A Shariah-compliant investment Company
Authorized and regulated by the Capital Market Authority of Saudi Arabia
About Wasatah Capital
Al Wasatah Al Maliah (Wasatah Capital) is a closed joint-stock company established in 2007 and commenced its operations on 24-03-2008, following the issuance of its license by CMA under Board Resolution No. (2006-201-1). The company has a fully paid-up capital of SAR 250 million and holds Commercial Registration No. (7001506356). Its headquarters is located in Riyadh, Kingdom of Saudi Arabia
- Licenses
Wasatah Capital is licensed by the Capital Market Authority (CMA) under License No. (08125-37), which authorizes the company to conduct dealing, custody, arranging, investment management, and fund operation activities. The company conducts all its activities in accordance with the principles and provisions of Islamic Shariah.
- Vision
At Wasatah Capital, we strive to reinforce financial and investment principles and values for our clients and investors in the Saudi market, in alignment with Islamic Shariah principles. We also aim to introduce the latest global financial technologies and investment models through innovation and continuous development, contributing to the enhancement of the local investment environment and delivering excellence and distinction to our clients.
Board of Directors
Mr. Abdullah Al-Darwish
Vice Chairman
Mr. Syed Hizam Alsagoff
Board Member
Mr. Khalid Ababtain
Independent Member
Eng. Waleed Al-Harkan
Independent Member
Mr. Saad Ayedh Al Hassosah
Board Member
Management
Mr. Abdullah Al Rasheed
Chief Executive Officer
Mr. Hashim Abbas
Head of Private Equity & Corporate Finance
Mr. Asad Muhammad Khan
Head of Asset Management
Mr. Abdulrahim Bin Ab Rashid
Chief Financial Officer
Ghadeer bint Fahd Al-Qunaiah
Manager of Compliance, Financial Crime & Risk Management
Organization Chart
Shareholders
Bank Berhad
One of Malaysia's largest investment banks, with a strong presence across five Asia Pacific markets.
Shariah Committee
Shariah Governance
Wasatah Capital is committed to complying with Shariah governance practices such as (but not limited to) the establishment of a Shariah Committee, independence of pronouncement, administration of Shariah audit and Shariah reporting. To achieve this, we have appointed Shariyah Review Bureau (“SRB”) to help us adhere to the best practices and guidelines on Shariah governance.
Shariah Committee
For the purpose of effective Shariah governance and supervision, a qualified and highly respected Shariah scholar has been appointed. The Shariah Committee issues its decisions and conclusions independently, and such rulings are binding upon the Company.
Shariah Committee Member: Sheikh Mohammed Ahmed
Shariah Review Bureau (SRB)
Shariyah Review Bureau (SRB) is a Middle East-based firm with an international scholarly platform of +37 scholars covering 4 major school of jurisprudences and spreading over 16 countries including Saudi Arabia, Bahrain, UAE, Malaysia, Pakistan, UK, Germany and Russia.
SRB is licensed and regulated by the Central Bank of Bahrain and has been serving the Islamic financial industry for almost 20 years and is committed to empowering Sharia compliance for businesses around the world.
The Role of SRB
In this role, SRB will facilitate Sharia related discussions, product research, and Sharia reporting while working with the head of functions to augment Sharia principles and rulings at different levels of the organization. SRB will also help ensure that the members of the Sharia Committee operate with independence and autonomy and warrants effective decision-making and Sharia assurance practices
Some of the specific requirements that SRB will manage are :
Governance Mechanism
Help establish a robust Sharia governance mechanism including the formulation and management of the Shariah Committee and liaising with them to ensure that all products and services are duly accredited and in line with the rulings of the Sharia Committee
Certification
Ensure that all products and services offered (and for which SRB is responsible for under its engagement agreement) by us are approved and certified by the Sharia Committee
Coordination
Coordinate with various departments and taskforces on Shariah issues, and provide support during Shariah audits and related assessments.
Product Development
Contribute to the development and enhancement of products and new offerings, coordinating with relevant stakeholders for feedback.
Audit Supervision
Supervise the Sharia audit to verify compliance with Sharia principles and standards
Function Establishment
Assist in establishing a qualified and independent Sharia Committee function.
Disclosure
Where applicable, disclose relevant information to management regarding the Sharia governance framework, Sharia Committee rulings, product (non-compliance) risks, Zakah verification and purification of non-permissible income
To learn more about the Sharia Review Bureau and its services, please visit the website:
