Al Salam Bank Launches ASB Capital: A New Asset Management Firm in the DIFC with AUMs of USD 4.5 Billion
MANAMA, BAHRAIN / ACCESSWIRE / November 4, 2024 / Al Salam Bank, Bahrain's largest Islamic bank, announces the launch of ASB Capital, a newly established Category 3A asset management firm licensed by the Dubai Financial Services Authority (DFSA). Headquartered in the Dubai International Financial Centre (DIFC), ASB Capital is shortly set for an official launch with AUMs of USD 4.5 billion.
The announcement was made on the sidelines of the Gateway Gulf Investment Forum held in the Kingdom of Bahrain on November 3 and 4, 2024.
ASB Capital introduces a diversified wealth and asset management platform that facilitates access to investment opportunities traditionally exclusive to institutional investors through an advanced suite of products integrating cutting-edge wealthtech solutions. With four distinct verticals, namely public markets, private markets, investment banking, and placement, ASB Capital is positioned to provide comprehensive investment solutions to High Net Worth Individuals (HNWIs), family offices, corporations, and institutional clients throughout the Middle East and Africa (MEA) region and beyond.
ASB Capital has entered into an exclusive partnership with one of the world's largest global asset manager to offer a specialized global equity fund to the markets. Additionally, ASB Capital will enter the Exchange Traded Fund (ETF) space by launching a suite of passive investment products in an exclusive collaboration with a leading global ETF provider. Moreover, ASB Capital plans to offer private markets products, including private equity, venture capital, real estate, and other innovative offerings in collaboration with established partners. These partnerships and investment solutions highlight ASB Capital's commitment to become a comprehensive financial solutions provider for the MEA region.
ASB Capital's robust regional focus addresses the growing demand for specialized asset management and advisory services. With two active sell-side investment banking mandates in the MEA region already secured, the firm is positioned to offer unique advisory services and insights in one of the world's most dynamic markets.
As part of Al Salam Bank Group, ASB Capital's position allows it to capitalize on synergies within banking, insurance, and other financial services complementing the Group's aspirations in the MEA region. ASB Capital is strategically aligned with the Bank's long-term growth objectives and aims to leverage the region's evolving financial landscape to build a sustainable asset management business. ASB Capital Services, the operational backbone of ASB Capital located in Bahrain, is positioned to support economic growth and reinforce Bahrain's status as a hub for Islamic finance and asset management.
ASB Capital will continue to increase AUMs in its aspiration to become one of the top 10 asset managers in the region, building a brand of excellence in asset and wealth management, while integrating the latest investment solutions to meet the evolving needs of clients.
Rafik Nayed, Al Salam Bank's Group CEO and ASB Capital's Managing Director, stated: "The launch of ASB Capital marks a pivotal step in our journey to provide comprehensive and market leading financial solutions for clients. ASB Capital is designed to diversify Al Salam Bank's operations, revenue streams, and provide a capital-efficient roadmap for regional expansion. The exclusive partnerships and collaborations in the funds and ETF space are early milestones that underscore our commitment to setting new standards for regional asset and wealth management offerings."
Contact:
Ahmed Bin Jamal
+973 17133573
SOURCE: Bahrain Economic Development Board
View the original press release on accesswire.com
Bahrain Economic Development Board
Subscribe to releases from ACCESSWIRE
Subscribe to all the latest releases from ACCESSWIRE by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from ACCESSWIRE
Beyond Work Unveils Next-Generation Memory-Augmented AI Agent (MATRIX) for Enterprise Document Intelligence23.12.2024 08:00:00 CET | Press release
Matrix streamlines document processing by cutting manual labor and operational costs, using AI agents in the enterprise. LONDON, GB / ACCESSWIRE / December 23, 2024 / Today, Beyond Work, an enterprise AI company, announced the record-setting results of Matrix, a novel memory-augmented AI framework for automating business document processing. Developed in collaboration with researchers from Penn State University, Oregon State University, and Kuehne+Nagel, one of the world's largest logistics providers, Matrix addresses the complex, time-intensive task of extracting transport references from Universal Business Language (UBL) invoices.MATRIX Results Comparing the success rates of four methods (CoT, Two-agent, Reflexion, Matrix) across GPT-4o-mini and GPT-4o, with Matrix achieving the highest performance. By harnessing an iterative, memory-centric learning strategy, Matrix achieves a 30.3% improvement over chain-of-thought prompting, outperforms a standard Large Language Model agent by 35.
