CBB grants license for Al Fajr Investments

The firm, which is being established by a group of Bahraini and British investors, will initially provide Islamic Treasury (commodity Murabaha) brokerage services to institutions in the GCC and wider Middle East and North Africa (MENA) region, as well as South East Asia and the UK with a strategy to provide a more diversified commodity base, including Metals, Softs and Oil.

In the longer term, the firm plans to develop the commodity sector through fund investment and structured trade finance as well as the development of clean-tech (carbon) projects, both locally and internationally.

'The CBB is delighted to add Al Fajr Investment Advisory to its growing community of Islamic financial support services,' said Mr. Ahmed Abdul Aziz Al Bassam, Director, Licensing & Policy, at the CBB.

It is among few firms, aimed at developing Shari'a compliant capital market products with clean-tech as the underlying asset, to be established in Bahrain, he said.

The firm's shareholders represent investors with strong links with GCC, London and European institutions and exchange traded markets and who recognise the need for providing a bridge for opportunities in developing the Islamic capital markets, including the rapidly growing sukuk sector, he pointed out.

Two major shareholders in Al Fajer are the owners of London-based Ashton Commodity Brokerage.

'As the leading hub for Islamic finance in the Middle East region, Bahrain is an excellent location for a service provider such as Al Fajr Investment Advisory,' said Mr. Al Bassam.