution to open architecture fully flexible Consultation and Sharia screening services. Some of the key initiatives SRB will be spearheading in its new assignment are the standardizing of GIAMCO’s fund monitoring Sharia programs, defining enhanced Sharia processes to ensure investment work-product meets, develop Sharia Compliance programs for Islamic funds, manage corporate transactions around Sharia Certifications, structuring affairs, Sharia financial supervision and Sharia audit.

Mohammed Al Wazir, Head of Real Estate, GIAMCO stated, “We were established in 2011 and have since then been offering our funds to sophisticated investors throughout the Kingdom. We are now accelerating our resources so as to facilitate highly qualified investment management opportunities with a team which has an excellent track record.” Commenting on the assignment of SRB, he added “They are well placed to service GIAMCO and given their footprint they have the ability to instill great confidence in both our works and clients.”

“Increasingly organizations see our Sharia Advisory services as a dynamic business enabler that supports the institution at every stage of the Islamic business cycle, empowering them to grow and succeed. It requires a tremendous effort to deliver consistently excellent Sharia Advisory services and for us at SRB we consider it as one of the best means to serve the Islamic industry,” said Yasser S. Dahlawi, Founder and CEO of SRB. Speaking on the engagement he adds, “We welcome GIAMCO to our portfolio of clients and are excited about this new appointment.”