MicroVision Increases Production Capacity to Meet Anticipated Demand19.12.2024 09:20:00 CET | Press release
REDMOND, WA / ACCESSWIRE / December 19, 2024 / MicroVision, Inc. (NASDAQ:MVIS), a leader in MEMS-based solid-state automotive lidar and ADAS solutions, today announced that it has increased production capacity for its MOVIA L sensor to meet anticipated demand from the industrial sector. Building on the relationship with its existing automotive Tier 1 manufacturing partner, MicroVision expects output of MOVIA L sensors for 2025 to significantly increase compared to 2024. The continued acceleration of production capacity throughout 2025 will result in a reduced average cost per sensor, while maintaining a high-quality product suitable for industrial applications. "Securing this production capacity is critical to support high-volume orders from industrial customers, so we feel good closing out the year with this commitment in hand," said Sumit Sharma, Chief Executive Officer. "We are pleased with this scaling, particularly from a cost perspective, and our Tier 1 automotive supplier, ZF, i
TechGALA 2025 - Aichi's First International Startup Conference17.12.2024 22:00:00 CET | Press release
Join us 4-6 February 2025 to discover Aichi's international, vibrant startup ecosystem. NAGOYA, JP / ACCESSWIRE / December 17, 2024 / TechGALA, Nagoya's first major startup event, is fast approaching! From February 4-6 2025, TechGALA will open its doors to share Nagoya's business culture of innovation within a system with the world. Read on for more information about this exciting event! TechGALA will be based mainly out of Chunichi Hall and Conference Center, but events will be held at several other locations around the Sakae and Tsurumai neighborhoods - including Nagoya Innovator's Garage and the new STATION Ai campus. Check out the map below for more details: Almost a hundred speakers will be in attendance, including Professor Emori Seita from Tokyo University's Institute for Future Initiatives, Futurist Peter Swain, Chief Sustainability Officer at Toyota Motor Corporation Yumi Otsuka, and artist/writer/non-architect/drag queen Vivienne Sato. In addition to speakers from the busines
American Wave Machines Announces Partnership with China Tourism Group17.12.2024 10:06:00 CET | Press release
PerfectSwell® Heading to China's Surfing Capital SOLANA BEACH, CA / ACCESSWIRE / December 17, 2024 / American Wave Machines, the surf technology company behind PerfectSwell® Surf Venues worldwide, today announced an agreement to develop a PerfectSwell® Surf Resort with China Tourism Group. The project, located on the island of Hainan in Riyue Bay, also known as Sun and Moon Bay in the town of Wanning, will be called "Riyue Bay Surf Resort".Riyue Bay Surf Resort. Image courtesy of China Tourism Group. Known for having the best surf in China, Riyue Bay has attracted a wide range of businesses including a vibrant restaurant and bar scene open to international tourists. With conditions and climate that support year-round surfing, Riyue Bay has held international competitions for eleven consecutive years. Standing out as a beacon of success for the Chinese surf scene, Riyue Bay is also home to China's National Surfing Team. The PerfectSwell® anchored multi-use development will be the very f
De Europese Unie steunt Green Energy Park als wereldwijd baanbrekend project voor 202517.12.2024 09:52:00 CET | pressemeddelelse
Green Energy Park is als prioriteit erkend in de EU-categorie "Klimaat en Energie" van Global Gateway vanwege zijn transformatieve project om op gigawattschaal duurzame waterstof te produceren. Het doel van het project is om groene waterstof te gebruiken om de industriële productieketens in de specifieke regio, Brazilië - Zuid-Amerika, te versterken. Via Global Gateway ontwikkelen en investeren de Europese Commissie en de 27 lidstaten wereldwijd in duurzame projecten van hoge kwaliteit. De lijst belangrijkste kernprojecten is bedoeld om de prioriteiten van de Europese Unie onder de aandacht te brengen. Om het effect zo groot mogelijk te maken, zullen de projecten die door de Raad van de EU worden goedgekeurd, worden afgestemd op de beleidsprioriteiten in specifieke regio's en specifieke sectoren, zodat er geen overlappingen zijn. Deze selectie van referentie-initiatieven werkt als een katalysator voor uitgebreide steun door de EU en de lidstaten. Onder de vlag van het baanbrekend initi
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom