"Rasameel Structured Finance Saudi Arabia" aims to provide specialized financial services in the field of securitization in compliance with Sharia Law and the regulations of Saudi Arabia's financial market.
The main founders of the company are Rasameel Structured Finance Company in Kuwait and Abdullatif Al-Essa Group in Saudi Arabia. The main founders have allocated 20% of the capital for themselves while the remaining 80% is for potential investors.
The targeted capital of "Rasameel Structured Finance Saudi Arabia" is SR900m (90 million shares). The nominal value per share is SR10, in addition to SR1 as founder fees with a minimum placement fee of 100 000 shares.
Issam Z. Al-Tawari, Vice Chairman and CEO, commented: "We are reinforcing our commitment to grow geographically and, in line with our strong drive towards regional expansion, we have decided to seize the opportunity to be presented in Saudi Arabia There are several healthy factors in the local market. Over 75% of the total banking credit operations in the second half of 2007 were from the private sector in the form of consumer and personal loans. Moreover, the residential development financing sector has witnessed a growth from SR4.5bn in 2002 to SR14.9bn in the second quarter of 2007 due to the great increase of population. There has been a continuous increase of deposits compared to loans during the period from 2002 to 2007."
"Deposits amounted to SR642bn while loans reached SR532bn in the second quarter of 2007. Also, the loans allocated for vehicles and equipment increased from SR25.6bn in 2002 to 37.1bn in the second quarter of 2007. Finally there has been an increase of the amount of loans granted by financial institutions from SR119bn in 2002 to SR130bn in 2007, more than half of which is related to real estate development funds. Rasameel specializes in securitization, the process of pooling a number of identified financial assets, legally isolating those assets from their originator structuring the predictable cash flows from those assets into marketable securities and issuing those securities to a investors. Rasameel's expertise in securitization will be a valuable tool for the capital market in the Kingdom of Saudi Arabia."
Browse
related articles
Rasameel Structured Finance Saudi Arabia: a securitization company under establishment
- Kuwait: Sunday, July 13 - 2008 at 08:21
- PRESS RELEASE
Related content
Rasameel Structured Finance Company, a leading Kuwaiti securitization house with an investment banking mandate, and Abdullatif Al-Essa Group based in KSA, are in the process of establishing a closed shareholding company under the name of "Rasameel Structured Finance Saudi Arabia" to operate in the Saudi Financial Market.
Issam Z. Al-Tawari, Vice Chairman and CEO.
Article Options
Log in to request more information from Rasameel
Posted by Anne-Birte Stensgaard, Senior News EditorSunday, July 13 - 2008 at 08:21 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
Notes and Media Contacts »
About Rasameel:
Rasameel Structured Finance Company ("Rasameel") is a leading Kuwaiti securitization house with an investment banking mandate established in January 2006 in its Kuwait Headquarter. Rasameel is the result of a successful partnership between a group of independent, well-established companies. Rasameel is supervised by the Central Bank of Kuwait with a paid up capital of KD30m and is focused primarily on providing a Sharia compliant portfolio of predictable cash flow generating assets and securities in the form of asset securitization. In addition, it provides asset management, liquidity management solutions, placement capabilities and investment advisory services to a wide array of institutional investors and finance companies
Media contacts:
RASAMEEL
Anwar S. Al-Braikan, Assistant Manager - Client Relations
Tel: +965 2478800
Fax: +965 2476600
BPG Public Relations
Donatella Donatelli - PR Director
Tel: +965 2411676
Fax: +965 2492644
Nancy Nusrally - PR Manager
Tel: +965 2411676
Fax: +965 2492644
Rasameel Structured Finance Company ("Rasameel") is a leading Kuwaiti securitization house with an investment banking mandate established in January 2006 in its Kuwait Headquarter. Rasameel is the result of a successful partnership between a group of independent, well-established companies. Rasameel is supervised by the Central Bank of Kuwait with a paid up capital of KD30m and is focused primarily on providing a Sharia compliant portfolio of predictable cash flow generating assets and securities in the form of asset securitization. In addition, it provides asset management, liquidity management solutions, placement capabilities and investment advisory services to a wide array of institutional investors and finance companies
Media contacts:
RASAMEEL
Anwar S. Al-Braikan, Assistant Manager - Client Relations
Tel: +965 2478800
Fax: +965 2476600
BPG Public Relations
Donatella Donatelli - PR Director
Tel: +965 2411676
Fax: +965 2492644
Nancy Nusrally - PR Manager
Tel: +965 2411676
Fax: +965 2492644
Disclaimer »
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
