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Unicorn wins licence to set up Saudi operation

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Points of Essence:

  • Unicorn Investment Bank, of Bahrain, was granted a licence by Saudi Arabia’s Capital Market Authority to operate Islamic investment business in Saudi Arabia. The kingdom’s presence is part of its global expansion plan where currently it has subsidiaries in the US, Malaysia, UAE and Turkey.

By Andy Sambidge

Bahrain-based Unicorn Investment Bank announced on Tuesday that it has been awarded a licence by Saudi Arabia’s Capital Markets Authority (CMA) to establish operations in the kingdom.

Unicorn Capital Saudi Arabia will focus on providing the market with an integrated and comprehensive range of Islamic investment banking products and services.

Commenting on the licence, Unicorn chairman Sheikh Yousef Al-Shelash said: “This strategic development… is an important milestone for Unicorn Investment Bank, and our presence in the kingdom will be instrumental in helping the bank to achieve its vision of building a leading global Islamic investment bank.”

Headquartered in Bahrain, Unicorn operates subsidiaries in the United States, Malaysia, the UAE and Turkey.

The Bank has completed several transactions since its inception, including an agreement to acquire foreign exchange and remittance houses Bahrain Financing Co.

Written by Suapi Shaffaii

November 12, 2008 at 12:44 am

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